July 30, 2010
I am very distressed about the pending regulations that are being reviewed for the financial industry. As a CFP and a member of a large insurance firm as well as being licensed by many states, I am already held to a higher standard. I must complete many hours of additional continuing education to hold my licenses and on top of that I spend additional time educating myself so I can do the best by my clients. It looks as though this already small industry may be made even smaller by onorous regulations, thus leaving many people without advisors. It has been proven that the average individual who handled their own funds significantly underperformed the market over the last 10 years. Does this make sense?
It seems to me that the advisors who are unprofessional and doing illegal acts should be punished, but the whole industry? We already have very tight compliance, any worse and I will need a new career.