February 7, 2005
If one decides to talk the talk then they should have to walk the walk. In other words, when a person, whether they are a broker or registered investment advisor/rep holds themself out to the public as a financial planner or financial advisor or financial counselor, etc as many brokers business cards list they should be required to follow the same set of rules.
As a CFP practitioner and Chartered Financial Analyst, I am required to follow certain standards of practice and ethics. As an RIA rep I am also required to follow the rules of the Advisor Act of 1940. First and foremost is that of Fiduciary Duty. I am required to place my clients interests ahead of my own.
To exclude brokers from this requirement under a flimsy incidental exclusion foists a scam on the investing public.
If brokers want to act as advisors, then they should have to follow the same rules, plain and simple