February 15, 2011
I was both surprised and dismayed to see that the SEC is planning to require all appointed City advisory board members to register as financial advisors. Most people want who seek appointment simply want to improve the functions of their local community. This requirement could scare off otherwise excellent candidates for community service who don't have specialized financial expertise.
The role of governing boards is to listen to financial advisors, evaluate their advice, and then determine a course of action. It is not be a financial advisor in actuality. I urge the SEC to remove this definition of financial advisor.