July 30, 2010
We, as registered representatives, are already so "compliance driven" in our every day practices, it makes it hard to concentrate on much of anything else. The requirements on myself, and staff, in order to do everything from opening the mail to putting an advertisement in the local paper, are already so time consuming as to be overwhelming. Obviously, when time is mentioned, money/expenses is/are involved, too. Thus far I have been able to avoid going to a fee only practice. However, I feel if there is a new fiduciary standard place on our practice, I will be forced to move in that direction. Then, the result will be for clients to pay more in order to get the same service.
Please understand that we put client's interests first in every decision we make already. Adding an additional fiduciary standard to registered representatives will not help clients. It will, however, cost everyone more money.