Subject: Standards of Conduct for Investment Advisers and Broker-Dealers
From: Ellis Woodward

July 21, 2017

Securities and Exchange Commission,
Unconscionable behavior and greed - both of which can be effectively addressed if the SEC would do its job...
Investors turning to financial professionals for advice expect and deserve advice that is in the investor's best interests. Some “advisers” who work for broker-dealers are not always required to meet that standard, and choose instead to put their own and the interests of their firms ahead of the best interests of the customer. As a result, investors lose out on tens of billions of dollars in investment returns each year. In the no-brainer stance of all atripes, I urge the SEC to adopt new rules, modeled on the Department of Labor’s rule for retirement investment advice, requiring brokers to act in their customers’ best interests and requiring firms to reduce conflicts that undermine that standard. Investors need real protections from industry practices that put their financial well-being at risk.
Ellis Woodward