Fiduciary or salesperson? An analysis from the ConsumerFederation of America and Americans for Financial Reform finds that25 major brokerage firms and insurance companies say one thing toconsumers and another to courts.

And firms could be missing the boat by not embracing a fiduciary standard, according to a Cerulli report, which said that as investorsare increasingly willing to pay for advice, firms aren’t respondingto those investors’ preferences.

The CFA/AFR report, written by Micah Hauptman and BarbaraRoper of CFA, titled “Financial Advisor or Investment Salesperson:Brokers and Insurers Want to Have It Both Ways,” says that thewebsites for the brokerage firms and insurance companies havedifferent practices for attracting customers compared with thosethey use “when resisting regulation as fiduciary advisors.”

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