January 31, 2005
Above all else, the public interest should be taken into consideration. The analyst and mutual fund scandals should make it obvious that the brokerage industry will, whenever possible, take advantage of an unsuspecting public. Unfortunately, it was done under the noses of those who are supposedly there to protect them or at the very least keep the criminal element in check.
To change this trend of irresponsible behavior by the SEC, perhaps you should take the high road on this issue by not allowing brokers to be exempt from registration. Make them live up to the advertising they blatantly display 24/7 over the public airwaves. If they want to do it one client at a time or with U and US etc., etc. then make them take on the commensurate responsibility. Make them take on the same fiduciary responsibility that independent advisors must adhere to. Dont let their deep pockets and political power cloud the duty you have to protect the public.
This isnt rocket science guys and gals of the SEC. Use some common sense and make it simple. Brokers should be required to register as financial advisors and provide complete disclosure - period.