06/15/2019
SEC finally announces a " best interests" regulation for brokers. Over a span of decades, they argued against fee-per-trade billing (it tempted bad brokers to "churn" accounts) and then against asset-based billing because, even if it aligned the interests of the broker and client, it might be more money than per-trade billing. Damned if you do, damned if you don't. New reg should be interesting.....
One hesitates to point this out, but an arithmetical analysis of complaint numbers versus the total number of brokerage and advisory accounts suggests that there is a very, very low level of dissatisfaction on the part of customers. Last time I did this, based on government and agency statistics, less than 2/10ths of 1 percent of accountholders wrote or e-mailed the SEC and FINRA each year with a complaint, some of which were truly minor in any case.
