September 7, 2004
I am against this proposed rule change because of what I see everyday in the Financial Industry. I see clients finding financial planners who take their advisory role and fiduciary duty seriously, leaving the sales oriented advisors that they had been working with. In doing so their eyes are opened to the fact that their best interest has not been taken into account when working with the sales oriented advisor. They quickly see the difference between the two and feel as though they have been cheated all of this time by the wire houses who preyed on them, the government who failed to protect them, and the industry as a whole which refuses to regulate itself by explaining the difference between the two types of advisors and the services that they offer. This rule will only perpetuate this problem and in the end we will all lose but the public will lose most of all.