August 6, 2018
The Top 5 Changes that would improve our industry:
1. Make any rule changes clear and concise. The only people who benefited from the DOL's regulations were the attorneys who tried to interpret the 1,000 page document.
2. Eliminate sales contests, "training sessions" in resorts and other incentives that put the advisor's interest over their clients'.
3. Require any one who offers advise or sells any kind of investment product to be fully licensed.
4. Throw the bums out. There are too many repeat offenders who have broken the rules. They should be banned from the industry forever, not 6 months or a year.
5. Have a written policy on how accounts are distributed after an advisor leaves a firm. The "good ol' boys network" is still alive and well in the industry.