August 24, 2010
As a registered representative, I feel that I am regulated enough. I am going to give you an example - When my parents invested money with an Edward D. Jones firm in the last 1980's, the broker did not complete any kind of suitabiliy information nor did they ask any questions about what kind of risk my parents were willing to take.
Subsequently they invested the major portion of their savings in GINA MAE and FREDDIE MAC. I don't believe this investment was appropraite for them.
When I meet with clients I am required to complete suitability forms that indicate what kind of risk they are willing to take. I also need to complete forms as to where the money is coming from, etc. I have a securities audit by my firm every 2 years. I feel that I am regulated much more than the Edward D. Jones firms, etc.
There is no need, in my opinion, to add more regulation to my overregulated business already.
Thank you for your attention.