August 20, 2010
To whom it may concern,
I would like to strongly oppose the fiduciary standard as proposed. Being an insurance and investment advisor for the past 10+ years, I have and will continue to do what is always best for my clients. We already have a tremendous amount of regulations imposed on us and any additional regulations will likely result in more advisors leaving our business at a time when America's people need us the most. Furthermore, additional regulations will impede my ability to focus on client's concerns and objectives as I will need to allocate more time to satisfying these regulations (over and above what we do now).
I pride myself in being a trusted advisor and I believe that most advisors feel the same way. More regulations would send a message to us and the general public that we are not currently doing a good job.
I ask that you not proceed with increased regulations in a business that is already one of the most regulated businesses today.
Keith Wolff, CFP, CLU