July 30, 2010
There are many of us in the financial industry with multiple licenses, desgnations and affiations. They all take considerable time to keep up with all the education and required hours to maintain compliance. There are travel costs, missed time at work, and numerous hours of reading each week to stay current--and more oversight will be overbearing. We accept enough challenges operating our business, and our liability is high enough (as is our insurance cost to cover that liability.)
This costs us and our clients dearly. We miss work, must travel, buy coursework materials, and expensive E O insurance. Often, our staff is licensed too, and this forces them to also increase their expenses and accept more liability. Making the compliance even tougher will just push more people away from our industry. Our clients pay more too, in fees, directly and indirectly.
There are many areas that need addressing, but blanket extra oversight is oppressive. The normal brokers/planners/financial advisors are not the problem. Please be reasonable in the expectation and dont negatively affect our industry any more than the overbvearing licensing, compliance and numerous forms already have.