August 1, 2010
Compliance costs-both in terms of finances and time-are high, and those costs are eventually felt by clients. Adding another layer of regulation means another layer of compliance, and even more cost to clients.
What the liabilities of a fiduciary duty could mean for your costs and your ability to serve your clients.
Will moving to a fee-only model result in better, unbiased advice?
Will you be forced to a fee only model to protect yourself from liability?
Can your clients afford to pay up front fees or will they be willing to?
Will the liabilities drive up your errors and omissions coverage?
Will you stay in the business if liabilities become too great?