August 16, 2010
I have serveral commets in regards to the affect it will have on the public i serve. I believe the suitability standards currently governing broker-dealers and registered representatives are already stringent and heavily enforced. Current regulations already provide strong and appropriate consumer safeguards.
The requiremeent of further 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, which are already underserved in my opinion.Further, additional risk of lawsuits involving registered representatives will increase costs to consumers and driving every registered representative to fee-only compensation will not necessarily result in better, unbiased advice for the consumer.