August 25, 2010
I strongly support the fiduciary standard for retail clients for three reasons:
1) It will advance the profession, and discriminate between true financial planners and product salespersons.
2) Many retail clients feel that a fiduciary standard exists between themselves and their planner, whether or not it does in fact exist.
3) It will force a greater standard of care and excellence in the industry.
This is a good bill and is highly protective of both the consumer and the industry.