August 10, 2010
I am a financial planner here in Wisconsin. Over the past several years compliance has been really geaered up by our Broker Dealer. I hold a series 6,63,65,22,26 license along with my Life and Health License. We have several annual compliance meeting to educate us on the high standards required.These meetings are followed up with an annual compliance visit from our Regional V.P. to inspect our office and records. We are also required to complete very extensive paperwork on each purchase our clients enter into.
Adding additional regulations would develope even more cost to our clients. As a Series 65 Registerd Investment Advisor Representative. We are held to fiduciary standards of always attempting to provide the best advise we can to our clients. We hold ourself to be treated in the same respect we would want others to treat us if the rolls were reversed. It is very important to me and my associates that we follow thes standards. As I visit with my associates in pure conversation this is always reinforced in our discussions. I am certain this holds true for the majorty of financial advisors.
I would not feel adding sny additional standards would be of any benefit to my currrent or future clients other than cost to the client. We don't need to duplicate or complicate our requirements today. Thank You for your consideration.