July 30, 2010
As an Insurance broker for 20 years and a proud member of my professional association, National Association of Insurance and Financial Advisors,I feel I must comment AGAINST the proposed "fuduciary standard" for broker dealers and registered reps.
We in the financial services are regulated enough and the enactment of a legal fuduciary standard will create additional compliance, paperwork, and possibly put representatives out of business or force them to change their business model. All this does nothing extra to protect the public and only adds a burden to an already overly burdened and regulated industry. It's bad policy and only creates additional beauracracy and burdensome paperwork and accounting which does nothing to protect the public.
List me as "no" to leagl fuduciary standard. Quit making things harder. Make things better instead. Quit trying to save the world from itself. What you should be doing is trying to save the world from the current administration which is doing much more harm to individuals than any broker has ever done. Grow up
Stan Fortier