Subject: IA-BD-Conduct-Standards
From: Thomas Dillon

June 2, 2017

I read where you are seeking additional public comment on the standard of care which should be set for clients. I am a Registered Rep, CFP in independent practice with Raymond James as my B/D. I also have over 40 years’ experience dealing with retail clients (mostly middle class). I have been referral-only for 20+ years and have always had the attitude that, when I get a referral, I will do my best to help any size client. I offer my clients fee or commission accts and most chose C-share funds. ALL COSTS ARE FULLY DISCLOSED. And, I am proud to say that in over 40 years, I have never had a complaint filed against me. I truly have my clients’ interest at heart. However, the increased liability and time-consuming regulations of the new DOL rule will force me to stop offering help to small / mid-sized clients.

The rule is making fee-based services more commonplace and this trend is impacting my availability and cost of investment advice, investment products and services, for retail investors.  Please consider this impact on small investors when establishing rules and regulations for the industry.