August 24, 2004
I think that the primary duty and responsibility of an independent financial advisor and the one hired by a big company to sell its own products are still the same, to make sure the potential client knows any underlying conflict of interest.
Therefore I urge you to WITHDRAW your proposal to exempt broker/dealers or any other financial organizations from the requirements set forth in the Securities Act of 1940 when they offer fee-based brokerage programs.
I am convinced that it is contrary to the publics interests to be offered financial advice without the advisor being subject to regulatory oversight. Furthermore, if a company is PRIMARILY in the business of selling products, it should not be allowed to market itself as an advisor if it isnt willing to be regulated as such.