January 17, 2005
Ido not understand why anyone giving financial planning advice should be subject to the same rules, registrations and laws with which I must comply.
In my very small financial planning practice I have encountered clients who have been misled by broker-dealers into making bad mutual fund choices which add to the enrichment of the broker to the detriment of the client and at unnecessary expense to the client. Any compromise to the registration requirement will weaken the consumer-investor protection.
How does the SEC propose to distinguish between financial planning advice incicental to the purchase and sale of secuirities from more detailed financial planning. Where will the line be drawn?
Clair N. McRostie, CFP, PhD