August 2, 2010
The fiduciary standard that you would impose would stop many people in my area of the country from starting any retirement savings at all. When a person starts a roth or traditional IRA with $50 per month contributions how could I justify charging them a fee of even $100 dollars in a fee based environment. That would be over 15% of their money going to fees instead of being invested for their retirment. You need to consider the small investors in northern Minnesota before you create a fiduciary standard that all advisors have to adhere to.