August 24, 2010
Many of my clients do not have a lot of money, most large brokerage firms would give them lip service at best, so if these rules pass on fiduciary standards I will either be forced to give up my securities license or go to fee based services. Every week we are sending the compliance department required forms, we have compliance meetings, special rules for maintaining files, etc. The amount of time this takes, the fear of being fined for for things that have little to do with protecting people from crooks has reached its limits from a personal and business stand point. Basicly it is going to be the average small investor who is going to be hurt by this. The small investor will have know one to help them sort out what financial products will help them meet their goals. Again you penalizing the everyone because of what a few do. You can make all the rules and laws you wish, but crooks and con artist will still be there, they may just have to figure out news ways to steal. I know I will probably give up my Security license because of the liability that will be place on me.
Thank you,
John P.Steele