August 3, 2010
I highly doubt this is going to do any good but here it goes. I would like to express my displeasure with the fiduciary standard language that may be implemented into law shortly.
I do believe that the government has failed to regulate the investment industry over the last decade and we need as a industry a strong regulating force to help weed out the many unethical individuals within our industry.
Creating new laws to make it almost impossible for the honest investment advisors is not the answer. Enforcing the laws currently on the books along with employing more competent people is the answer. Stiffer penalties for breaking the current laws, educating the public on what red flags to look for both good answers.