January 15, 2005
All advisors being paid a fee for service should be subject to the same rules. As an SEC advisor, I observe from investors, that very few people are aware of the non- fiduciary relationship at brokerage/NASD firms-particularly since nearly every salesperson is calling themselves an advisor implying objectivity and/or expertise, but without disclosures. The public pays a very high price when something goes wrong because forced arbitrations almost never renumerate investors for their losses after fees and taxes.