The financial advisory industry in the USA lacks professional standardization/regulation. There are few guideposts to assess adviser quality, and risks to consumer welfare abound. Some 91% of investment advisers operate on conflicted sales commission licences, although many market themselves as fiduciaries. Using an adviser misconduct scoring framework we report specific misconduct ratings for each of the 625,980 Financial Industry Regulatory Authority (FINRA) advisers, finding elevated misconduct for Certified Financial Planner (CFP®) professionals and commission/fiduciary licensees. For Chartered Financial Analyst (CFA®) professionals, we found the opposite. We propose a unique scoring system to aid consumers in flagging problematic advisers. We also offer simple regulatory policy recommendations, which could enable stronger consumer protection at minimal cost or bureaucratic burden.

中文翻译：

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不当行为徽章：避免滥用财务顾问的消费者规则

美国的财务咨询行业缺乏专业的标准化/监管。评估顾问质量的路标很少，消费者福利面临的风险比比皆是。大约 91% 的投资顾问在相互冲突的销售佣金许可下运营，尽管许多人将自己定位为受托人。使用顾问不当行为评分框架，我们报告了 625,980 名金融业监管局 (FINRA) 顾问中每一位的具体不当行为评级，发现认证财务规划师 (CFP®) 专业人士和佣金/受托人执照持有人的不当行为有所增加。对于特许金融分析师 (CFA®) 专业人士，我们发现了相反的情况。我们提出了一个独特的评分系统来帮助消费者标记有问题的顾问。我们还提供简单的监管政策建议，