August 24, 2004
I oppose the above referenced rule, known as the broker dealer rule and ask that you rescind or withdraw it, on several grounds. Most importantly it fails to provide clear guidance as to the term solely incidental. Also it creates a new class of exempt B/D, who will have no oversight. Brokerage firms are emphasizing financial planning more and more, and these financial advisors need to be regulated just as RIAs are. Finally, it would be very unclear and confusing to the consumer what the duties of their broker or advisor is, and they could easily be misled to believe the broker is supervised as a financial planner.
Please rescind or withdraw this rule.