August 2, 2010
I'd like to make this letter professional but need to ask "are you kidding me" regarding more regulations on brokers and broker-dealers. When does this stop? When will consumers be responsible for their decisions and actions? Will the government and the SEC protect everyone from themselves?
Once again "one bad apple spoils them all". Why do you insist on punishing the broker and ultimately the client with more regulations? The cost prevents brokers from making a living and raises the cost for the customer.
I have hesitated for years from moving from a commission based brokerage practice to a fee based advisory practice because it costs the client at least twice as much. Advisors make at least three times what brokers make. "Please please please don't throw me in that there briar patch"