August 23, 2004
The large firms have been hiding behind this exemption for years even while promoting fee-based investment advice. For instance, a commercial for Wachovia Securites aired on National TV a while back said ...and we offer INVESTMENT ADVICE to help you acheive your goals. Clearly, these firms promote the fact that they provide investment advice, but they dont want the fiduciary responsibility. It is time to end this. Please WITHDRAW this rule to protect the consumers who are mislead by what an investment advisor and investment advice really is
Thank you.