August 24, 2004
-I have always felt that the SEC proposal undermines the ability of the consumer to be knowledgable about his/her finaical professional by not providing full disclosure on certain brokers. All financial professionals need to provide full disclosure to their public clients. All professionals need to be fully educated, fully licensed and fully regulated. There should be no exceptions to the regulations, or all the regulatory requirements for all financial professionals should be withdrawn.
All the independent advisors and CFP Professionals who have worked hard and continue to study constantly to be able to provide ethical, financially suitable information and assistance to their clients are being unfairly targeted by this proposal. Why should they be subjected to standards that other professionals do not need to meet? All financial professionals must be held to the same standards. This is what the public expects them to have AND THE PUBLIC IS NOT BEING TOLD THEY DO NOT HAVE.
The only other alternative is to withdraw all current regulations governing all areas of the financial advisory industry.
The proposal should be WITHDRAWN immediately.