July 25, 2004
There is no way a stock broker-dealer can give unbiased, non-self-serving counsel and advice to clients. By no stretch of the imagination can any such be deemed an "investment advisor".
I base this on some 50 years of investing experience handling my own affairs and having to deal with brokers and their ilk. I have tested them many times and have proven to my satisfaction that they cannot be trusted to render impartial, fair, un-biased advice. They must cause their clients to trade as their only source of income is their commissions.
In other words, broker-dealers, as defined by the SEC, should NOT be exempt.
Evans M. Harrell
551 N. St., Mary's Ln., NW
Marietta, GA 30064-1411