June 23, 2023
I am thankful that at my age my blood pressure is 120 over 80. Some days I need it.
The InvestmentNews website, a magazine targeted to Investment Advisors covers all the topics of interest to my industry:
- Investing
- Regulation
- Technology
- Practice Management
- RIAs
- Broker-Dealers
- Wirehouses
- Tax Planning
My industry, as you know, is heavily regulated. We must abide by the law.
But did you know that there are no regulations, minimum education requirements, or even a code of ethics or standards for financial planners?
There are no laws for financial planners. Kim Kardashian can influence her 343 million followers to follow her financial plan complete with crypto.
So when I read articles that promote financial planning in a magazine that is supposed to be published for my benefit, for organizations and individuals who are solely licensed to trade in securities, I blow a gasket.
There is enough toxicity in the investment advisory industry that our regulators, the SEC and FINRA, should not be permitting more. They need to put a stop to this.