August 6, 2010
Each day more than two hours of my time is spent on compliance oriented paperwork and administration. In addition, as a registered principal, an additional two hours is spent reviewing the work that other advisors have spent hours completing. Most advisors realize the tremendous importance of executing suitable transactions for their clients, because it is good business. The proposed legislation of additional layers of bureaucratic oversight will only lead to increased costs for consumers, and IMPORTANTLY be a bar to entry for young people to come into the industry. At present the average age of financial advisors in the industry is 57 years old. At some point the system will break down if there is no continuity to the financial services field. These are extremely important considerations.