August 17, 2010
I am in full support of enacting the fiduciary standard across the industry. I have been a part of a company that sold products that we not always the best possible for the client, but they were sold anyway. If a fiduciary standard is enacted, proprietary product companies will need to open their doors to competition. They don't want to do this because it will hurt their profits through increased competition. I think competition will improve the quality of financial products out there and will give clients a better choice of products to suit their situation.
The insurance industry and wirehouses don't want this because they will be forced to figure out what is the best for their clients instead of just selling their own products.
Please make a universal fiduciary standard
Thank you,
William C Reynolds CFP CRPC 12 yrs+ as a Financial Advisor