August 26, 2010
The suitability standard governing broker-dealers and registered representatives is a robust and heavily enforced standard. It has served well and do not need another layer
Eventually it will cost us the reg. reps more time and fiscally and the clients will end up paying more as well.
This will also result in higher EO premiums. As it is they are very high.
There is enough check and balances right now with ce credits needed, anti money laundering and other courses along with the check from the management on our books...we have more than enough safe guards in industry right now. No need for more paperwork
And if we do move to fee only, how will it help a client in our advise being unbiased? Should not the client have the choice of going to fee only or free advise the way it is right now?
ALL I HAVE TO SAY IN CONCLUSION LEAVE IT ALONE AS IT IS