August 20, 2010
Please stop the imposing more fiduciary standards on registered reps. I am in my 43 year in the industry and have had a securties lic. for 40 of those years and have never had a complant. Each year I am required to go through an annual 4+ hour training session and an additional computer course and test. Every 3 years I must sit for a computer course/test.
We have one full time and one part time person to make sure we are in compliance with all of our business.
More compliance will not help and will impact my ability to serve our clients.
Moving to fee-only modle will not result in any better or unbiased advice. It will only add to the expence to the client.
Punish those that do not follow the rules that are now in effect and pull their lincense, get them out of the business, but do not inpose more requirements on those of us that are doing our clients a service.
Thank you, Gordon