Subject: File Number S7-08-18
From: Michael Corley
Affiliation:

Sep. 13, 2018

I just had a general comment on "financial advisor" or "financial planner" terminology. 

#1 I don't think it is really an issue of "what is a broker" versus "what is a financial advisor." A broker acts as financial advisor to some degree, should they be representing a particular party on a sale or purchase. It is in a limited capacity (i.e. quoting a market price, etc.) and in relationship to the deal they are working on. 

The issue here is when they approach parties (buyers) that they do not represent and other party does not clearly understand that they do not represent them. They have a duty not to misrepresent the information in the deal, but at some point you have to draw a line and say "I do not represent you." 


#2 I found that most people, including my father, do not understand that financial planners are typically not the person managing your money. Typically they will just throw your money in an index and if they don't the portfolio manager is managing their funds, not the financial planner. 

Financial planners are basically sales guys, not portfolio managers. People might do research on their background and think they have a great financial planner, but do not realize that the financial planner is not the person their funds are with. Financial planners are just there to tell them how much to save for retirement, etc. They aren't physically managing anyones money. The majority of people that I meet are not aware of this. 







Link: https://www.sec.gov/rules/proposed/2018/34-83063.pdf




Michael Corley




phone +1 203 448 0310



email michaelacorley@gmail.com