As usual, Morris Armstrong raises a valid, and very popular, point in his response to my latest posting, which warrants some further exploration.
How can an employee of a broker/dealer [or an independent rep, for that matter] ever be a fiduciary when their income will be coming from another entity? How do you tie in the fact that [some] CFPs will be receiving commissions and yet are being called fiduciaries by the CFP Board of Standards?
These two questions strike at the heart of THE issue that has plagued financial planning since its inception in 1969. As much in those early days as today, many planners want to be respected as professionals, yet compensated as salespeople. The legal legerdemain for this is called "the scope of the engagement."