September 18, 2004
Comments on Proposed Rule:
Certain Broker-dealers Deemed Not To Be Investment Advisers
I speak from 10 years as a practicing Certified Financial Planner. As a registered investment advisor, I am a fiduciary and owe a duty to my clients to act only in their best interests. Brokers owe clients the same duty and need to be subject to the same rules.
Stock brokers put themselves forth as financial advisors with titles like Financial Consultants and Financial Counselors in spite of the fact that many are not CFPs (Certified Financial Planners). For the sake of the consumer, please do not exempt wire house brokers from regulatory oversight. They need the same control and rules as independent advisors. It is wrong to make it easy for the broker/salespeople to mislead consumers while requiring registration of those that offer objective advice.
I do not understand the inconsistencies and inequalities created by the proposed rule. Is it not the role of the SEC to protect investors? This rule does not protect investors.
Please withdraw the proposed rule.
William H. "Herb" Kirby, CFP
Kirby Group, Inc.