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Death of a Stock Salesman

By Amey Stone

NO MORE FACE TIME. The switch to fee-based income streams has had two unanticipated side effects. First, it has put stock brokers in direct competition with financial planners and money managers, confusing consumers, and getting the SEC into the act. Full-fledged financial advisers, who face a more onerous regulatory regime, want brokerage-firm representatives to meet the same requirements. That's where the SEC's upcoming ruling may provide some clarity. (What's a broker? See our definitions)

And the second unintended effect of the move toward asset-management fees: The small investor is increasingly being shu

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