By Dina Ellis Rochkind and Joshua Downer (June 5, 2018, 12:01 PM EDT) -- As the U.S. Securities and Exchange Commission considers raising the standard of conduct applicable to investment advisers with respect to their retail clients, it should also consider loosening the restrictions that inhibit retail investors from gaining access to privately placed securities and other alternative investments. Private placements represent the bulk of investment opportunities in the market — particularly those with a relatively high yield — yet mom and pop investors have very limited access to them. Restricting access will no longer make sense in a world where brokers are obligated to act in a fiduciary capacity toward their retail clients. If the SEC follows through on imposing these heightened standards, it should permit investment advisers to facilitate the purchase of privately placed securities that current regulations largely reserve for the wealthy....