July 30, 2008
Hello,
I appreciate the concern of the SEC. However As a CERTIFIED FINANCIAL PLANNER(TM) Who is also a Registered Investment Advisor and who has carried a Series 6, 7, and 66, i feel it is foolish to make me get licensed again just so i can be "surpervised" by the SEC. As a Registered Investment Advisor I am not allowed to earn a commision on a security. So this BILL will be taking my ability to make a living and make an EIA/FIA unavailable to my clients..... unless i go get licensed again and submit myself to the ridiculous "supervison" and "politics" of a Broker Dealer".
I agree that agents selling these need to be very competant and tell the "whole" truth when selling EIA's and FIA's.... fix that don't ruin the PRODUCT AND THE PROCESS by bringing the SEC in to the picture. they are obviously doing this for the MONEY and the BD's would also love the extra cut they will be getting from the business.
Cordially
Wayne K. Maslyk Jr. CFP,RIA