On April 6th, the SEC vote 5-to-0 approving the so-called Merrill Lynch rule, which allows brokers to offer fee-based accounts without registering as investment advisers. Since many investors don't know the difference between a broker and registered investment advisor, the Financial Planning Association suggested that investors should be given a warning label given the confusion in the marketplace over who is a broker agent, and who is a fiduciary investment adviser.

This ruling should come as no surprise since those in power at the SEC and the NYSE come from inside the securities industry. Never forget who rules Wall Street; Wall Street firms. Not the SEC, NASD, or the NYSE. I have said it many times and I'll say it again, be careful when you are dealing with a broker who works for a brokerage firm. And never forget who they work for. Be careful out there, and be careful who your Daddy is.