July 31, 2010
Our industry is plenty regulated. Your always going to have good and bad people in any business. I've been a financial advisor for 9 years and I have my series 7, 66, and LHD insurance licenses. My broker/dealer already has annual mandatory compliance group meetings, plus an annual one on one compliance meeting. We have an on-site compliance officer, our emails and mailings are all monitored. All investment applications are screened for suitability. And all of this has costs to the client.
More regulation will simply mean higher fees and make it more difficult to be a financial advisor ultimately meaning less advisors and more people doing investments by themselves, which is not good for anybody.
My job is to help people with money and the last thing we need is more layers of difficulty to help the people.