August 2, 2010
Please stop any additional fiduciary standard on us. As is compliance time and effort is exhaustive and any more would hurt my businsess and the economy.
We have two unannounced inspections per year from my broker-dealer already and log every check and transaction for review already. "Fee only" services will only limit competition among investment companies and insurance companies and ultimately hurt the consumer, let alone the huge costs of increased compliance which will also be passed to the consumer.
Please don't cripple us any further from providing the good service we produce every year because of the tiny few that are abusive.