August 25, 2010
Dear Madam or Sir:
This issue is very important to me as an independent fee-only advisor, to my clients, and to all individual investors.
I request the SEC to adopt a fiduciary standard for all financial professionals who provide investment advice. Currently, comsumers do not know what standard their advisor is acting under. They may be getting advice from an investment adviser under a fiduciary standard, or from a broker who might simply be making suitable recommendations.
It certainly doesnt make sense to have two different standards for what amounts to the same service and investors should not be left to guess what kind of protection they are getting.
Please adopt the fidicuary standard, get rid of the current confusion, and equally protect all consumers / investors today.