The Real Wolf of Wallstreet With David Stockman – February 26, 2017
Guest: David Stockman
Those who fail to live up to that standard run the risk of penalties that can include licenses, fines, lawsuits and of course imprisonment. I firmly believe it’s always a great idea to hold professionals at any industry to the highest possible standard. I also believe that the vast majority of professionals in my industry take it up on themselves as I do to serve their clients and customers with honesty and with a highest level of professionalism and integrity. It’s just good business. That said I also believe that like me the majority of honest ethical advisors are brokers in the industry welcome regulatory. Why? Because again it helps expose and eliminate the few wolfs who help create bias against the entire industry. Just when does regulation become an obstacle for the consumer. After all we have seen it happen in other industries. It’s an important question now for my industry. In light of a new regulatory proposal put forth by the Department of Labor. During Obama Administration known as the DOL for the share rule. This particular rule had been scheduled to go into effect on April 10th of this year. President Trump however ordered the review in early February that could delay the world’s implementation or eventually stop it outright. The way in which the rule is written is causing some concern in the news by individuals like myself. Press Secretary Shawn Spicer call the fiduciary rule a solution in search of a problem. Given the level of regulatory oversight that already exist. The rule 1023 pages of it seems just a bit excessive. That brings up another main concern which is that the rule in its current form could very well doing more harm for the people it supposedly intended to help. Everyday investors saving for retirement like you. It actually seems to be a recurring issue from time for the administrations. Laws and regulations created with ideology meant to protect or help the average Joe end up actually holding him because they aren’t thought through thoroughly enough. The implementation really becomes the issue. In some cases because these things are too politically motivated to be practical. Obama Care is an example that I would consider to be a very good one. I put it in the same camp as the [inaudible06:14] in that regard. But this fiduciary rule if it is eventually implemented in its current form could end up being another Obama Care. Again we’ve seen it happen in other industries in particular the medical industry. There are many parallels between the potential downside impacts of the rule and the negative effects of the current medical regulatory involvement which is being pushed on doctors and patients. We’ll talk about that much more later on in the show and we’ll also get some additional insights and perspectives from my financial advisors round table.
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