As soon as the horse bolts it becomes necessary to bolt….so we now will talk about REGULATING the wealth management industry:
Let us see what can be done:
– all wealth management contracts should be 43 pages and have 86 signatures.
– if it includes Mutual funds, the trail commission that the wealth manager can earn over the next 22 years should be stated up front
– if life insurance is included in the portfolio the commission earned should be shown seperately
– all correspondence should be preserved for 17 years or the life of the customer or the life of the bank whichever is longer
– all wealth advisers should have a minimum qualification of PhD – could be in philosophy or finance
more regulations to follow
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