August 25, 2010
Requiring registered reps to meet fiduciary standards is unwarranted -- UNNECESSARY and is a JOB KILLER. Fiduciary standard looks back and enforces breaches retroactively through SEC enforcement or private lawsuits. The suitability standard looks forward and tries to prevent harm to consumers through ongoing and frequent FINRA and broker-dealer audits and compliance processes.
Please don't make it harder on us to do our job or for clients to make needed choices
Jerome Lindberg