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News September 27, 2004 Issue

They Said It

Check out the following bit from the Security Industry Associationís September 22 comment letter on the fee based brokerage proposal:

"While broker-dealers are not fiduciaries, they are nonetheless required to deal fairly with customer and must disclose certain conflicts of interest."

Hmmm . . . "broker-dealers are not fiduciaries."

(More on the comment letters next week.)