This issue has been receiving increased debate over the past few years. The following link addresses the way in which investment brokers and advisers must represent themselves and their clients/customers. Currently, and for the past many years, there has been a bifurcation of the rules addressing broker and adviser conduct. While advisers had a fiduciary responsibility to their clients, brokers have, in most cases, not had to hold themselves to the same requirement.
Bloomberg – Jesse Hamilton and Alexis Leondis – 01/13/2011