PUBLIC SUBMISSION

As of: 7/7/15 6:16 PM

Received: July 07, 2015

Status: Pending_Post

Tracking No. 1jz-8juf-fspk

Comments Due: July 21, 2015

Submission Type: Web

Docket: EBSA-2010-0050

Definition of the Term ‘‘Fiduciary’’; Conflict of Interest Rule—Retirement Investment Advice; 

Notice of proposed rulemaking and withdrawal of previous proposed rule.

Comment On: EBSA-2010-0050-0205

Definition of Fiduciary; Conflict of Interest Rule-Retirement Investment Advice and Related 

Proposed Prohibited Transaction Exemptions; Hearing and Comment Period Extension

Document: EBSA-2010-0050-DRAFT-0489

Comment on FR Doc # 2015-14921

Submitter Information

Name: John Dardis

Address: 

701 Metairie Road

Suite 305

Metairie, LA, 70005

Email: jack@dcanola.com

Phone: 504-828-3052

General Comment

As a Registered Representative with a broker dealer who has interpreted the rule to prohibit my 

handling family members Individual Retirement Accounts and Retirement Plan Accounts, I am 

trying to understand how someone else would better serve my 10 children and spouses and 

currently 29 grandchildren with more concern and attention than me. They are the best gifts I 

have received and I do my best to assist them in advancing their financial situation to be better 

and more financially responsible individuals in society. I have therefore encouraged them to 

save in IRAs as soon as they are eligible, and assist them in affording the account when I am 

able. To have this tremendous opportunity to serve my family and to use these examples to my 

clients is a great pleasure as well as responsibility. The adult children and spouses have the 

choice to go elsewhere, but choose to use me when appropriate. To make me guilty of abuse or 

make me a prohibited transaction in these accounts as a responsible person when I assure you I 

am doing what is best for my family is not what I understand our regulatory system should 

strive to do. This rule, under the interpretation of my broker dealer, allegedly puts my family 

members at risk of a prohibited transaction if I am the registered agent on their accounts and 

receive compensation. Is this the intent-to separate qualified personnel from handling their 

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family business? Can I handle my own account? Since I reside in a Community Property state 

can I handle my spouse IRA? My own Company plan? Where does the line stop?

In addition, how and what I get compensated does not give me integrity. To me that ought to be 

the primary issue-to let the account holder be fully informed to make the proper choice. I 

believe I can assist family members better and more caring than others. To deprive me of any 

compensation for my skill set does not seem fair. To force my children to choose a competitor 

who may or may not have the same care or integrity is a risk I do not believe my kids should 

have to take.

I would be happy to be a resource in this matter to find a responsible regulation that is fair and 

appropriate.

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