August 27, 2010
The idea that we need to be more regulated is uncomprehendable. We are already so regulated that it becomes a giant obstacle in my practice to helping my clients. This is not just my opinion as an advisor, it is shared by numerous clients of mine. I have literally had conversations with my clients about how the compliance and regulatory laws imposed on me are a burden to our professional relationship and my clients financial wellbeing and time. I'll tell you what is going to happen if you add additional regulations here people will quit the advising business because of the nonesense that we would need to go through in order to truely help and serve our clients. It is already in many ways over the top and yet there is talk about increasing it? Adding these regulations will not help, it will only hurt people and their financial plans by steering advisors away from small cases because the pain of dealing with these newly imposed regulations will not be worth the time for the payment to be recieved. I cannot stress this enough, increased regulatory laws here will hurt the financial world in ways beyond comprehension. If you add these new and strict regulations I will quit the buisness and leave my clients and the hundreds, possibly thousands of other people that I have not yet been able to help but will without an advisor. We are the backbone to the public's financial security and independence and you are going to take this away from them. Shame on you for even thinking of doing so.