August 23, 2004
I believe it is essential for the Commission to withdraw - not amend - this rule proposal.
The rule is inherently anti-competitive and is extremely contradictory to the highly publicized recent efforts of the Commission aimed at increasing transparency and fairness to the consumers of financial advice and financial products.
It is ridiculous to allow stockbrokers and broker-dealers to hold themselves out and advertise themselves as financial planners yet not be held to the standards and rules set forth in the Investment Advisers Act of 1940.
The rule is bad for consumers, adds to the confusion of the general public, and unfair to financial planners held to the fiduciary standards of the Investment Advisers Act of 1940.
Ryan W. Huey, CFP
Perryman Financial Advisory, Inc.