August 23, 2004
I urge the S.E.C to WITHDRAW, not amend, the Merrill Rule proposal. I believe the rule is harmful to consumers by creating two different standards of conduct for persons offering investment services: a higher fiduciary standard for registered investment advisers and a lower one under NASD suitability rules. The rule also exempts brokers from being required to disclose conflicts of interest in connection with the offer of planning services.
If the S.E.C. hasnt learned over the last 3 to 4 years that Wall Street is a fiduciary for their own wallets and not their clients, it is unfortunate. The American consumer needs an advocate to assist with the eradication of failed wall street products and excessively priced services.