August 19, 2010
Dr SEC
While your job has been difficult during these last few years, due to those few in this industry that have only selfish motives, I believe that you are only going to force many competent advisors to make decisions not based on client needs but on whether or not the eyes from above agree. You are trained to regulate and over see not cripple this industry. The current suitability standards we subscribe to are heavily enforced by my broker dealer and myself. They are adequate to protect consumers. Why would you desire to drive many advisors out of the business? The majority of us are very aware of our fidiciary responsiblity to our clients.
When every unneeded additional legistration is added the end result is increase cost to the consumer.
Not all clients are canidates for fee based accounts, but that is what the ultimate out come will be.
I ask that you make decisions based on correct information and not politically pressure. Change is ok if it is in the best interest of the general public not just to grandstand and politically gain. I hopeful that you will make competent, honest, and non bias decisions.
Ron Hamilton