Subject: File No. DF - Other Initiatives
From: Joan E Schaller
Affiliation: Realtor, investor

September 1, 2010

Regarding broker's and investment advisors I think there should be a simple disclosure form, 1 page, saying who they owe their fiduciary duty to (like Realtor's use).

the form could explain that advisors work for the best interests of the client, how they get paid, disclosure of any other sources of payments (like the back door payment from mutual funds ... which none have ever disclosed to me).

Same for brokers, they do NOT represent the clients best interests, only act as a purchasing agent, and how they get paid.

Normally both these entities throw a 4 page+ form, printed in a #8 or smaller font to make reading difficult, which has many little phrases that an ordinary person would need clarification on, which the person clarifying which is the person benefitting.