RJ and Makay

Three out of four U.S. investors mistakenly think financial advisers at brokerage firms are required to put clients’ interests first, according to a survey released today by several consumer and financial planning organizations including the Consumer Federation of America, AARP and North American Securities Administrators Association.

“Investors are clueless when it comes to the different standards of care that apply to brokers and investment advisers,” said Barbara Roper, director of investor protection for the Consumer Federation of America. Ninety-seven percent of survey respondents said they support a fiduciary standard for investment professionals that provide advice, including disclosure of any fees or commissions they may earn and any conflicts of interest that may influence their advice.