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The Acts of LiberationTM Blog
The Acts of Liberation are thinking processes about the
ideas and issues affecting today's Financial Services practice. They are
designed to raise your awareness, consciousness, and even outrage over the
current state of affairs in the industry. The Acts of Liberation are designed to
give you the intellectual, legal, and courage framework to begin your own
journey toward practice freedom. The Acts of Liberation are designed to inspire
you, motivate you and propel you toward a Future Practice where you are in
charge of the regulators and bureaucrats. The Acts of Liberation are about your
ability, your practice, and your future. Enjoy!
"The only thing that is necessary for liberty
to perish is for good men to do nothing".
- Edmund Burke
Your Brand Never Lies To Clients
The reluctance of Broker Dealers to allow their representatives to brand themselves is more about protecting their turf instead of your future. If you notice, the big brands are the ones that you always have to apologize for: Prudential-Bache in the 80's for tax shelters, UBS for Auction Rate Securities, Merrill Lynch, Bear Sterns, CitiGroup for subprime pieces of crap. The reason that you can't do all those things is that you have to actually live in the town where you're selling what they tell you to.
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Why Doesn't Cuomo Go After FINRA?
If FINRA were a registered principal or an OSJ and let reps underneath them pull off a scam like the firms did with the sub prime securities, they would be in jail. But since their FINRA is long on regulation and short on execution, they, like the firms that stole millions get to skate. The New York Attorney General should sue them for breach of fiduciary duty and failure to supervise on behalf of an entire class of investors. If they were really good, they could file a Civil Rico action. Basis: the knowledge of one conspirator is presumed to be the knowledge of all of them even if one is a regulator.
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Don't Miss This Trilogy of Capabilities
The combinations of streaming video, technology aggregation, and social networking combined with the ability to create incredible content and then monetize the viewing audience is the next great opportunity for advisors. Most of them will miss it because "Mommy FINRA" won't let them. That's a shame. But it won't stop the advisors who can from stealing your clients.
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Thirty Thousand RIA's Have a Definite Voice
In about 90 days when the merger with the NYSE is completed, FINRA will begin its efforts to consolidate it's control over the remaining two pieces of the financial services industry: Independent Registered Investment Advisors and Insurance. My sense is the insurance people are going to let this happen like Chamberlin visiting with Hitler. The Independent RIA's have a chance to maintain their independence if they act quickly. Here's a plan...
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Mary Shapiro and FINRA-The Nation's New Financial Advisors
Mary Shapiro, executive director of FINRA was featured in WSJ's Saturday edition on July 5th warning American's about the high risks associated with withdrawing money from a 401-K, selling your life insurance policy, or using a reverse mortgage. What she didn't tell you is that the lack of attention and oversight by her agency is why your clients may be considering these strategies. They were policing chicken and broccoli luncheons in Florida and checking font size in Boise while Wall Street was stealing trillions from the retirement plans of investors in subprime instruments.
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