July 25, 2017
Securities and Exchange Commission, People need financial advice that’s in their best interests. But some “advisers” who work for broker-dealers are not always required to meet that standard, and some may even be paid in ways that reward them for putting the interests of their firm ahead of the best interests 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. This is unacceptable. The SEC should adopt new rules, like the Department of Labor’s rule for retirement investment advice, as is done in other countries such as Canada, requiring brokers to act in their customers’ best interests and requiring firms to eliminate conflicts of interest that undermine that standard. Investors don’t need more boilerplate disclosures -- that doesn't solve the problem! We need REAL protections from industry practices that put our financial well-being at risk. We earned it! Cara Melbye