If a contractor fucked up work on my house I can tell within a matter of days weeks or maybe months. That gives me plenty of time to get the word out about how bad he is so nobody else hires them. In the case of a fiduciary, I can't tell if they did a good job for me until decades later. The feedback loop simply doesn't exist when time scales are that long for the free market to provide a necessary correction mechanism.
I do not know how to respond to this because it is pure fiction.
Regardless. the point is, more rules will not help you gain an upper hand as a client in this scenario. In fact, this rule specifically has already immediately disqualified clients from even continuing to work with their advisor of choice months before the rule has even gone into effect (this April). For a lot of people who loved choosing their advisor and loved choosing how they wanted to pay for their services, this is a problem.
Advisors across the country with larger firms were called and given reports telling them which of their clients (could be friends, family members or anyone theyve built a relationship with over decades) they can't even call anymore because said clients were being forced into a call center or robo advisor center going forward. These clients aren't jerking off in front of a mirror and celebrating their rights and protections.
Again, we're only discussing ramifications of this rule with large wirehouses. A lot of Advisors work from home and are independent but still fall within FINRA (and DOJ) jurisdiction. This has pushed a lot of these advisors to retire because many are seeing their monthly costs go up $700 plus on a monthly basis. They are not tied or affiliated to any large wirehouse but still see the same consequences come down hard on them.