Do you know what’s going on in Washington? I’m not talking about health care reform. I’m talking about a slew of potential legislative changes that could have a far-reaching impact on the financial services industry. Larry Barton, Ph.D., president and CEO of The American College, is among those who think it is important that you know.
I spent Tuesday morning in Bryn Mawr, Pa., interviewing Dr. Barton for a feature story which will appear in the April issue of Life Insurance Selling. Among the many topics we covered was his strong belief that advisors need to be aware that there are a lot of folks in Washington who are looking to rewrite the rules of what it means to be a financial advisor.
While they may be well-intentioned and there is no doubt room for improvement in the system, there is a danger lurking in the form of potential restrictions on commissions, additional layers of regulation and an expanded fiduciary standard. Do changes like this have the potential to have a significant negative effect on your practice? You bet they do. Do they have the potential to damage consumer choice and access? Certainly.