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DOL Fiduciary Rule loophole; Financial Adviser vs Advisor; fee-based vs fee-only

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Just read an interesting article by Ken Fisher (of Fisher Investments) about a loophole in the DOL Fiduciary Rule, which might be of interest to the community. What caught my eye, however, were a few sentences about the probable history of the terms "Financial Adviser" with an "e" vs "Financial Advisor" with an "o", and "fee-based" vs "fee-only". I didn't know about the history of the first and often get the second mixed up:
Ken Fisher said: Once, only those regulated under the Investment Advisers Act of 1940 (IA1940) could call themselves "adviser." Brokers started tilting those laws in 1999’s roaring bull market—usually calling themselves “advisor” with an “o” instead of “e.” Now everyone is some variant. Many use phrases like “fee-based” instead of “fee-only” to charge a fee and double-dip you with commissions without you noticing.
As a side note, the main provisions of the Fiduciary Rule finally took effect last Friday, June 9, although they won't be enforced until Jan 1 (per Forbes).

Previous thread on the main subject (archived).

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rated:
I thought the whole Fiduciary rule was cancelled out with a Trump executive order or something? Sorry if that's a stupid question, I just briefly remember hearing that mentioned.

rated:
Nope - it was being "reviewed" but they decided to let it be - for now.

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