August 30, 2010
It seems like every time there is a national issue Congress enacts legislation to increase regulation and costs (Enron – Sarbanes Oxley). Did Sarbanes Oxley help avoid AIG, etc.? It also seems like the burden falls on the smaller professionals. I feel my broker-dealer does an excellent job of communication and enforcement. Prudent man and suitability along with good old fashion ethics should be sufficient. I dont feel the smaller producer can continue to absorb the costs (both in time and money) of increased compliance.