As an independent financial advisory firm, we must educate the public about how the current regulatory framework is meant to protect them and where it falls short.
Most clients have the perception that their financial advisor always acts in their best interest.
This perception is built and encouraged by individual advisors as well as the large financial services companies. Very few clients understand that the Registered Investment Advisory regulations are the only ones which require advisors to act as a fiduciary for their clients. If the SEC allows large financial services firms to avoid having to follow the RIA regulations, yet allow them to present themselves as objective fee advisors, then the general public will be misled. Only if the SEC reserves for itself the authority to crack down on advisors and companies who present themselves as objective advisors, but then do not act as fiduciaries, will the general public be protected. Thank you for your attention.