Fiduciary or salesperson? An analysis finds that 25 major brokerage firms and insurance companies say one thing to consumers and another to courts. (Photo: iStock)

Fiduciary or salesperson? An analysis from the Consumer Federation of America and Americans for Financial Reform finds that 25 major brokerage firms and insurance companies say one thing to consumers 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 investors are increasingly willing to pay for advice, firms aren’t responding to those investors’ preferences.

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