July 30, 2010
In regard to the consideration of fidicuary responsibilities for advisors, we are regulated enough already (REA instead of TEA. The financial questionares and suiability forms that are required by both the writing company and broker dealer should be enough to insure that we are doing what is in the best interest of our customers. The companies review them, the broker dealer reviews and approves or disapproves them then FINRA can get involved. That should be enough oversight to protect the consumer interest. In addition, I understand that everything could go to a fee base system. Some of us have our budgets set up to where changing the way we get paid could put us out of business. It takes a number of years to build up the fee base compensation my bills are due next month based on how I've always been paid. Also, it appears that a fee base could be abused by some agents.
Jackson P. Calhoun, Jr. CLU