PUBLIC SUBMISSION

As of: 5/12/15 1:16 PM

Received: May 11, 2015

Status: Pending_Post

Tracking No. 1jz-8isg-7hcw

Comments Due: July 06, 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-2010-0050-0204

Definition of the Term Fiduciary; Conflict of Interest Rule-Retirement Investment Advice

Document: EBSA-2010-0050-DRAFT-0270

Comment on FR Doc # 2015-08831

Submitter Information

Name: Aaron Scott Belgard

Address: 

5504 Cedar Mill Drive

Guntersville, AL, 35976

General Comment

I have been a financial advisor since 1992. When I first got into this business I had the 

perception that potential clients I would

meet with were savvy investors and knew more than me. Over the years however I have found 

that there are different types of

investors. There are those who know a lot about investing and there are those who don't know 

anything at all about investing.

The savvy ones are usually the ones with a lot of money. They have the time to read periodicals 

and do research and believe

they know more than me. They don't need nor want my advice. The other ones are those who 

work all day and

have 401(k) plans and don't really pay attention to their statements. They are scared of investing 

because they do not have

a lot of knowledge about it. They need and want my help. I sit down with them and try to 

determine what type of investment is

best for them based on their needs and objectives. I spend a lot of time trying to determine their 

tolerance for risk. Their risk

tolerance is the most important piece of the puzzle in making my recommendation. I have 

steered some people back to their

bank to put their money in CDs or savings accounts after talking to them and determining that 

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they deep down inside don't 

want to risk a single dime. For those who want to invest I give them a 101 education on stocks, 

bonds, and mutual funds, etc.,

and talk to them about the difference between the savings category and the investment category 

of their money. Once we 

determine a type of investment I explain to them all the costs and fees involved. I make sure 

they understand what they are

getting and how much it will cost them. I feel like I am doing this job to the best of my ability 

and am trying to help people

invest in a diversified portfolio that matches their risk tolerance, time horizon, tax situation, and 

ability to understand what

they are getting, to name a few. I do not like this fiduciary rule. I do not want to be called a 

fiduciary. I am an advisor.

That's what I do, advise people. People pay me for my advice. I am all for disclosure. Put the 

costs all over their statements

for all I care. My clients understand that they are paying me for my expertise and for helping 

them with an area of their 

lives that they are scared to death to face alone. When I explain costs to clients and they think 

the costs are too high

they can always go somewhere else or call a no-load company. 

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