Taps for Fee-Based Brokerage Accounts?

As mentioned here last month, public sentiment seems to favor the notion that brokers should offer clients who set up fee-based accounts the same sort of unbiased advice expected from registered investment advisers.

The SEC exempted brokers from anything so "fiduciary." But a U.S. court of appeals, at the urging of the Financial Planning Association, struck down that exemption.

Now, as Reuters reports, the SEC had announced it will not challenge the court decision.

Or, as the NY Post puts it, SEC DISSES $300B IN FEE-BASED STREET BIZ.

Will brokers try to adapt to the F-word? Probably not, according to the press reports. Instead, clients with fee-based accounts will be offered regular brokerage accounts.