Every time a professional of nearly any industry turns around there is a bureaucrat or agency calling for more regulations. Why you ask? Simple, because somewhere along the way someone made a rule, law, or regulation that didn’t fit with reality, thus, there are those who’d try to get around it, and they’ll always find away. So, the authority then creates another rule, rules upon rules plugging up the endless loopholes of a damn dam designed for destruction. Okay so, let’s talk shall we?
Today, it seems that the average professional is subjected to 10s of hours of on-going education requirements each and every quarter, these hours add up an inhibit productivity and raise the cost for their clients, the consumer, which the agencies are supposedly trying to protect. If you’ve ever read through some of this nonsensical material, you’d soon find that it’s just wordy business work which hardly fits the bill of industry enforcement, nor does it stop any cheating in the industry.
Do you remember when you went to school and some kids were always cheating, trying to get you to cough-up study notes, or look at your homework, even copy your test answers? Well, these same kids are grown up and they work in these professions and the agencies which enforce them now, what can anyone expect. This seems to be how humans operate, they are innately imitators, copiers, and they mimic what works anytime they see it – so that will never change.
Interestingly enough, whilst I was preparing this piece, I happened by an interesting Op-Ed in the Wall Street Journal by Republican Spencer Bachus from Atlanta who also serves on the House Committee on Financial Services. The article was titled; “Financial Advisers, Police Yourselves,” which stated “the way to prevent more Madoff type looting is for professionals to regulate their own industry,” well, maybe so, and maybe not, as Madoff was operating also during an era when the industry was regulating itself, and also at a time when the SEC and other agencies and quasi-agency-industry organizations were.
The real problem I see is human nature, and we all know or should have known we can’t regulate morality, and witch-hunting, brain-washing, authority driven fear-like penalties, and self-control won’t change that, not in the near-term without a brain-chip social networking online all-the-time motif. It’s just not feasible and it’s not going to happen in your life-time and certainly not with the system we have in place now where professionals are rewarded in ways that are not always in the best interest of their clientele – the system is flawed, yes, humans are flawed too, but isn’t that a given?
Now then, all this busy work of on-going education isn’t solving any problems, actually it is causing more because now these professionals have less time to do it right, are stressed to the point they feel they have to cheat to make ends meet, and nothing has changed. Why am I not surprised? Please consider all this and think on it.