May 2, 2013
Any person providing investment advice or financial advice that might influence an investment decision must be licensed to give such advice.
Any person licensed to provide such advice must be held to a fiduciary standard. It is inconsistent with the public’s best interest that the persons by which the public gains access to investment products and education on investment products are allowed to provide information that is inconsistent with the best interests of the individual seeking such investment education or advice. Include in the fiduciary standard a prohibition by other not licensed professionals (including non-securities licensed attorneys and accountants) from giving such advice or from gaining any financial benefit, directly or indirectly from such advice or investment services given by themselves or a licensed person.
The licensed person must be empowered to oppose the direction or influence of their employer with regard to the sale of investment products. Such empowerment must provide the employee to seek binding arbitration at the expense of the employer. Should the employee prevail in arbitration the employer may not impose retribution on the employee. The employer, and not the employee, must be held to non-disclosure of the event and/or the circumstances of the event to prevent blackballing. Should the prevailing employee seek employment elsewhere, the former employer may not interfere or impair the employee in any way. The former employer must reimburse a former employee the difference between the employees earnings at the time the arbitration was initiated for a period of three years while the employee reestablishes his/her clientele. Any binding agreements or clauses in any agreements/contracts are considered void and unenforceable by the employer after arbitration. An employee that separates after such arbitration is free to contact, solicit, or sell to any past clients from the former firm.