August 23, 2004
If it walks like a duck and quacks like a duck, then it is probably a duck. Even if it tells you it isnt. Even if it is only a part timer. Similarly, if you claim to give investment advice and your client thinks you are giving investment advice, then you are an Investment Advisor. Why should there be exceptions for anyone. You either are or you are not. To make exceptions for the very people who give the most investment advice, but claim it is only incidential to selling product, is not logical.
This rule should be WITHDRAWN. The American public deserves to know that everyone giving them advice is registered and following the same rules. I believe the rule is harmful to consumers by creating two different standards of conduct for persons offering financial planning services: a higher fiduciary standard for registered investment advisers and a lower one under NASD suitability rules