August 29, 2010
Please log my comment with those relevant to the standard of care being considered for investment advisors.
My comment is simply this: Any financial services professional who renders investment advice about the portfolio planning of or the purchase or sale of securities for a retail customer should be held to the fudiciary standard of care and should NOT be exempted from the Investment Advisors Act of 1940.
It's extremely important for the well-being of the retail customer that this sometimes extra standard of care should be applied for their protection.
The circumstances and the issues involved are far too complex to expect retail customers to be adequately protected when weasel-worded disclosures can exempt such a financial professional from the fiduciary standard.
Please be sure that the fiduciarly standard of care is required of anyone rendering investment advice.
James A. Stehr, AIA