Subject: IA-BD-Conduct-Standards
From: Michael Kiley
Affiliation: CEO, Kiley Partners, Inc.

July 6, 2017

Investors should be given a pamphlet that details the difference between a money manager---who is paid a fee as a percent of assets, ---which can range from 1/2 % to 3%, and a broker---who is paid a commission per share of stock---which can range anywhere from 5 cents per share to $1 per share.

Investment firms should be required to tell clients their fee and/or commission structure, at the time the account is open and whenever there is a change.

However, to create a 5 or 10 page rule that says there is now a “fiduciary” standard is confusing to all parties.

What is the “fiduciary” standard or burden on Tyson Foods when it sells chicken or Hershey’s when it sells chocolate bars.

Please stop the rule manufacturing press, provide clients with information and let the free market work.

Thank you.


Michael Kiley
CEO, Kiley Partners, Inc.