August 2, 2010
As a registered rep affiliated with an insurance company, my role is to provide customers with products that give them long term solutions. I, and many of my colleagues, already act in the best interest of the consumer. The wording of the proposed legislation is vague. The results of this won't be any better customer service, but more gray area in the law for trial lawyers to manipulate. I believe the current system works well for main street America. I do not believe that advisors who work with small customers should be lumped in with Wall St traders either in perception or by law.
Please remove the "fiduciary standard" language from this law.