July 30, 2010
Reguarding the idea that financial advisors need more supervision to conduct business with American clients: I live in a small community in Colorado. We are primarily a farming-ranching area. The businesses that are in place here are more mom and pops business. The way you do business is word of mouth. I have advertised in the newspaper (not one lead), and the radio ( not one lead). If I were to deal unfairly with someone, within two years, I would have no clients. I know that my position is unique but I have been taught to treat my clients like my family.
In reguarding new advisors, there are already so many hoops for them to jump through that very few of the make the grade. Adding more regulations for this business isn't going to help.
Why don't you enforce the laws and regulations that are already on the books instead of coming up with some more paperwork? When it comes down to it, the agents who are honest will comply and those that are not wll still find ways to cheat the American public. Go after the cheats and let the rest of us do our business.