Financial Industry To SEC: No Fiduciary Standard, Please

[quote=MZfp@aol.com]The normally excellent Financial Advisor magazine has really distorted the information this article contains in favor of a flashy, incorrect headline. In the body of the article you report that Heine (John Heine spokesman for the SEC) said the agency does not know how many of the approximately 1,900 individual comments are pro- or anti-fiduciary standard. That's 82% of the respondents that have not been counted. How can FA or the SEC conclude anything when 82% have not been counted? FA continues to report that roughly 60% of the 18% of the counted letters sent to the SEC said they don't want to see a universal fiduciary standard applied across the industry. That means that 40% said they do want to see a universal fiduciary standard applied across the industry. Without a count of the other 82% it is illogical, at best, for FA to conclude that "Industry to SEC" says "No Fiduciary Standard." Your headline is shockingly deceptive for such a professional publication.[/quote]

The normally excellent Financial Advisor magazine has really distorted the information this article contains in favor of a flashy, incorrect headline. In the body of the article you report that Heine (John Heine spokesman for the SEC) said the agency does not know how many of the approximately 1,900 individual comments are pro- or anti-fiduciary standard. That's 82% of the respondents that have not been counted. How can FA or the SEC conclude anything when 82% have not been counted? FA continues to report that roughly 60% of the 18% of the counted letters sent to the SEC said they don't want to see a universal fiduciary standard applied across the industry. That means that 40% said they do want to see a universal fiduciary standard applied across the industry. Without a count of the other 82% it is illogical, at best, for FA to conclude that "Industry to SEC" says "No Fiduciary Standard." Your headline is shockingly deceptive for such a professional publication.