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Death in Slow Motion
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Re Rusty’s list:
There can be real value here if, as you note, the FA is one of clear eyes, full heart
No longer defendable in current transparency / fiduciary / regulatory environment
Never forget that the government often “fixes” something by making it worse
The kindest comment for this is that people will do anything to avoid a hard decision / solution: clear eyes, full heart - tell the truth and be willing to get fired
In my office the most successful (read: highest compensated) FAs are the ones who couldn’t tell you the difference between a stock and a bond. They’re basically getting paid to allocate to one of the high-cost SMAs and then be a friend to their clients. They’re glorified bartenders. And they make a lot more money than I do. How long do you think that can last before someone notices what a racket it is?
Honestly? Practically forever, or at least as long as both of us could imagine.
Burn it all down.