The following Letter Type B, or variations thereof, was submitted by individuals or entities.
Letter Type B:
I am a financial advisor to individual investors, and I am writing today in support of Regulation Best Interest (Reg BI) as recently proposed by the Securities and Exchange Commission (SEC). The financial future of my clients is my top priority, and I appreciate the efforts of the SEC to provide heightened standards and disclosures to better protect, educate, and inform them. My clients have a choice as to the type of relationship they prefer to have with my firm and me. They value this choice and selection with respect to the type of accounts they maintain and how they pay for it. The current approach in the proposed rule appropriately creates a best interest standard for broker-dealers that applies across all investment recommendations and protects individual investors' rights to choose the products, services, and payment terms that they want. At a time when saving is so difficult, these enhanced disclosure and transparency rules are as important as ever. I urge you to swiftly complete the rulemaking to ensure investors' interests are protected while maintaining their choice of and access to investment advice.