August 2, 2010
While i appreciate the intent to protect the consumer i feel the consumers "best interest" is NOT best served bye additional regulation being placed upon the broker dealers and its registered reps. We already have massive compliance, continuing education, and overhead in order to operate our businesses. More hassle will be a deterent for the customer to do the financial planning that is needed for his best interest. Most people are so very underinsured, under invested, and have little to no estate planning such a wills trusts. i already have an assistant and loads of costs because of the compliance requirements that are imposed on me. I'm frequently inspected and required to maintain files and records on each customer i have.
i would recommend that the existing agencies that oversee our industry simply step up their oversite WITHOUT any additional laws or regs being imposed.