Part-Time Fiduciaries: The Back Story

For much of the 20th century, Wall Street's herds of brokers handled investment transactions, marketed securities underwritten or packaged by their employer and offered "incidental investment advice."

How did we arrive at today's broker, typically doing business as quasi-fiduciary for a fee? The New York Times provides an informative time line. It starts in 1934, when Congress gave the SEC authority to oversee brokerage firms.