One of the interesting points of the new fiduciary rule is the best interest exemption that is intended to stop conflicts of interests especially for brokers who need to meet a new fiduciary standard.
As long as a broker can show that investment guidance was in the best interest for their clients, they should avoid being tagged as having a conflict of interest especially if they are selling their own proprietary product or getting a better trail of fees.
What is the best interest exemption? It seems like a low burden for a broker to meet, nut I think it’s so vague that only litigation will end up defining what is actually in the best interest for clients.
Just my two cents.