70% Against Fiduciary Standard

Approximately 70% of the comments on the SEC web site are against the recommendation that broker-dealers and their registered representatives should be bound by a fiduciary duty. 

However, a recent story in AM Best's BestWeek* makes it sound as if there are just as many advisors in favor of the fiduciary standard. Most comments lean toward this sentiment:  At the present time, the suitability standard governing broker-dealers and registered representatives is a robust and heavily enforced standard. In contrast, a legal fiduciary standard would impose unnecessary consequences to broker-dealers, representatives and consumers. Read all of the comments from the SEC web site.

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• NAIFA Blog posts on August 5 and August 12 provide some excellent excerpts from comments sent to the SEC by NAIFA members.
  
• The SEC is accepting comments through the end of August, so it's not too late to add your voice to the debate. The SEC will consider the comments when deciding whether or not to establish a universal fiduciary standard.