This issue has been receiving increased debate over the past few years. The following link addresses the way in which investment brokers and advisers must represent themselves and their clients/customers. Currently, and for the past many years, there has been a bifurcation of the rules addressing broker and adviser conduct. While advisers had a fiduciary responsibility to their clients, brokers have, in most cases, not had to hold themselves to the same requirement.
SEC Report May Urge U.S. Brokers to Adopt Fiduciary Standards for Clients
Bloomberg – Jesse Hamilton and Alexis Leondis – 01/13/2011