August 18, 2010
I am a registered investment adviser, yet I am taking an opposite stand on the fiduciary question than my professional licensing organization,the CFP Board. I am against applying the fiduciary standard for all persons in the securities industry who work with retail investors. I believe the rule will have unintended consequences. One possibility is that small investors may not be able to obtain the personal advice and service they need. They may end up getting worse advice through large investment companies offering services via telephone and web.