Comments on: More Cleanup on the Way http://wealthfly.com/blog/2006/11/22/more-clean-up-on-the-way/ A blog for investment advisors, brokers and financial planners. Tue, 06 Jan 2009 10:32:07 +0000 http://wordpress.org/?v=2.3.3 By: Bill Ramsay http://wealthfly.com/blog/2006/11/22/more-clean-up-on-the-way/#comment-20 Bill Ramsay Wed, 29 Nov 2006 20:12:27 +0000 http://wealthfly.com/blog/2006/11/22/more-clean-up-on-the-way/#comment-20 Here's an interesting site for alphabet soup http://apps.nasd.com/datadirectory/nasd/prodesignations.aspx Some of the requirements are pretty laughable. Check out CAA. Its unfortunate, but to the average lay person, I'm not sure they could really tell the difference in which of these designations represent quality. Its hard for the government to do a whole lot with the present regulatory frameworks, we're only going to get a real change if there is an easy, clear way for the public to distinguish between fiduciary grade advisors and salespeople. I'm afraid at this time (and maybe always), the securities and insurance industries are way too powerful for that to become a reality. However, for those advisors willing to operate under a fiduciary framework, its not too difficult to educate people one client at a time, which also provides for very high client retention. Here’s an interesting site for alphabet soup

http://apps.nasd.com/datadirectory/nasd/prodesignations.aspx

Some of the requirements are pretty laughable. Check out CAA.

Its unfortunate, but to the average lay person, I’m not sure they could really tell the difference in which of these designations represent quality.

Its hard for the government to do a whole lot with the present regulatory frameworks, we’re only going to get a real change if there is an easy, clear way for the public to distinguish between fiduciary grade advisors and salespeople. I’m afraid at this time (and maybe always), the securities and insurance industries are way too powerful for that to become a reality.

However, for those advisors willing to operate under a fiduciary framework, its not too difficult to educate people one client at a time, which also provides for very high client retention.

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