August 16, 2010
The proposed compliance change to a fiduciary standard for investment advisers is another example of ineffective regulation. I have been in the financial services business for over 30 years. During this time we have seen that working in the clients best interest has to be part of a representatives fundamental way of doing business. More cost and regulation will not stop the committed scoundrels. Would the proposed changes have stopped Madoff? I don't think so.