August 24, 2010
The Vast majority of Problems are caused by guys like Bernie Madoff or other big wigs on Wall Street. What I see this law doing is crippling the efforts of a small business man who is doing right by his clients. I feel my practice is second to none when it comes to doing what is right for my clients. I also feel that I currently have enough continuing education credits to fullfill, enough compliance regulations and records to keep, and definitely enough paperwork and client signatures on disclosures.
Again, your problems that you seek a solution are not stemming from advisors giving bad advice. 99% of the problem are from crook's like madoff, or crooks on wall street. They are not stemming from the advice that our profession provides. We are already heavily regulated and have many avenues of checks and balances in place that seem to be working very well.