August 24, 2010
I am amazed that you are considering allowing two different standards for giving advise to a financial client. As a securities broker you may give advise under a "suitable recommendation" standard. As a investment advisor you have to use the higher "fiduciary" standard.
Why allow a lower standard of care for the financial consumer depending on whom is giving the financial recommendation? I think it is important,under todays climate,that the finacial consumer be assured by the SEC.
The SEC should assure financial clients that ALL financial professionals are giving recommendations based on the same high "fiduciary" standard.