July 28, 2010
I THINK THAT THE VERY FACT THAT YOU ARE CONSIDERING NEW TIGHTER STANDARDS ON BROKERS IS LUNACY.THE SYSTEM IS WORKING JUST FINE AS IT IS,BUT DUE TO THE FACT THAT THE MARKET HAS HAD A BIG CORRECTION,UNRELATED TO ANYTHING THAT BROKERS ARE DOING,THE WITCH HUNT AND BLAMECASTING HAS BEGUN,WITH THE EASIEST TARGET BEING THOSE THAT HAD NOTHING TO DO WITH THE PROBLEMS THAT LED TO THE CRASH.
ACTING AS AN INVESTMENT ADVISORY REP.,A BROKER ALREADY ACTS AS A FIDUCIARY.
ACTING AS A BROKER,HE IS NOT,NOR SHOULD HE OR SHE BE A FIDUCIARY,SINCE,SIMPLY PUT,IT IS THE CUSTOMER WHO IS MAKING THE DECISIONS,NOT THE BROKER,WHO IS PROVIDING THE INFORMATION TO HELP A CLIENT MAKE THOSE DECISIONS.WHAT COULD BE CLEARER ?
AS USUAL,CONGRESS AND THE SEC WANT TO ACT LIKE THEY ARE "DOING SOMETHING" SO THE IMPERATIVE TO "CHANGE SOMETHING" HAS BEGUN.
AS THE OLD STORY GOES "IF IT ISN'T BROKE,DON'T FIX IT"