August 24, 2004
I urge you to withdraw, not amend the rule exempting broker-dealers from the Investment Act of 1940 when offering fee-based brokerage programs.
You are creating two different standards of conduct for people offering financial planning services which will be very confusing to consumers. You will also be allowing brokers to not be required to disclose conflicts of interest in connection with offering financial planning services.
Ihope you will take these comments seriously. The financial planning world is complicated enough