Hiding behind the high-minded notion of a “fiduciary” standard that purports to put customers’ interests first is a regulation that is expensive and onerous, and not a favor to investors in the end.

This is an example of how government works through the private sector to screw you. You might be tempted to blame some corporation for this cost and restriction of choice, but it is simply carrying out the orders of the government, the Obama Administration in this case. Here.