August 9, 2010
A uniform fiduciary standard for broker dealers and registered investment advisers is needed because the general public does not understand the difference between the two. The average person who goes to an "adviser" has no idea whether the adviser is a registered investment adviser or a broker/dealer. They would naturally assume that the investment professional has their best interest in mind. I think many of them would be shocked to find that this is not the case. While I enjoy being able to market that I am held to a higher standard (as an RIA) than broker dealers, it is time to help the public out by simplifying things.