August 3, 2010
I am opposed to much of the new regulations that are being proposed. A great analogy are gun laws. "Make guns illegal and honest people will turn them in and the outlaws will keep them." Thease rules will arm the criminals and disarm the good guys. Thus, you are harming who you are charged with protecting. You can do better. The spirit of the regulation is logical. But, the method is madness. Jonathan Lafferty
Quote from a co-worker
"I think we all would agree that compliance standards have tightened dramatically in the past few years, making it much more difficult to sell an unsuitable product, particularly with the multiple client disclosure forms and broker-dealer monitoring thats being done. Most reps I know already take a fiduciary approach to their dealing with clients and recommend whats in their best interest. A new fiduciary standard will never stop a crooked advisor it will only hurt our industry as we know it today. "