Financial advisors also have concerns about the massive amount of information that investors will receive.
"As a branch manager with over 17 years of experience, and having sat with many a client, I can honestly say that this is just a significant waste of time," comments Reginald W. Burroughs, investment specialist with New England Securities in Atlanta. "The typical client that buys from a broker will not take the time to read the disclosure, nor if read, will they fully understand the impact. Worse off, the brokers that you are trying to prevent from doing unethical things by requiring this disclosure will only find ways around having the client read anything. This leaves the ethical broker running around spending more time trying to comply with regulations and spending less time with clients."