August 30, 2010
Dear SEC comissioners,
Saw article in West County times .I live in Albany Calif.
I had no idea that there is a fiduciary difference between brokers, dealers and investment advisers. I thought that the terms were fairly equal and that each had a fiduciary duty to look after my best interests.
I am 74 and my savings are all in mutual funds because I know that I don't have the knowledge to invest for myself.
I realize that I don't know if the rep I talk to on the phone is a broker or dealer. I think a mutual fund rep should have fiduciary duty.
I think an investment adviser would be someone who is completely free of connection with any product and only looking out for my interest.
Please try to make this clearer in the law.
Are there any government brochures about this?
I will go to the library to research this.