August 4, 2010
I have been a registered rep for 10 years. In that time I've seen the paperwork required for compliance purposes double, if not triple.
The bottom line is that you can't legislate integrity. Those of us who have it and are driven to do what is best for our clients (the vast majority) are already forced to jump through a lot of duplicative hoops to meet current standards. Those reps who do not have their clients best interests at heart will find ways around any new requirements.
Please don't subject us to more compliance issues There is no evidence that the fiduciary standards being proposed have produced any better or different results for clients.