August 6, 2010
I am a fee only Financial Planner and Investment Advisor. I have been aware for several years that financial advisors are held to different standards of care.
Most consumers do not understand this. However, it is rather safe to assume that, if asked, they would all wish to be given the highest level of care available. This is the Fiduciary standard.
Unfortunately, many advisors act in a manner which does not place the consumers interests above all others. This should not be permitted.
I strongly encourage the SEC to impose the Fiduciary standard uniformly across the financial services industry.