August 27, 2010
I support imposing a fiduciary standard of care on broker-dealers.
Brokers are responsible for a huge amount of personal wealth and should therefore be held to the highest standards of care. The current standards are simply not high enough.
Note: Looking to customer complaint data alone is not sufficient to assess the level of problems with the current suitability standard, as most people do not know that complaining is an option and complaining also does not resolve their issues.