August 24, 2010
Compliance costs-both in terms of finances and time-are high, and those costs will be eventually felt by my clients. Adding another layer of regulation means another layer of compliance, and even more cost to my clients.
This will require alot of paperwork so we may have more filing just for compliance beside keeping up client files.
This may also lead to hiring someone for my office whose sole job will be to keep up with compliance.An additional expense which the business is not able to pay for at the moment.
This may also lead me to fee based planning to protect myself from liability.This descision to move to a fee only model isn't better nor doesn't have unbiased advice.
These liabilities will also drive costs for our E O coverage(errors and ommisions).
If this liabilities become too great these may be lead us to stay out of business.
Please help me serve my client by not imposing additional regulation that may not be justified in doing my job to the best of my abilities.