August 24, 2004
I would urge the SEC to withdraw the rule exempting broker-dealers from the Investment Advisers Act of 1940 when offering fee-based brokerage programs.
With public loosing more trust in broker-dealers after the events over the last few years, and rightfully so, it is hard to beleive the agency would cut them more slack.
I resigned from a large broker-dealer last year and can assure you that the first question on a brokers mind is not what is best for the client.
Thank you