A rather large controversy has blown up with this as the SEC has not issued a fiduciary rule. The fiduciary rule that now exists is from the Department of Labor and is directed at 401k and IRA investors. If you look at the actions taken so far by some brokerages, that is where they have made changes.

While i agree there are bad actors in the investment world and that will continue at some level regardless. But this rule is a layer of bureaucracy, not prevention and not education so "let the buyer beware" can be useful.

The DOL rule provides a valuable protection for those investors that have no business being in the stock market. If you buy and sell strictly on the advice of a broker, you are a lemming, not an investor. Much of this is a problem the SEC has ignored for a long time as they continue enforcement as if we were still in 1934 when the SEC was established. When Ms White left last month she said the SEC could have done more.

Why not screen investors for various financial products in the same way as the brokerages not screen them for options trading? If you your skills put you at risk, don't allow access to the markets. For most people, that is a rather low threshold.