Terra Gray, H.D. Vest director of government affairs, said that consumers should have the right to choose ethical professionals and decide how to compensate them. Assemblyman Bragman asked what the drawback would be to New York state if it does not allow commissions. Those that don't have a big brokerage firm can go to their trusted tax professional.
Commissions can be a cost-effective alternative to consumers.
Gray also noted that all states contiguous to New York except Connecticut permit CPAs to take commissions and that Connecticut is considering removing its prohibition. The disadvantage is that the state loses commerce. H.D. Vest provides training and support services to tax professionals looking to add financial planning to their practices, and some of its representatives accept commissions in accordance with their states' laws. Two New York H.D. Vest representatives, Earl Ramero, an enrolled agent, and Daniel Cuddy, a CPA, also spoke in favor of commissions at the hearing. Assemblyman Sullivan questioned whether the fee disclosure is sufficient to protect the public.