August 24, 2010
The current suitability standard simply works. Adding more paperwork and layers of complexity make me less likely to provide investments for clients. The costs of doing business in time and potential liability can outweigh the benefits. Setting up a vague standard will not help. Professionals wish to do the best job possible for clients. Others cheat clients or collect fees and commissions which are not in line with the norm. This is where your efforts should be focused