August 24, 2010
It's time we standardized regulation in the "Financial Advice" industry. It's time to clean up the industry and put the consumer/retail client first. Advisors and Broker Dealers should meet the Fiduciary Standard with their clients. There is no reason why we all can't act in the client's best interests. I've been doing it for going on 10 years. I still make a good living and sleep well at night knowing I always work on behalf of my client's interests.
I hear about the Bernie Madoffs and the Robert Stanfords and think if we regulated to the fiduciary standard, with better compliance oversight, we may someday have an industry that is more highly regarded than used car sales.
The time is now Let's do it Anything less is another cop out like we've seen time and time again recently. Can the SEC stand up to the special interests? I guess we will see soon.