August 6, 2010
"No" to legal fiduciary standard on investment advisors.
Investment advisors currently have high regulations and high costs related to those regulations. Imposing more regulations would only make it harder for small investors to gain access to quality investment advisors and force investment advisors to avoid helping small investors.
This standard would also put more quality investment advisors out of business so consumers would have less access to investment advice. Many studies have shown that without advice from an investment advisor investors have historically lower rates of return on their money.
This standard would also make it harder for new investment advisors to enter the business and reduce the ability for a new generation of advisors to help people.
"No" to legal fiduciary standard on investment advisors.