July 30, 2010
I have spent my entire adult life as a financial advisor since 1982 after having graduated from Colgate University.
Many things have changed, but one thing remains the same.
Whatever we are called good advice is always client
In order to be fair and consistent the SEC should not just
try to standardize the regulations for the RIA'S and
BROKERS, but should address all that give financial advice.
Insurance agents, mortgage brokers, bankers, etc. all should give advice that is client focused. In trying to
get rid of a small percent of bad advisors the entire advice
giving population is going to have to deal with increased
Imagine a world with no brokers. How could an IPO ever be sold? Who would sell insurance? Is it a good thing for a client to do business at a discount broker and churn his
own account? No amount of regulation can root out the bad
advisors. Why make the good ones suffer.