August 12, 2010
The suitability standard governing broker-dealers and registered representatives is a robust and heavily enforced standard.
I am subject to having my mail opened by an employee of my broker dealer minimum of 2 face to face compliance reviews weekly compliance e-mails, quarterly compliance meetings, annal 3 hour firm element meeting and more.
By adding more, I cannot serve clients as I am always in meetings
I cannot stay in business (after 33 years) with more oversight and requirements when talking to clients. I have never had a complaint filed against me. I have already begun telling clients that I am limited in how I can help them because of the regulations in effect.
Please stop this and focus on those that are not doing the right thing, there are plenty of areas already in effect to look into bad practices.