August 18, 2010
Sir/Madam:
I would like to voice my support for the client first, fiduciary standard for all advisors providing investment advice to consumers. I began my career as a retail stock and bond broker with a major "wirehouse" firm and quickly realized my job was not to provide financial advice to clients, but rather to sell products. There is nothing wrong with this business, as a matter of fact I still have many friends who make their living in that business. However, as a Certified Financial Planner(R) I have learned what providing truly comprehensive financial advice to clients means/entails. The two careers and compensation models are entirely different and clients need to be aware of this.
I encourage you to adopt regulations which require those providing investment advice to client to adhere to a ficuciary standard. When has requiring a higher level of care, transparency, and disclosure hurt financial consumers?
Thank you for your thoughtful consideration of this matter.
Ric Seaver