August 24, 2004
I strongly urge the SEC to WITHDRAW, not amend, the Broker/Dealer Exemption rule proposal. This 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. To think that someone who has already committed their time and expertise to raising their professional standards in support of their clients goals and objectives is going to be held to a higher fiduciary standard than someone who hasnt is unconscionable.
Thank You