Compliance people running scared
Our compliance team has the correct approach – they often say “no” at the first pass, then follow it up with, “Now, let’s see how we can make it work.” Of course, this is at the internal advisory level in our RIA, not in the B/D, where everything is assumed to be “no.”
My personal opinion is that compliance people are running scared from overzealous and overly power-hungry regulators who threaten them with rule interpretations and changes that force them to turn everything down. It is time the regulators were held to an accountable standard, rather than being insulated from any repercussions personally for some of their ridiculous edicts.
- Name withheld by request
Time to give up license