August 6, 2010
I have been a registered representative for over 40 years, having a relatively small practice, who feels that I am already over-regulated. Putting myself in my clients shoes on every recommendation and decision has always been my montra. During my career, each new regulation was born out of some abusive practice or fraud by a very small minority which should have been caught by the SEC regulators. New regulation did not prevent future incidents because the oversight and enforcement by the SEC was lax. Enforce the regulations already on the books and do not create another layer. If you add another layer of regulation you will increase costs to the clients and registered representatives without increasing consumer protection. This will result in driving good representatives out of business leaving the consumer exposed without good service from an ethical advisor.