The Commission has shaped its “best interest” regulation to preserve the traditional broker-dealer advice model, with investor protection taking a back seat. The Proposals present the veneer of a fiduciary standard without providing the substance needed to protect retail investors.

In a comment letter to the SEC, The Secretary writes,  “It is evident that the Commission has abandoned a Fiduciary standard in the name of ‘choice.’

http://www.sec.state.ma.us/sct/sctpdf/SECCommissioners.pdf