August 27, 2010
I have been in the business of financial planning and offering investment advise for 22 years. Over these years I have worked as a commission only planner and as a RIA.
It has been my contuing experience that the public expects far more non-biased and honest advise than they usually get. When the investment professional is not even required to explain the truth about his conflicts of interest and how he is really paid, then the public is very often mislead and injured.
You have the oportunity now to require all people who claim to be investment advisors and financial planners to operate under the same rules of full disclosure and putting the client first. Please establish very high standard rules and protect the public. Please do not listen to the broker lobby and water this all down and allow the confusion and public injury to continue.
Anybody who claims to be a investment advisor and investment professional must be held to professional standards not salesman standards. I have been both and currently have all of the broker licences including Series 7 and 24. My experience is that we need high standards.