September 7, 2004
Working both under fees and commissions with new clients, I have had an opportunity to see what is being recommended by other advisors and commission-based brokers. Generally, here in central Wisconsin, financial advisors of all types are ethical and above-board. The few instances of lower quality work Ive seen have come from reps of large, sales-oriented, transaction-based wirehouse firms. I believe that this can be due to the higher pressure to produce which these reps are under in these environments, together with a lower ethical standard at the top, and weaker supervisory practices.
Please eliminate, rather than amend, the proposed exemption.