July 21, 2017
Securities and Exchange Commission,
When investors turn to financial professionals for advice, they PAY FOR and expect and deserve advice that's in their best interests.
The country profits more from income equality.
Advisers who work for unscrupulous broker-dealers may even be paid in ways that reward them for putting the interests of the firm ahead of those of the customer. Investors lose out on tens of billions of dollars in investment returns each year when these conflicted advisers recommend inferior investment products that pay them more.
I urge the Securities and Exchange Commission to adopt 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 don't need more boilerplate disclosures, they need real protections from industry practices that put their financial well-being at risk.