The following Letter Type A, or variations thereof, was submitted by individuals or entities.
Letter Type A:
I am writing to express my concerns about the SEC's proposal to amend Regulation S-P (Proposed Amendment). As a financial advisor working with retail clients, I know how important it is for investors to work with the financial advisor of their choice. When a financial advisor moves from one broker-dealer to another, it is essential for the clients to be immediately notified of this change in affiliation so that accounts can be quickly and efficiently transferred to the new firm. As a result, I support the Proposed Amendment's goals of promoting account portability and investor choice by allowing financial advisors to retain basic contact, account and position information after terminating their affiliation with a broker-dealer. I believe that this proposal strikes an appropriate balance between protecting investors from identify theft and preserving account portability and investor choice. Still the Proposed Amendment suffers from significant shortcomings that will severely limit its effectiveness. My concerns are summarized below:
. The exception offered by the Proposed Amendment should allow departing financial advisors the unfettered right to utilize the client's name, address, telephone number, e-mail information, and a general description of the client's account and products held to facilitate account portability and investor choice without interference from their prior broker-dealer. The Proposed Amendment falls short by making the exception available at the option of the prior broker-dealer firm.
I believe these changes are essential to achieve the Proposed Amendment's goal of promoting account portability and investor choice. Therefore, I urge the SEC to make these important changes to the Proposed Amendment.