August 10, 2010
Currently I am held to very high standards for my professional conduct and advising my clients by FINRA, regular broker-dealer audits and a strict compliance process on all accounts I help my clients with--I am already very heavily regulated
A majority of my clients are middle-class americans who rely on my service in planning for retirment, college educations for their children, and financial planning. The average income is between $30,000 and $100,000. If you change my standard from a suitablity standard to a fiduciary standard I would have to change my business to the point where I may no longer be able to offer these services due to the potential increase in regulation and cost to maintain my practice and these clients will no longer have access to professional advice due to the initial fees that would be charged.
I DO ACT IN THE BEST INTERESTS OF MY CLIENTS AT THIS TIME