July 19, 2007
I am a licensed insurance professional and mutual funds salesperson.
I have invested a considerable amount of time and money to become someone who can help people with insurance or wish to invest in mutual funds. My goal is to help them make an informed and inteligent choice as to what if anything they need. It puzzles me why the SEC feels that I don't deserve any compensation for that. If there is no compensation then I, along with countless others who are doing an honest job, will have to quit helping people and let those potential investors who are brave enough do it on their own. We simply cannot devote our time to free service. Naturally the majority of people will no longer take advantage of the opportunity to invest.
We do inform people of what the fees are and I have yet to encounter someone who feels we shouldn't get any compsation. We also inform them there is risk with investing and that there are no guarantess. Sometimes the consumer has some responsibility in all of this. If an investor becomes disgruntled because they lost some money in an investment, it seems they have been given carte blanche to persue any means to punish the investment profesional.
While I am a staunch advocate of the watchful eye of the SEC to prevent swindlers from practicing, I think the focus has shifted too far toward the consumer side and may even begin penalizing the very consumer it is trying to protect by penalizing our ability to help them.
Thank you for your consideration of my views on this subject.