Two fronts in the regulatory fight

However, in light of SEC 151A and the Merrill rule, I got my Series 66 license a few years ago. In our era of a behemoth government, I think that any advisor should have either a 65 or 66. If you want to call yourself an advisor, you should have an advisory license. I commend and encourage all in our industry to support Political Action Committees that promote our industry and fight 151A. However, if all we do is fight change, we might miss out on important opportunities to distinguish ourselves from the advisors who compromise on ethics.

On a more personal note, I have become more politically aware of the impact of proposed regulation on our industry and my business. I have called senators and written letters to fight against 151A. Moreover, we should fight to protect the favorable tax treatment of life insurance and annuities. More advisors need to wake up before some politician decides to remove the tax-free buildup of cash values inside a life insurance product. Our industry was silent this spring when the Health Care Reform Act was passed with a special excise tax on annuities for those in higher income brackets. Upcoming tax legislation could be an even greater blow to our livelihood than 151A.