August 29, 2010
I do not find the distinction between brokers and investment advisors to be clear at all. As an individual investor I expect that either one of them have my best interests at heart. I have been burned in the past by lousy house products that were misrepresented so I know better than to buy any of them now, but it would make me much more comfortable in dealing with brokers to know that they have a fiduciary responsibility to me. I strongly support rules that eplicitly set forth a fiduciary responsibility of brokers to their retail customers.