September 11, 2010
September 11, 2010
Ms. Elizabeth M. Murphy, Secretary
U.S. Securities and Exchange Commission 100 F Street, N.E.
Washington, D.C. 20549-1090
RE: File No. S7-11-09
The Economic Imperative for the Application of the Fiduciary Standard of Conduct to all Providers of Investment Advice
Dear Ms. Murphy,
This is critical time in the financial life of not only all Americans but all American financial advisors. The public has lost their trust in wall street, banks, so called financial advisors and other institutions. Of course, the American consumer assumes that when they employ a financial advisor, that advisor is going to act in their best interest. They are unaware that anyone can call themselves a financial advisor or that there are advisors that follow a suitability standard and those that follow a much higher fiduciary standard.
SEC, now is the time for you to ACT Now is the time to help the American consumer restore their trust
This is what I would like you to think about and enforce for anyone who provides personal investment advice:
1) Promote a strong and uniform fiduciary standard that is already found in the advisors act of 1940.
2) Realize that the suitability standard is a low standard with little obligation on the part of the broker/dealer.
3) In promoting this fiduciary standard, realize it has nothing to do with someones business model, but everything to do with treating the client right with his/her interests at the top.
4) Make the fiduciary standard applicable to all those who provide investment advisory services.
You might consider a new professional regulatory organization with a fiduciary basis for the enforcement of professional fiduciary standards of conduct. I look forward to your rulings and hope that you have the best interest of the American people in mind. They deserve no less.
Brian Carlton CFP
Huff, Stuart Carlton
Forest, VA 24551