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June 30, 2008 at 08:00 PM
Happy Summer! Can you believe that half of the year is already behind us? July is always a great month to take some time off, smell the roses and on a professional level, assess your practice so as to gear up for a strong second half of the year.
Independence Day is my favorite of all national holidays as it signifies so much of who we are as a country and that we are as prosperous as we are. On the theme of independence, this is a great time of year to also acknowledge the freedom and independence we exert as a financial community. Can you imagine if we did not have the flexibility and latitude to utilize our unique creativity in providing financial advice to clients? Just try to envision a scenario where all advisors were limited in what we can provide to our clients. I believe the results of such a structure would be atrocious as clients would be given fewer options and we would essentially operate with handcuffs.
I look towards the second half of the year with overwhelming optimism. This year, the Rand report assessed the state of our industry with a specific focus on the consumer and their perception of financial advisors. While some may perceive such report as negative, I take a different approach. At this point in the game, I am all about educating the public and making sure they are fully aware of their options and who the players are in the industry.
Although the Rand report has not led to any substantive changes yet, it represented the opening dialogue in a debate that will surely continue. My only hope is that it ultimately leads to changes that are constructive for the industry and the end consumer. I would encourage each of my colleagues to read the Rand report. It will help put things into perspective for you not only on the state of affairs of the industry today but also on the likely direction of things to come.
