A uniform fiduciary standard won’t change anything if underlying problems plaguing the industry are not fixed first.
"Let me start by saying that you can’t impose morality and ethical behavior through legislation," says a market professional and cotributor to LifeHealthPro. "An industry centered on money will always attract criminal activity. However, change is coming in the financial services industry, and it’s coming in the form of a fiduciary standard. Unfortunately, those who wish to take advantage of others for personal gain, by nature, do not follow the rules. Therefore, any additional legislation or rules attempting to enforce moral character, in my opinion, will not work."