Subject: IA-BD-Conduct-Standards
From: Gary Braden

June 3, 2017

As someone that submitted comments from the beginning of the DOL Fiduciary Rule process it was almost like they had selective hearing infection as they disregarded comments that did not fit their goals/agenda.  Of course the fee management side originally supported the concept totally until they read between the lines that just because they use fee management doesn’t mean they would not incur “unquantifiable” liability under the class action and civil law suit processes of the Fiduciary Rule.

For registered persons the BIC or the BIC waiver offers little “protection” from the lawyers looking to litigate anything for a quick settlement regardless of how much they put their clients’ interests above everything else.  The rule was written by lawyers for lawyers.  I have had many of my clients for over 20 years and having looked at all the angles can’t see how I will be able to serve them once the DOL fiduciary Rule is fully implemented and it makes me ill to basically tell them I will no longer be able to serve them and the problem is that I can’t recommend a replacement for me as we are all in the same boat.  My having this opinion concerning the DOL rule has prevented me from taking any new clients in the last 18 months as I have told perspective clients that it would not be right for me to take them as clients and then have to tell them I can no longer serve them because of the DOL rule.  I am not worried about a client complaint about my long standing service to them but how do you protect yourself from frivol ace law suits and the legal fees that you will incur.  Even if you win the legal fees will consume your business.   

Rather than a lengthy email let me see if I can discuss in brief bullets:


Obviously the list could be much longer but these points should be enough to stop moving down this path resulting in many Americans losing any source of advice other than a book or computer program.

Gary Braden
Registered Principal