July 8, 2009
The proposed changes to the Custody Rule would only serve to reduce the number of smaller RIA shops and drive more independents into the brokerage community. I believe we had seen quite clearly how much integrity exists in that environment. Must we over-react simply as a way of doing something as with Sarbines Oxley only to reconsider after so many companies spent billions of dollars vainly attempting to comply with excessively restrictive regulation.
Greg Morgan CFP
SFMG