You have to wonder how this went over at Merrill Lynch: Brian Moynihan, CEO of Bank of America, has come out in favor of a fiduciary standard for brokers as well as registered investment advisors. Looking out for brokerage customers "is not something foreign to us," and the fiduciary business model is one that the bank has used "for a long time," he told Bloomberg TV.

You have to admire his conviction. But you also have to wonder if the traditional brokers at Merrill Lynch, which is now an integral part of the bank's retail banking strategy, are grousing about his views.

Merrill Lynch is the original "wirehouse." When people think of the classic stock brokers, they think of Merrill Lynch. That maybe unfair, as in this day and age, all of the wirehouses blend the classic stock broker function with the registered investment advisor function. Still, some might have thought Merrill Lynch would lead the opposition to a fiduciary standard for brokers, but Moynihan's words make it seem less likely.

It's unclear what standard will ultimately get adopted. My sense is that whatever is passed will be called a fiduciary standard, even though it may be a bit different from what RIAs consider a fiduciary standard.

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