August 24, 2010
I am a registered representative that is Series 6, 63, 7 and 65 licensed. Im also a CERTIFIED FINCANCIAL PLANNERŪ professional. I have been through rigorous testing with all of my licensing and am held to a high ethical and legal standard by my broker-dealer. I also receive annual training from my broker/dealer to make sure I am aware of any new laws and requirements. I believe that the suitability standard governing broker-dealers and registered representatives is a robust and heavily enforced standard.
There are multiple models in the financial services industry that are used to serve a variety of needs. I believe this must continue. If a fiduciary duty is imposed on all registered representatives it may increase costs for our clients and may cause many to go without any service from our industry. Implementing the proposed Fiduciary Standard will be more of a negative to our clients than a positive.