September 7, 2004
After all that has transpired in the financial services industry in recent years, it is time to raise the bar, not lower it.
I urge the SEC to withdraw this proposal which is harmful to consumers, as it creates two different standards for those offering financial planning services: a higher fiduciary standard for registered investment advisers and a lower one for broker dealers under NASD suitability rules.
The SEC needs to protect the consumer by holding broker-dealers accountable to the same standards as Registered Invesment Advisors when offering fee-based financial planning. The SEC should withdraw this proposed rule.