The Buzz Segment: Today we are joined by Joe Corcoran, the Head of Government Relations at OCC. He discusses:

• An update on the Notre Dame study.
• A preview of the Nielsen study on financial advisors.
• OCC and U.S. Securities Market Coalition ask U.S. Department of Labor to allow use of listed options in retirement accounts.

The links for Financial Advisors and investors to post comment letters for the DOL fiduciary legislation are up on OCC website: www.theocc.com and the OIC website: www.OptionsEducation.org.

Tricks of the Trade: Extreme volatility: Takeaways from the recent extreme volatility in the marketplace. The Dow Jones Industrial average briefly slumped more than 1,000 points, its biggest point-drop ever. VIX cash hit 53.29 at 10am. Our discussion from last episode was very timely: Why even bother hedging volatility?

Office Hours: Listener questions and comments

• Question from Traders_Inc - I have listened to a few of your earlier episodes and considered adding protective puts for my clients. They are mostly active in broad equity indices with a few large cap single names such as apple. But the outlay for protective puts on these positions is substantial - often over 2-3% of the portfolio's value. That seems to be too much - particularly when the client is paying me to manage their funds. They rely on me to close out positions when they turn negative rather than an exotic insurance product. I feel that it's preferable for advisors to manage their client's positions for them and save the dramatic outlay on puts. If a stock is dropping your manager should know enough to close out that position when it reaches a certain level. Or simply work a stop loss order to achieve that same level of protection. I am sure you feel that I am drastically outmoded in this viewpoint but I have a feeling that I am not alone among wealth managers.