July 30, 2010
Please leave the Suitability Standards in place as they are more oriented toward consumer 'well being" and hold the Broker to more strict and definable compliance standards. The new Fiduciary standard of measurement is too vague and will add more cost to consumer products more compliance for all involved and will have a negative impact on the consumer and financial services industry. It will destroy the true protections of the consumer, eliminate choice for the consumer, reduce the numbers of truly qualified Advisors (cost of doing business becomes too prohibitive and Liability too great)where the new Fiduciary Standard becomes a cash cow "Windfall" for attorneys and anyone who becomes disgruntled over an investment decision that turns sour for any reason. They will turn to the unscrupulous lawyer who will then use the vagueness of the law to concoct a case and help devastate an industry that is already doing a great job in serving the public through complying with the strict guidelines of Suitability.
Please say NO to Fiduciary Standards.