As the author highlights the Australian regulatory framework as one to be emulated, I would also point out that Australian financial advisors have a fiduciary duty to their clients when giving financial advice. How about we emulate that too!  And why doesn't the author recommend that?  (the standard in here is only "suitability" of an investment. That is a lower standard.)  A fiduciary relationship is a legal standard that requires the advisor to put the client interests ahead of his/her own.  For example, several investments might be "suitable" for a given client's risk profile. Putting the client into the one that pays the highest trailer fee would meet the "suitability" requirement, but not a fiduciary standard.