July 21, 2017
Securities and Exchange Commission,
It is critical to keep the fiduciary rule in place to protect investors. Small to medium investors cannot pay enough attention to the details of how trades are performed in their accounts (lack of knowledge, lack of transparency). The fiduciary rule together with class action lawsuits are the only protection possible.
I do my own investment management. I have the time and the minimal skills. However, even in my case, trading desks can direct my few trades to exchanges that give them kickbacks/rebates whereby I do not necessarily get the best spread.
Please continue the fiduciary rule.
Larry Imhoff