July 28, 2010
I am incredulous that there is even an issue as to whether a professional person who provides financial advice to the public has a fiduciary duty or obligation to put the clients best interest first. When we look at the past history with the mutual fund trading scandal, Goldman Sachs, Lehman brothers,the subprime mortgage, etc., could any of this occurred if anyone in these industries had a fiduciary obligation to their clients? What possible rationale could you provide to the public that would excuse such a level of responsibility? Do we want to gain the public trust or do we want to continue to receive their skepticism and mistrust? Let's do the right thing and repel the special interest groups.