I always get a laugh out of the industry driven arguments to not ban trailing commissions.
At the top of their list of reasons is always the assertion that hordes of small investers will not receive any 'advice'.

The plain fact is that the vast majority of mutual fund holders receive no meaningful advice.

And for those that do, the 'advice' will always be to buy more/hold existing mutual funds rather than looking at alternatives such as ETFs, individual stocks etc. Such people would likely be better off without receiving the advice.