A June 8, 2011 article in the trade journal Investment News, “Fee vs. commission: No doubt which investors prefer” cited a survey conducted by Cerrulli Associates asking investors about how they pay for investment advice and about their adviser’s standard of care. The article focuses on the finding that 47% of the 7,800 households surveyed prefer paying commissions.
A number of industry insiders were quoted using this datum as validation of their business model. The best was from Ira Hammerman, general counsel for the Securities Industry and Financial Markets Association, the lobbying group for the brokerage industry, “If you’re only going
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