August 25, 2004
I support the WITHDRAWAL of the rule that deems that certain advisors are NOT deemed to be investment advisors.
It is not in the consumers interest to allow certain broker-dealers to advertise and market themselves as financial advisors while hiding behind the rules that allow them to be product salesmen when offering investment advice. It is unfair to have varying rules and standards for those who call themselves investment advisors and puts the small independent advisor like myself at a competitive disadvantage even though I provide a higher level of fiduiary advice to my clients. Thanks