Subject: File No. 4-606
From: JAMES J PHILLIPS

December 17, 2010

I was stunned to learn that the financial advisors employed by brokers are contracted to put the company's not the client's interest first. Foolishly, I assumed that, when the advisors gave advice contrary to the best interests of the clients - and the world is full of stories of their doing that, I thought they were violating established ethics. Now I learn that they are required to do that.

How can the brokerages have the gall to object when that obvious ethical loophole is closed ?

If those brokerages somehow succeed in blocking the proposed change in loyalties, I suggest that, in every communication with the client, the "advisor" be required to post, prominently, in bold letters, a statement indicating that he or she is obliged to put the employer's interests above those of the clients.

If the client continues with the advisor after that, I guess he or she deserves the results.