The rule change is official and I am honestly still struggling to process that we actually reached this goal. This outcome belongs entirely to you for sticking with this when it felt like a long shot. I will be watching closely to ensure the implementation stays true to our original …
August 26, 2011
Final supporters
SEC: Extend the Fiduciary Standard to Broker-Dealers
Dear Securities and Exchange Commission Chairman Schapiro and Commissioners:
We, the undersigned, believe a fiduciary standard should apply to anyone providing personalized investment advice to retail clients.
Following a fiduciary standard is simple: it includes providing clients with advice that is in their best interest without regard to compensation or other interests. Full disclosure of all material conflicts of interest is essential, regardless of how the advisor is compensated.
Most consumers assume their financial services providers are already required to provide advice that is in their best interest. Unfortunately, this is not the case. As a financial service provider, I can choose to operate under different regulatory structures, each with different standards and requirements for how I treat my clients. Some require me to put my clients’ financial interests ahead of my own, some do not. But there is no easy way for consumers to distinguish.
In a report issued in January 2011, the SEC recommended that the fiduciary standard be extended to all professionals providing personalized investment advice. Requiring financial professionals to act under the fiduciary standard is a common sense way to greatly increase consumer financial protection.
As a financial service provider, I believe that those who provide personalized investment advice to retail clients should be required to act in their clients’ best interests. I urge the SEC to enact a rule implementing a fiduciary standard so millions of American consumers can be guaranteed that the financial advice they’re getting is in their best interests.
Visit the Financial Planning Coalition at www.financialplanningcoalition.com
[Your name]
Updates
Reached 1,000 supporters
June 10, 2011
Reached 100 supporters
June 1, 2011
May 31, 2011
I am honestly stunned by how many of you have joined this effort to protect everyday investors. We are almost at one hundred signatures and I truly believe this momentum belongs to your dedication rather than anything I have done. Please consider sending this link to a few people today so we can reach that milestone and show the commission we are serious.
6 Comments
Finally. The industry needs to be held accountable. Regular people are getting ripped off every single day.
Just make it fair for everyone. Tired of big firms taking advantage of people who worked their whole lives for what little they have.
Common sense reform. How is this even up for debate???
Its wild that this isn't already the law. My broker shouldn't be allowed to push high fee junk just to get a kickback.
About time. Put the client first for once.
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The rule change is official and I am honestly still struggling to process that we actually reached this goal. This outcome belongs entirely to you for sticking with this when it felt like a long shot. I will be watching closely to ensure the implementation stays true to our original …
August 26, 2011
Final supporters
SEC: Extend the Fiduciary Standard to Broker-Dealers
Dear Securities and Exchange Commission Chairman Schapiro and Commissioners:
We, the undersigned, believe a fiduciary standard should apply to anyone providing personalized investment advice to retail clients.
Following a fiduciary standard is simple: it includes providing clients with advice that is in their best interest without regard to compensation or other interests. Full disclosure of all material conflicts of interest is essential, regardless of how the advisor is compensated.
Most consumers assume their financial services providers are already required to provide advice that is in their best interest. Unfortunately, this is not the case. As a financial service provider, I can choose to operate under different regulatory structures, each with different standards and requirements for how I treat my clients. Some require me to put my clients’ financial interests ahead of my own, some do not. But there is no easy way for consumers to distinguish.
In a report issued in January 2011, the SEC recommended that the fiduciary standard be extended to all professionals providing personalized investment advice. Requiring financial professionals to act under the fiduciary standard is a common sense way to greatly increase consumer financial protection.
As a financial service provider, I believe that those who provide personalized investment advice to retail clients should be required to act in their clients’ best interests. I urge the SEC to enact a rule implementing a fiduciary standard so millions of American consumers can be guaranteed that the financial advice they’re getting is in their best interests.
Visit the Financial Planning Coalition at www.financialplanningcoalition.com
[Your name]
Updates
Reached 1,000 supporters
June 10, 2011
Reached 100 supporters
June 1, 2011
May 31, 2011
I am honestly stunned by how many of you have joined this effort to protect everyday investors. We are almost at one hundred signatures and I truly believe this momentum belongs to your dedication rather than anything I have done. Please consider sending this link to a few people today so we can reach that milestone and show the commission we are serious.
6 Comments
I had no idea the person managing my retirement account didnt actually have to act in my best interest. SHOCKED.
Finally. The industry needs to be held accountable. Regular people are getting ripped off every single day.
Just make it fair for everyone. Tired of big firms taking advantage of people who worked their whole lives for what little they have.
Common sense reform. How is this even up for debate???
Its wild that this isn't already the law. My broker shouldn't be allowed to push high fee junk just to get a kickback.
About time. Put the client first for once.
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I had no idea the person managing my retirement account didnt actually have to act in my best interest. SHOCKED.