I am just going through this key note address. I will be blogging about this in greater depth, but I thought it would be useful to note some interesting statistics and one key observation:
Use of the word advisor/adviser – 0 times
Use of the word salesperson – 5 times
Use of the word intermediaries – 7 times.
It seems to me that the heart of the matter, as far as this key note address is concerned, is the differing view over the roles of advisors and the representation of that role. Bill Rice views the role as one of salesperson and intermediary. If the role was clearly one of pure intermediation, then I would agree with him, but it is not.
This speech betrays an alarming level of ignorance, within the corridors of our country’s regulators, as to what is happening in the financial services industry.