Regarding the SEC’s “Merrill” rule (“Brokers Win a Round,” May 2005), of course it is confusing to investors when they try to decide who will help them with investments. They know when they sell or buy a house that they use a real estate broker, and they call their insurance brokers when coverage is needed. Why is it so difficult to call someone who sells stocks, bonds, or mutual funds a broker?
Investment advisors, financial planners, financial advisors, and financial consultants are all fiduciaries responsible to their clients for acting in their clients’ best interests at all times. Let’s help the investor make an informed decision by telling the truth about who we are and what we do.
Milton G. Lefton, CFP
Asset Financial Services, Inc.
Kudos to Kaufman