July 30, 2010
Moving to a fee-only model will not result in better, unbiased advice.
Being forced to a fee only model to protect myself from liability will not only put me out of business but other law abiding colleges of mine.
More regulations will only result in fees that are passed on to our clients.
I have noticed that regulations never cause clients to be protected, but enforcement of those regulations already in place would be a more educated approach. Take a look at the Madoff situation for starters. Another case of regulations in place with no followup or enforcement of the guidelines. Brokers have not failed the clients, the SEC has though truly has.
This is not a point your finger situation, it is the plain facts, that seem to have been ignored.
Sincerely
Scott Fries