August 13, 2010
As an arbitrator for over 20 years I have found that the parties to arbitration receive the opportunity to present their cases in a forum which allows much more latitude than the court system.
Decisions are based upon findings of fact in a hearing of equity. The cost of arbitration for the parties should be considerably less than court and should be much quicker. Panel members represent a large cross section of professionals who provide the opportunity to the parties to present their case in a manner much different than in court.
It would be nice to see RIAs and CFPs placed under the mandatory arbitration rules with governance by FINRA.