August 29, 2010
Brokers and dealers should have the same standards as investments advisors, namely the fiduciary duty to act in the best interests of their customers.
I think it is totally inappropriate that brokers can recommend investment products that reap them them higher commissions, not the ones that are best for a a particular customer.
The mandate of the SEC is to protect the individual investor. Most individual investors have substantially less knowledge of financial products than the individual providing him or her advice. The requirement that brokers and dealers comply with the fiduciary standard is long overdue.
I am a retired engineer.