August 19, 2010
Stop imposing a misguided fiduciary standard on registered representatives. As a registered representative I am regulated enough This legislation WILL have a profound impact on how I serve my clients and will probably drive me out of business.
Many of the clients I serve are beginning to understand that it is their responsibility to save and protect their financial future Many of my clients invest small amounts monthly to save first and then spend what is left If it was not for me meeting with these people and explaining the basics of spending less then what he/she makes, then who will?? I have been able to make a decent living encouraging people to save for their financial future, with legislation like this, I will either need to ignore the people who truely need to start saving and pursue people with high net worth, or I will be forced to leave the business.
Sincerely, Tim Deitemeyer