July 30, 2010
The suitability standard governing broker-dealers and registered representatives is a robust and heavily enforced standard. Compare and contrast it to how you see the fiduciary standard governing	 investment advisers is applied and enforced. 
Compliance costs-both in terms of finances and	time-are high, and those costs are eventually felt by clients. Adding	 another layer of regulation means another layer of compliance, and even	more cost to clients.