Akin to making a car salesman promote the minivan over a corvette to the young budding family in addition to forcing him to tell the customer he can buy the identical minivan elsewhere for less. RIAs already operate under a fiduciary standard. Maybe educating the public would be far cheaper than more regulation.
Remove all laws and taxes, period.
The USG is incompetent and should not be involved in wealth management, and should not receive any tax income since they are not providing anything of value. If they want investment income maybe they should learn something about investing, instead of issuing all those crappy junk bonds called Treasuries, and pointless market pumping QE schemes.
Trump listened to PA
As I mentioned in the earlier thread, in principle, it is not a really bad idea to have some fiduciary standard for people who call themselves “advisors” and who hold licenses and accreditation to this effect. However, the implementation of financial rules usually has a dramatic cost to business and liquidity. When you have FAs and clients 15 forms for attestation on things that only lawyers will understand (if at all), under the threat of financial penalty, being banned from the industry or jail, this creates a huge disincentive to do any business at all. From my experience, 70% of financial rules implemented over the past 5 years create little benefit in reducing risk, but have substantial effects on ability to conduct business.