How is it even be debatable whether an advisor must act in the best interest of his clients? The lobbyists for the big wirehouse firms are working hard:

http://www.npr.org/player/v2/mediaPlayer.html?action=1&t=1&islist=false&id=459026277&m=459026278

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    Vomund Investments, LLC
    889 Alder Avenue Suite 202
    Incline Village, NV 89450

    US Mail:
    PO Box 5037
    Incline Village, NV 89450

    775 832 8555

    At Vomund Investments, we tailor our managed accounts to meet the client’s comfort level using stocks, exchange-traded funds (ETFs), preferred stocks, and exchange-traded debt. Most portfolios include lower-risk, better-rated vehicles with yields of five percent or more.

    We also hold some higher-yielding stocks with both dividend growth and capital gains potential. Prices fluctuate of course, but their volatility is less than that of most equities.

    Whether you are investing primarily for growth to reach retirement, or for income to enjoy your retirement, our managed account program deserves a closer look.