Oct. 28, 2023
At only 21 years old, I am excited to start my career as a financial advisor. However, there are outlandish challenges posed by the SEC's latest proposal - Release No. IA-6240; File No. S7-04-23. One area where I foresee significant technical difficulty is implementing the added documentation obligations. Notably, this demand necessitates substantial upgrades to existing systems or software programs, which could prove costly and complicated for small businesses like mine. Furthermore, because these changes would alter established processes and procedures, there may be unexpected glitches or errors that require further troubleshooting, adding to the workload. Finally, adhering to these exacting documentation guidelines may increase the amount of time spent managing paperwork and data entry, potentially reducing efficiency overall. While I understand the importance of maintaining compliance and protecting investor assets, I believe that balance should be struck between rigorous oversight and practical feasibility. As a tech-savvy millennial, I am confident that innovative solutions will arise over time, mitigating some of these obstacles. But until then, it is essential to consider these technical hurdles carefully and adjust strategies accordingly.