"We believe in a robust disclosure regime where the client can make the decision to consent to conflicts," says Andrew DeSouza, a SIFMA spokesman.
No matter what the SEC does, for Hopkins, there's no going back to a big brokerage. He likes the potential payoff of being an entrepreneur.
"I'm working 10 times as hard, but the opportunity is 100 times greater," he says on his cell phone, slogging through Los Angeles traffic -- hoping to find clients who value his independence as much as he does.