August 20, 2010
There seems to me there is enough regulation. My license is Series 6 and 65. My office is examined at least twice a year as well as each variable account that is set up is reviewed for suitability.
My full time assistant spends about 20% of her time documenting the sales and keeping up with compliance.
If my clients had to pay a fee to deal with me, my client base is gone. I get asked a lot if I will charge a fee for my services. The client understands this is a commission business, and they don't want to get charged for my advice and don't want to have an ongoing charge from my company or me. They understand the internal charges with the investments they do. That information is part of the sales process and why we have complience check the sales we do.
I have been in this business for 36 years. There are hundreds of clients that depend on me to continue to take care of them. I don't need to continue to do this. If the regulations get too cumberson for me or my clients, I'll leave this business. That is not good for my clients.
In my opinion, we do not need any more government regulation.