Not by a long shot. In many respects I think he's crazy! But I would like to know instances of anyone actually being harmed by this, as opposed to "my tribe says I have to hate this so I hate it without actually having a clue why".
I don't have a "tribe" but I do have a general distrust of government and will take the liberty of drawing an opinion of the thing on the basis of it's having to incorporate twenty two thousand pages of legalese to define the thing.
If something is complex it must be bad? Again, just looking for a specific impact it's had on someone, not general "I don't like it because its gub'mnt"
@Sig I get your overall theme, but your last line is the forest and trees I mentioned. A very high percentage of retirement accounts are in some type of a managed structure. These accounts already have the advisor as an fiducuriary. It is the smaller accounts that are not, the burden of the regulation is heaped on these accounts. The de facto result will no one for the small investor to talk to right before they sell that basket is stocks, right at the bottom of any given correction.
What specifically do they have to do that's so burdensome? Is there a form they have to fill out, if so which one? Is there a filing they have to make, if so do you have an example? I think the responses to my query so far are illuminating, a bunch of "this is crushing" generalities but when asked to point out a very specific example of a regular person just trying to make an honest buck being impacted.......it's just a bunch more generalities.
I'm not going to give specifics but , At the branch and regional levels at broker dealers there has been waves of mandatory compliance training and documenting regarding dol. But, my main pt stands, the small investor is not being helped at the end of the day. All my comments have been in ref to DOL not DF.
For sales "trading" I agree, but for actual trading no so much. Currently -smiling and dialing- is compliant. Better to be the phones than the brains - perversely.