August 24, 2010
As a Registered Representative and a member of NAIFA, I wish to express my disagreement with the imposition of the Dodd-Frank Act definition of Fiduciary Duty. The present regulations are stringent enough to see that the best interest of the client are the first consideration. Enacting an ill-defined "best interest" law will tend to increase fees and encourage numerous frivolous lawsuits. Ultimately, the consumer will be forced to bear these expenses since somebody must. Therefore, it is not in the "best interest" of the consumer to enact these new regulations.
Thank you for your consideration.