August 16, 2010
I am opposed to imposing fiduciary standards on registered representatives.
I already hold many license series 6, 7, 26, 63, insurance and CPA. I am frequently examined, maintain required continued education and peer review requirements this is all required under current regulations.
If new standards are added this will only increase cost to provide services to the client. I already have staff that is dedicate a major part of their time to compliance issues.
I currently provide service to all clients small and large. If these new fiduciary standards become law the very client(smaller) you are trying to protect may be to costly to service.
Please do not add this new layer of regulations to the business.