August 4, 2010
As an advisor, we are already heavily regulated. I think consumers should be more educated about who they're working with, credentials, etc. For government to assume they can micromanage this industry is folly. What would stop govtt from regulating every other proffesional in every other industry? I am against dishonesty and corruption, but we need to be careful about making "profit" a dirty word. I think this is an issue for the states, not the federal government who's intentions are mostly good, but who's competence is questionable. To hold brokers to a fiduciary standard doesn't affect me, but might limit folks who don't have significant wealth from getting the help they need. We are already an understaffed industry- this might make things much worse.
And, what does this "to act in the best interest of the customer without regard to the financial or other interest of the broker, dealer, or investment adviser providing the advice." even mean? Way too vague Does this mean I should work for free? This is a similar problem to the minimum wage. How much is enough? says who?