August 27, 2010
The proposed fiduciary standard will hurt the small investor. I currently don't turn away investors, as long as they have $1,000. With the proposed standard i will have to change my practive to only take fee based client due to the litagation risk. My platform requires a minimum of $100,000. That would eliminate professional advice for all clients with less than $100,000
This regulation will not "protect" the consumer, it will have the opposite effect and hurt the small investor