MarketCounsel event opens window on race to first $100-billion RIA and why a new round of 'destruction,' 'blunder,' culture wars, tech disillusionment and SRO jockeying must play out

Andy Putterman offends our top advisors who are the epitome of technical competency with the assertion that they are malcontents if they want to act in their clients best interest as required by statute. The inability of the industry to execute in advisory services is its most significant challenge and sends the wrong message to all those who would like to actually acknowledge and support fiduciary duty. Surely Andy’s malcontents are the key to the industry’s evolution to fiduciary duty. The person ethics and integrity of advisors now being subverted by brokerage culture which does not allow the broker to be accountable for their recommendations when rendering advice (in avoidance with fiduciary liability), is the primary deterrent to the professional standing of the broker.

Culture is terribly important but not to preclude innovation (malcontents) but to advance it. The paralysis of our largest institutions in their ineffective support of fiduciary duty and professional standing is precisely due to Putterman’s “malcontent sentiment “ which is why they are so vulnerable to first rate technical competency of leading advisors..

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Stephen Winks