August 25, 2010
I believe it is critical to maintain a fair and even playing field FOR ALL CLIENTS no mater what type of company the investment advisor associates with. If an "advisor" gives investment advice to a client, they should have fuduciary responsibility for that advice. I have gotten client after client from brokerage houses where the account has been churned, disappeared, or otherwise mistreated. The client does not have enough knowledge to protect himself and the broker is not a fuduciary. This is a bad situation that needs to be corrected.
Please adopt one fuduciary standard for all.