August 6, 2010
I encourage you NOT to impose additional regulations on broker-dealers and investment advisors. I have my Series 6 and 7 and 65 licenses. Currently the paperwork and time involved to comply with all the laws is excessive. Costs are high and eventually effect the client. Another layer of regulation will add additional costs.
My clients willingly sign all the forms that are required and continually ask why they are needed. They do not feel they are protected by signing additional forms. If my time is spent on more regulations it will impact my ability to serve my clients. I feel it is more important to spend my time finding out what's important to the client and finding the products that are best for them than wsating my time taking more tests and filling out more forms.
I have been in the business for 35 years and will seriously consider retiring if more regulations are imposed.