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It’s not just Wall St. that’s wary of Galvin’s proposed rule on brokers

“Wall Street” isn’t alone in opposing a fiduciary-only standard for financial advice (“Brokers battle to put Galvin’s planned rule on hold,” Chesto Means Business, Jan. 8). Local small-business owners like me would also be affected negatively by the rule changes proposed by Massachusetts Secretary of State Bill Galvin.

While I am knowledgeable in my field, I don’t understand investment savings. I had saved my money in a 1 percent interest savings account. My professional organization recommended a financial adviser. Many investment advisers require a minimum of $250,000 to $500,000 to begin working with investors. That was 10 times more than I had to start with. Despite my small savings, this adviser was willing to work with me.


Over the years, I have added fee-based and commission-based investments to my portfolio. I have been able to diversify my portfolio because I have had some choices about commission-based products I could invest in, with smaller amounts of money, that have proved to be more cost-effective for me.

This month, I was able to retire and register for my Social Security benefit. If this proposed rule had been in effect, I would still have my savings in a 1 percent savings account and be working and worrying about how I could pay my bills in the future.

Joan Jaeger Gustaff

North Attleborough