August 24, 2004
The proposed rule that exempts brokerage firms from regulatory oversight of their advisory activities is only going to serve the interests of the financial institutions, not the consumers. These institutiona already mis-lead the average consumer in their advertising by offering free financial advice. By eliminating any oversight, they will be even more agressive in this area, to the detriment of the consumer and the legitimate financial advisors who do not operate solely to sell product. Both the Consumer Federation of America and AARP also strongly object to the proposed rule.
PLEASE DO NOT PASS THIS RULE