The reason you don't get it is that no one has written a piece regarding the costs that retail advisors incur to be in business - this includes time (kyc & kyp) and money (direct expenses).

I'm an advisor (independent & credentialed) -- remove commissions and accounts under 100K (150K?) will have to go as I will be net negative on the account with  no reduction in regulatory obligation and risk(its always the advisors fault when things don't work out) -- I'm already subsidizing a number of clients and if I can't earn a fair profit then what's the point ..?

Also financial planning would need to be billed separately (bring me 500K then I can do it bundled inclusive  with the asset mgmt fee).

This most certainly will hurt small investors esp. older clients who considered the suggestion to open a DIY acct inane ..  it's too bad this whole issue is being played out in an one-sided campaign with almost all views by those who never spent a day in my shoes.