August 4, 2010
I am regulated enough. As a registered representative, I have way too much paperwork to complete that deals exclusively with compliance. It take 1-2 hours per day to complete compliance related documents and follow up questions from our compliance departments. This takes my time away from helping my clients better meet their financial goals.
As a NAIFA member, I already act in the "best interest" of my clients. I do not need more regulation from the SEC to force more paperwork, which will in turn reduce the amount of time that I now have for my clients. It is overkill.
I have gone through numerous hours of licensing classes and passed rigorous exams to become licensed as a Registered Representative and then as an Investment Advisor Representative. I have to complete compliance exams and tests every year. I have to complete a FINRA suitability training every three years. Enough is Enough. More regulation is only going to drive more advisors out of the marketplace and that will HURT THE CONSUMERS.
Just do a better job of inforcing the laws that are currently on the books to stop the Bernie Madoff's of the world and we would not have this problem.
Sincerely,
Richard Reiser