August 16, 2010
I am opposed to any new fiduciary duty liabilities placed on broker dealers and RR's. Suitability standards currently governing broker dealer and RR's are already stringent and heavily enforced. I believe current regulations already provide strong and appropriate consermer safeguards. Requiring compliance with fiduciary standards will drive many advisers out of the market and eliminate a valuable advisory resource to consumers, especially in middle and lower income markets. Additional risk of lawsuits involving RR's will increase costs to consumers. Please look at the long term effects of what such new fiduciary liabilities will have on the industry and the consumers before you act.
Thank you for listening to my concerns.
Sincerely,
Ken Pittz