Subject: File No. 4-606
From: Marilyn Novak
Affiliation: RPh

August 29, 2010

No, I am not certain of the differences among a "broker," a "dealer," an "investment adviser." Yes, the titles are confusing to me.
I understand the concept of "fiduciary duty," I think that the following phrase should be used in any all advertising in which these 3 terms are used, as in "no fiduciary duty is implied by this advertisement."