From: Ken Pikor [mailto:ken@kennethpikor.com] 

Sent: Friday, June 19, 2015 6:55 PM

To: EBSA, E-ORI - EBSA

Subject: 1210-AB32

Comment on proposed rule. 1210-AB32.

It appears that the information being presented is designed to eliminate the small independent financial 

advisor. The cost for a one or two advisor firm could well exceed half of the firms profit after expenses. 

Many of the proposed items would require purchases of additional equipment, staff and supplies to stay 

compliant. It seems that the DOL is overlooking the already myriad amount of regulations required by 

the SEC, FNRA etc. Testing and continuing education is required for the ability to sell and service 

individual clients and businesses, financial services. Having 33+ years in this business I still find that 

there exists very incompetent individuals, selling the wrong type of investment for the client,. Driven by 

the commission or fee earned. Anyone who passes their series 6, 7, 63, 64 exam etc. only shows that 

they know the right answers to pass the exam. 

I have recently come across a case were by the advisor who was a series 7 license level advisor, told my 

client he could make him more money in his accounts for half the advisory fee. This guy was a former 

furniture salesman. Had not graduated college, was not perusing and professional credential such as 

the CFP, CLU, ChFC, etc. His proposed plan was to have the client liquidate all holdings to cash so he 

could re invest the lump sum in Mutual funds. I suspect to earn the commission. No risk tolerance 

assessment was made, nor to my knowledge a client suitability assessment. The client could have been 

persuaded to turn over his entire portfolio with a disastrous result, had I not intervened.. 

We need more accountability among investment sales persons, not more regulations and reports to 

file. There already exists, federal and state remedies that are available to consumers who feel that they 

have been harmed by a broker-dealer and other advisors. The proposed regulations if adopted will 

force many small advisors who have been doing an excellent job, out of business. 

We have enough regulations..

Kenneth A Pikor, CFP, EA

(NOTE: NEW email: Ken@Kennethpikor.com)

Ken Pikor

Kenneth A. Pikor Financial (NEW NAME)

107 Commerce Park Dr. #B

Westerville, OH 43082

(614) 523-3193

Fax: (614) 523-2302

www.kenpikor.com

Investments - Retirement - Insurance - Tax

This email transmission may contain privileged, confidential, and/or proprietary information intended only for the 

person(s) named. Any use, distribution, copying or disclosure to another person is strictly prohibited. If you are not 

the addressee indicated in this message (or responsible for delivery of the message to such person), you may not 

copy or deliver this message to anyone. In such case, you should destroy this message and kindly notify the sender 

by reply email.

----------------------------------------------------------------------------------------
Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. 

Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment 

Advisor. Cambridge and Kenneth A. Pikor Financial are not affiliated.