August 24, 2004
I believe the referenced 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.
All broker dealers I know do substantially more than just transactions, in fact, the only way they are able to sell their transactions is by providing financial planning, retirement planning, thus becoming fiduciaries.
I have read FPAs formal request for withdrawal of this rule and couldnt agree more.
Regards, Sal Miceli