July 30, 2010
It is impossible for Financial Advisors to know all of the products out there at the same time. Passing this will inevitably hurt more than it helps. The amount of frivolous lawsuits and headaches will increase dramatically to the point the profession will no longer retain and atttract quality advisors. This is a bad idea on a lot of levels. We are a highly regulated industry that has enough restrictions and exposure to repercussions from customer complaints. This regulation would NOT have stopped Bernie Madoff and will NOT stop the conmen in the future, all it will do is hurt the honest advisors out there.