Jul. 24, 2018
To The Honorable Jay Clayton,
I want to discuss the difference between being a fiduciary and acting in a role in sales for a broker. They are two distinct things. I find it sad the proposed SEC conduct rules show no discernible difference between a broker-dealer and adviser. I have been both. There is a conflict of interest in selling a product for commission. Additionally, there is a conflict of interest between the client and broker-dealer when there are compensation kickbacks and "trails." My recommendations to clients are far and wide and not limited so as to minimize any conflict. My clients know what they paid and what I've earned. Any conflicts are clearly listed on my ADV. I respectfully ask you do the right thing over the easy wrong and not let the proposed conduct rules stand as they are. Thank you for your time.
Warm Regards,
Mitchell C. Hockenbury, CFP®
Financial Planner