January 16, 2005
As an RIA I find it amazing that my clients are not aware of the difference between RIAs and Registered Reps. This confusion is dangerous for the public and, in the long run, detrimental to the securities business. I encourage you to make a clear distinction between these two different types of professionals and require anyone engaged in financial advice to be held to the same standards as RIAs. If broker-dealers, underwriters, et al. want an exemption they should stick to production, sales, distribution, etc. and leave advice and planning to us.
Thank you.