July 30, 2010
I have been working in this industry full-time for ten years and have been involved in the business for twenty years. It is becoming exceedingly more difficult to maintain profitability. Compliance with the continually increasing regulation has become the biggest part of our job, surpassing the time we can give to our clients. If we are required to take increased fiduciary responsibility for the advice and education we give our clients, we will not be able to serve our lower net-worth clients, who sometimes need the guidance the most. This regulation would favor the wealthy, who can afford fee-basis advice and are more willing to pay for it.