Sent: Friday, September 18, 2015 3:53 PM

To: EBSA, E-ORI - EBSA

Subject: Ficuciary Rule

I don’t know why I’m wasting my time with this, other than it needs to be said. There is simply nothing 

that can be put in place that will not also present complications. Why don’t y’all spend your time and 

money prosecuting the people who are maliciously causing clients harm right now. The rules will only 

apply to the honest. The crooks will always break them. I’ve met with clients who were viciously taken 

advantage of. I researched the guy who did it. He had seven cases on Finra broker check. Four of those 

were settled. I wrote letters for the clients and had them send in to the regulatory element. They never 

even got anybody who cared enough to hear their case. The rep. ended up dying last year. I guess God 

put in checks and balances since regulators wouldn’t. What you are attempting to do has merit on the 

surface. However, it’s just going to lead to lawsuits and chaos instead of anything worthy. On top of 

everything else, what makes a recommendation fit the definition that would deem it appropriate or not. 

You can’t use cost as a factor. You can cap fees, which I’m okay with. However, sometimes the best 

option for the client is not the cheapest option. Professional money managers are not going to cost the 

same as going to Etrade and buying an ETF. However, if you are a novice and don’t know what you are 

doing, which ends up costing the most when the investment tanks by 30% because it was not suitable 

for the client, the ETF or the advisor. I think you are just causing a quagmire of issues that will end up 

costing both clients and professionals like myself. I hope I’m wrong, but I would bet my life on it and 

don’t gamble. You will never legislate honesty and integrity. If you are not going to inforce your rules, 

why bother anyway. 

Confidentiality Notice: This email transmission and its attachments, if any, are 

confidential and intended only for the use of particular persons and entities. They may 

also be work product and/or protected by the attorney-client privelege or other 

priveleges. Delivery to someone other than the intended recipient(s) shall not 

be deemed to waive any privelege. Review, distribution, storage, transmittal or other 

use of the email and any attachment by an unintended recipient is expressly prohibited. 

If you are not the named addressee (or its agent) or this email has been addressed to you 

in error, please immediately notify the sender by reply email and permanently delete the 

email and its attachments.

Securities and Investment Advisory Services Offered Through Voya Financial Advisors, 

Member SIPC. Alliance Financial Partners is not a subsidiary of nor controlled by Voya 

Financial Advisors.

Confidentiality Notice: This email transmission and its attachments, if any, are confidential and 

intended only for the use of particular persons and entities. They may also be work product 

and/or protected by the attorney-client privilege or other privileges. Delivery to someone other 

than the intended recipient(s) shall not be deemed to waive any privilege. Review, distribution, 

storage, transmittal or other use of the email and any attachment by an unintended recipient is 

expressly prohibited. If you are not the named addressee (or its agent) or this email has been 

addressed to you in error, please immediately notify the sender by reply email and permanently 

delete the email and its attachments.