Will Crocker PDF
Stamped:
2020 FEB 12 AM 11:32
Letter Dated:
February 5, 2020
Dear Secretary Galvin,
I write today regarding the proposed rule entitled "Fiduciary Conduct Standards for BrokersDealers, Agents, Investment Advisors, and Investment Advisor Representatives". In discussions recently with a number of people in the investment business on the Cape, they expressed to me a level of concern that the proposed changes go too far. They argue that in working to make the playing field level, so to speak, the proposed changes actually do the opposite and make it more difficult for the brokers, agents, and financial advisors to compete, specifically in other states.
Their ask to me was this: Slow down the action on this change and invite industry leaders to speak with your leadership team to hear their side of the story. They believe these discussions can lead to a possible compromise in the proposed rule change. In short, they are asking for a chance for a fair fight. In addition, the National Association of Insurance Commissions is working on new standards in these matters. They suggest a pause in moving ahead would allow that organization to complete their work.
Thank you for your work for the residents of the Commonwealth
