What I Will Tell A National Conference

Fiduciary Duty, Best Interest, Suitability Regulations: I'd Prefer Expertise Instead

What I Will Tell A National Conference

Rules Around Financial Advice Is Dizzying: Do They Help You? Eh.

I seriously do not fully get it, but can imagine the conflicts to exist. I am very sure that I am taking a very serious pay cut by pursuing business in my current configuration. Some would suggest that I stop that, asap.

Part of the reason is that different entities have a different set of rules and standards, which are subject to change. Best Interest, Suitability, Fiduciary Duty, the list is long. The issue, for me, is that all the regulations govern “how” a person does his/her job. Putting client first, etc. I asked a lawyer who would know, he said that regulations exist in this way so that the agencies can pursue wrongdoing and win.

We continued the conversation. I said, “Yeah but, that presumes first that the advice given was competent or efficient in the first place.” I heard the response, which I had not previously considered: “the regulator cannot prove those, it can prove only blatant wrongdoing and win.”

Sometimes, you hear a line of logic that simply cannot be refuted. The totality of the regulatory environment is bad news for clients, good news for the financial advice industry. It does protect you from blatant wrongdoing, but the regulations do not protect you from the advisor industry not knowing, or worse, neglecting the full landscape of options and their possible usefulness to you.

I Am Very Sure This is Unknown or Neglected

I think that I am supposed to be flattered for being chosen? I dunno, I’m just over here, head down, swamped, don’t ask. It has been 75 degrees and cloudless in Michigan and the number of golf balls I have hit is precisely…zero. I’ll get over it, it won’t be today.

Too late now, I am committed to speaking the Financial Planning Association Annual Conference, in September, in Columbus, OH. The attendees will all be Certified Financial Planners. Yes, that the same Columbus, OH that refers to my alma mater as TTUN (The Team Up North), I simply reply: “OHOWIHATEOHIOSTATE.” All in a day’s fun…

I am sharing this PowerPoint presentation with you. I only have an hour, I have written how many versions of this newsletter, and how many videos? Good luck to me, Imma gonna hafta talk FAST.