September 10, 2004
As a consumer of financial advice I heard about this issue from a recent magazine issue, and then read many of the comments posted on the SECs web site. I agree with many of the comments. In particular, I found the 100 pages of comments by Ron Rhoades, submitted on August 30, 2004, most informative. I agree that brokers should not be permitted to offer financial planning advice of a comprehensive nature unless they are subject to the fiduciary standards of the Investment Advisers Act.