People are asking one simple question, ‘Can I trust you?’
I’m going to be professionally candid with you in this column because we need to have a conversation about the fiduciary issue. This is important because it’s not going well, my friends, and it’s not going away.
For this discussion, I’m asking you to set aside the question of regulation. Forget your feelings about the government meddling in your business. Forget your political persuasions and how you feel about our current president (or the previous one).
Set all that aside.
Instead, I want you to think about how the people we serve as an industry view this fight.
I’m talking about your current clients and clients to be. It starts with understanding that if someone takes even 10 seconds to look up the word fiduciary, they’ll see words like trust and relationship. They’ll see phrases like putting clients’ interests first and avoiding conflicts of interest.
Now, if that is what fiduciary the word means, tell how in the world you could possibly make an argument against it!
Please. I’ll wait.
Now, I know that much of what some in the industry are fighting is not the idea, but regulating the idea. Of course, trying to regulate ethics doesn’t work. We all know that. Often, regulation gets cumbersome and misses the mark. We all know that, too.