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Putting aside the real issue of advisors not acting in their clients' best interest, the distinction between 'advisers' and 'advisors' seems to be a myth based on an assumption by the Small Investors Protection Association that the spelling of the word in a certain law is somehow decisive, which would make no sense in the context of consumer protection.

https://ca.finance.yahoo.com/news/financial-advisor-vs-advis...

FYI financial advisers having a fiduciary duty to their clients is standard in most of the western world EXCEPT America.

That seems like it ought to be illegal. It's an obvious skirting of the law. I doubt this is true, and if it is I can't even begin to imagine the number of things this "loophole" would affect.