June 30, 2009
As a member of the Financial Planning Association and just beginning my career as a financial planner, I am concerned this rule would limit my growth as a financial planner because of the cost burden. The firm I recently joined, in addition to other firms, would find it harder to hire employees because of the cost of implementing this rule. Therefore, I believe it is bad for job growth, and growth of firms in general. I also feel it is bad for clients who we care about because we would have to spend resources on this rule instead of spending more time being vigilant for clients and even face having to raise fees for clients. This rule is not in the best interest of jobs or consumers. And as a financial planner who puts clients' interests first, this rule makes that harder. Please toughen rules for advisors who have total custody of assets such as Madoffs, not those who work with third-party custodians with safeguards already in place. Thank you.