Brokers as fiduciaries?

http://www.businessweek.com/news/2010-02-12/lobbying-may-push-fiduciary-rules-for-brokers-off-reform-agenda.html

Consumer advocates have pushed for the fiduciary standard, arguing that investors are misled by the adviser title used by thousands of brokers. Investors have difficulty distinguishing between investment advisers and brokers, and most see their brokers as advisers, according to a 2008 Rand Corp. study commissioned by the SEC. Without the fiduciary requirement, brokers don’t have the same accountability for their advice as investment advisers and have more leeway to sell financial products created by their own firms instead of seeking the best investment for the customer.

What's great about this is that brokers advertise that they can help you steer clear of the mortgage maze and offer advice, but then disavow that claim in court, especially after their clients get steered toward questionable mortgage products. A house is perhaps the biggest financial investment most will ever make in their lifetime. Why is a mortgage broker held to a lesser standard than say a retail stock broker?

its one of the longest running scams in this country. The banks bought enough legislators to write law that says they can give paid advice without any responsibility for the advice being... good.