My primary concern with this notice is the following statement: "whether the current regulatory framework, which was adopted at a time when the majority of individuals accessed financial products through financial professionals, rather than through self-directed platforms, is appropriately tailored to address current concerns raised by complex products and options." The concern is that this will inhibit those of us that have the ability to research and understand the complexity of these investment opportunities and instead create barriers to retail investor wealth - 1) through the ability to access these investment opportunities and 2) extra fees charged by a financial professional. Both of these are very real and I cannot see how they can be overcome if we are to restrict direct investment from retail customers. The websites that I invest through right now do an excellent job of providing education in the complicated investments they offer (e.g., Robinhood's explanation of options or margin trading). We live in a world of information, and this simply feels like an effort to keep financial professionals relevant in a world where they are only needed in specific situations, or if a person really prefers. I can imagine this is very scary in the finance world. Please look out for us retail investors by continuing to promote education while allowing the retail investor to choose the products they like without the irrelevant middle man.
Greg Pliler Comment On Regulatory Notice 22-08
My primary concern with this notice is the following statement: "whether the current regulatory framework, which was adopted at a time when the majority of individuals accessed financial products through financial professionals, rather than through self-directed platforms, is appropriately tailored to address current concerns raised by complex products and options." The concern is that this will inhibit those of us that have the ability to research and understand the complexity of these investment opportunities and instead create barriers to retail investor wealth - 1) through the ability to access these investment opportunities and 2) extra fees charged by a financial professional. Both of these are very real and I cannot see how they can be overcome if we are to restrict direct investment from retail customers. The websites that I invest through right now do an excellent job of providing education in the complicated investments they offer (e.g., Robinhood's explanation of options or margin trading). We live in a world of information, and this simply feels like an effort to keep financial professionals relevant in a world where they are only needed in specific situations, or if a person really prefers. I can imagine this is very scary in the finance world. Please look out for us retail investors by continuing to promote education while allowing the retail investor to choose the products they like without the irrelevant middle man.