August 27, 2010
I am writing today concerning the new suitability standards being proposed for registered representatives and broker-dealers. The current suitability standards are already stringent and heavily enforced. Current regulations provide strong and appropriate consumer safeguards. This new "fiduciary standard" will drive many advisors out of the market and thereby a valuable resource that many consumers count on. With the threat of additional lawsuits, costs to consumers will continue to be driven up. Having all registered representatives being pushed to fee-only compensation does not equate to unbiased advice for the consumer. Please do not allow these new standards to be enacted.