March 2, 2004
Please consider extending the review period with regard to this proposed regulation an additional 60 days beyond the 60 days currently assigned. The volume of the regulation requires this extention so one can properly measure the impact this will have on ones clients, practice and the business of financial advisory.
On the surface it would appear as though all three areas client, practice and the industry will be adversey affected by this proposal.
The true professionals in the finanical advisory business are all about providing the best of choices and options to our clients and so welcome any changes that might improve that process. However, an inital examination of this proposal would indicate that this is all about punishing the majoirty due to the actions of a few.
Please try and resist your natural tendency to over react to a situation with over reaching legislation. Our industry and the people in it provide a much needed service to the citizens of this country. The need increases each year as more and more of the population approaches retirement. It would be huge diservice to the population, the industry and many fine planners, if in an effort to protect the populace you drive the truly talented individuals from the indusry.
If you drive compensation down via regualtion, the net effect will be that just when the country needs good financial advice from creative and dedicated professions, they will be existing the business. The vacumm created will be filled with robotic salaried wirehouse employees who could care less about the welfare of the client. Leaving the big wirehouses, who are at the base of the problem, free to control the market, reducing furhter the choices of the very people this proposed regualtion seeks to protect.
Good financial advisors are fully engaged with their clients wishes, dreams and desires. Dont use the drama of an election year to destroy and industry.