The Hill: Warren investigation blasts financial adviser perks as fiduciary reforms stall

Financial advisers long have been required to avoid conflicts of interest and act as "fiduciaries," meaning they must act first and foremost in the best interest of their clients.

But a new investigation by the office of Sen. Elizabeth Warren (D-Mass.) found "a deeply troubling pattern of secretive incentives and rewards" for advisers, including expensive getaways in the Caribbean, luxury cruises on the Danube River and large cash bonuses among dozens of companies that provide such advice.

In the report, first shared with The Hill, Warren argues such incentives muddy fiduciary duty, raising questions about whether advisers are acting in a client's best interest or their own.

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