I think the first order assumption needs to be that the person with the information advantage is always the broker, not the retail investor buying a stock. Ther

I think the first order assumption needs to be that the person with the information advantage is always the broker, not the retail investor buying a stock. Therefore, you should trade in a way to minimize this advantage. (I know you're using the term "information advantage" in a different sense, but I'd argue that type of advantage is swamped by the information asymmetry between the broker and retail client)