August 29, 2010
It is my opinion that brokers and dealers should have the fiduciary duty to act in the best interests of their customers. They should be held to the same standards as investment advisors. There needs to be similar standards for ALL THREE classes of the above professionals. I am lucky enough to have a certified financial planner that I can trust. I would not deal with either a broker or a dealer. The brokers and dealers are acting in their own interests, not that of the customers. They seem to be a force unto themselves. They are not accountable to anyone but themselves. Making brokers and dealers accountable to the same standards as my financial planner would level the playing field for the customer.