July 30, 2010
We are regulated enough. Within our organization, we have self regulated to two levels of standards. Our registered representatives operate under a suitability standard that protects the client very effectively while our registered advisors operate under a fuduciary standard with a segment of their clients. The laws currently in place are adequate. The problems that have occurred over the past several years are individuals and companies who have not followed current laws. They have not been enforced and the government has to take a measure of the responsibility. Do your job Don't create new laws. We want the best for our clients, that is the only way that we can have lasting success in this business. The damage new laws bring will force more out of the business which in turn, will damage the very people you are trying to protect.