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Since the unthinkable has happened and Republicans control the White House and Congress, it’s only a question of a few short months before intense efforts start to dismantle the DOL fiduciary rule, Dodd-Frank and all other major regulations that provides transparency to individual investors.
This is sad news for those industry professionals who strongly advocated for the rights of individual investors.
Unfortunately, this same position is not shared by the largest and best financed lobbying machine in Washington; the one run by financial services firms and insurance companies.
What this means is that investment advisors who practice and adhere to the fiduciary standard and other ethical practices should make themselves known through more aggressive marketing and PR campaigns. This positioning should make the distinction between those who provide truthful and transparent information compared to those firms which do not.
…investment advisors who practice and adhere to the fiduciary standard and other ethical practices should make themselves known through more aggressive marketing and PR campaigns.
And based on the vehemence of Trump Administration officials and advisors, such as Anthony Scaramucci, managing partner of Skybridge Capital, the Republicans will dismantle the fiduciary standard, and also work to curtail the ETF market.
These Neanderthal moves will make it easier for intrepid advisors to showcase their practices as being pro-investor and transparent, while displaying the individual strengths of each firm. The key is to take the initiative and start to position yourself for the anti-individual investor that is now being planned.
This is a sad day for hose who fought for the DOL fiduciary rule, transparency, and individual investor rights, but history is not linear and not always positive. These are dark days, but there are ways for ethical advisors and firms to continue to provide valid advice that benefits clients and advisors alike.
