Bringing somebody new into the broker dealer industry is an expensive endeavor. Much of the industry works on a share of revenue generated through a registered representative's activities. Unless a new associate comes from an ecosystem of friends and family that would be willing to invest with the new associate the prospects for generating sufficient revenue to reward the firm and the associate are slim. Too many new associates eave the industry after a short time, having effectively spent their precious savings to get started, often ending up in debt with a crushed ego.

These rule changes are long overdue - public faith in equity markets represent a vital economic and strategic strength of the US and our position in global finance. There will be specific firms that lobby to oppose these rules for their own selfish near term purposes - but they are ultimately short sighted and against the public interest. Tens of millions of Americans rely on equity markets now more than ever for their economic security through 401k's - as defined benefit pension plans have largely become extinct in the private sector.