If you haven't seen it by now, be aware that the Securities and Exchange Commission has decided to exempt stockbrokers from any standards that are employed by registered financial advisors.

This is all started back in 1999 when the SEC proposed a new rule that would exempt fee-based brokerage programs from certain standards (fiduciary and disclosure) of the Investment Advisers Act of 1940, thereby requiring only a basic, rather minimal, disclosure that the account was indeed a brokerage account. However, unlike a typical SEC modus operandi, this one was never adopted although the agency did allow brokers to operate under such an exemption until the final rule was adopted.

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