August 24, 2010
I am in not favor of the current proposed changes regarding fiduciary standards of monitering activities of broker dealers and registered reps.
I do beleive in the clients choice of choosing between a fee based standard of investing as well as commission and traditional methods used for decades.
I am a reg rep holding a series 6, 63, 26. I am currently studying for and anticipate taking the series 65 exam as well because I believe in choice.
I believe that the method of suitability is one that shouldn't be discarded in sales practices in order to prevent unsuitable investments in advance of their being placed.
I have gone thru as many as 3 audits in a year but but under normal circumstances 1 per year (or two), I am made to comply with many, many compliance exams, classes, on line classes, etc... and I think that if reps and BD's are held accountable to what is expected than abuses will be fewer.
I do not believe that government agencies should be directly involved in micro management of industry. Costs are prohibitive as results not proven.
Certainly costs could increase for my small organization. Thank you so much for the opportunity to share my opinions,