August 6, 2010
I am opposed to more regulation in our industry. I currently operate as a fiduciary in an advisory relationship with some of my clients and charge fees. With other clients, they prefer a broker relationship and I operate with the current suitability standard. We currently employ a full time compliance officer that monitors our activity in both areas and ensures compliance regulation is met. However, more regulation will mean more cost, which ultimately passes to the consumer/client. These compliance requirements ultimately do not change the way we advise or help clients, they simply pose an additional layer of regulation that takes up time and money.