April 22, 2014
Elizabeth Murphy
Secretary, SEC
Dear Ms. Murphy,
This proposed rule helps big firms only and should not be enacted.
I am a financial advisor of 8 years. I was in the industry back in the early 80's and left due to rampant abuse of customers. I returned in 2006 because the industry had changed and now allows me to put customers interests first.
This proposed rule puts the interests of big firms first. They want to stop the movement of advisors and want to reduce bonuses to those who do move.
Let's be clear: The proposed rule does not help customers at all. It helps big firms only.
It would have a chilling effect on advisors considering a move to another firm. Advisors move for many reasons and a bonus is certainly one of them. But the ability - and threat - of moving serves to limit the predatory behavior of firms that encourage advisors to serve the firm instead of the customer.
I realize that my opinion is drowned out by the lobbyists and PR departments of Merrill, Morgan Stanley, Wells Fargo, etc.
Despite that, please be realistic when you announce your decision to restrain the free movement of labor. This rule is the "Big Firm Protection Rule".
Thank you for your attention.
Best regards,