October 30, 2010
In a day where the government promotes "class envy" and touts that all benefits are for the rich, it astounds me that this proposal is even on the table. It stands to reason and past history has proven that when one cannot make a profit, the entity then exits the business.
If individual registered reps can no longer make a profit and be compensated for their time, then we will begin to cease serving our clients in this venue of the financial services industry.
The individual middle market or "average Joe" investor who needs to save for their retirement will be left in the lerches to fend for themselves.
This is a counter productive piece of legistlation that I would recommend taking off of the table.