August 24, 2010
I do not understand why the SEC wants to put regulations on a already heavily regulated industry. I hold a Series 6 and 63 license. In order for me to obtain those license, I needed to possess a life and health producer license. Each license requires extensive study time plus ongoing continuing education. The broker/dealer that I am affliated with also monitors my activities regularly and strictly with no room for errors. I have weekly reports that I must submit with regards to any financial dealings and also keep the paperwork on file incase of surprise inspection. To say that we need more supervision is mind-numbing. With any additional requirements, our duty changes from the fiduciary resposiblity to our clients to becoming bogged down with beaurecratic paper work. We do not need this additional regulations in an already heavily regulated industry.