August 28, 2010
Would you be comfortable if your mom was working with a financial professional who DID NOT have to act in her best interests?
I started in this profession with a firm who embraced a fiduciary standard. Some of the best of training I ever received was to look at any interaction I have with my clients and imagine how I would feel if my Mom was acting on the same strategy with a different financial advisor. Most of my clients are middle America folks - teachers, nurses, engineers and small business owners and very, very few are millionaires. Most have just enough to be able to retire.
Under a Fiduciary Standard I am able offer a broad array of products and services (thousands), am able to charge commision or fees (and disclose all sources of compensation) and help my clients achieve their goals.
Requiring everyone who provides personalized investment advice to act in the investors best interests will help restore the faith and confidence in our markets and financial professionals that is so desperately needed. This is the most common sense consumer initiative the SEC can take and I strongly encourage you to take the opportunity to provide this simple, meaningful investor protection.