January 20, 2005
Why not for once keep things easy?
I believe that if a B/D wants to charge a fee regardless of weather it is a discretionary transaction, asset based fee, whatever, we should be able to do it if that is what the client wants and agrees to! Nobody forces a client to do business with a B/D, if they are unhappy they are free to go elsewhere. Isnít this new rule just more unnecessary bureaucracy? If there are people out there who wish to call themselves ďFinancial PlannersĒ the additional designation of IA will not change how clients view them. This new rule opens up a Pandoraís Box of crap that small B/Dís like mine will be forced to deal with. We have a small independent IA and small independent B/D. The IA is State regulated. If you pass this new rule then when we do IA business in other States we will have to go through all kinds of crap to get what ever that particular out of State bureaucracy requires.
You guys have made it hard enough for small B/Dís like mine to stay in business please donít make it any more difficult. Your not helping clients and you are hurting us!