Occasionally the Securities and Exchange (SEC) asks for comments on certain areas of the financial industry.
a Recent Comment Request by the SEC on FIDUCIARY
Fiduciary is one of the most lightening rod terms ever used in the industry. It represents liability and a higher level of accountability. Many years ago (20+ now) I found myself working for the company and the client in conflict. That was a deciding point in my career to leave the conflicted world and work as a Fiduciary for the client, and only the client.
It is impossible for all Capital Participants to be a Fiduciary
The capital markets cannot work as we know it if everyone is a Fiduciary. This is fine by us, there are companies that are for profit and that is great. Not being a Fiduciary is not a terrible thing. Our only request is that investors understand the difference.
Here is my comments to the SEC as we take our industry and the future of it very seriously. We hope you like your representation through our voice.
Have a Great Monday!