When you look at the regulation of registered investment advisory firms, what do you see? You see a big pain in the neck. You see a whole lot of vague guidelines that are enforced subjectively when an examiner - who often knows nothing about your business - comes into your office. You see a fundamentally hostile relationship between regulator and regulated.

Advisors are so accustomed to this dysfunctional dynamic that they never stop to realize how strange it is among American professionals. Do doctors have to deal with on-site inspections? Are there strict financial record-keeping requirements for CPAs who fill out your tax returns? Does an attorney who may administer millions of dollars of trust assets have to worry about whether a tweet he sent out could be interpreted as a solicitation or a testimonial?

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