I live in fear that few can share. I'm confident, however, many of my readers both here and at FiduciaryNews.com do share this same fear. To those who don't, I can only describe it as akin to that "final exam" nightmare. You know the one I'm talking about. It's when you dream it's the morning of the big test in a class you need to graduate – and you suddenly realize you've never attended any lectures and never read any of the books.
(Mind you, this is especially frightening for me – a Physics and Astronomy major – as, unlike humanities majors, I couldn't write my out of not studying.) It's only when it's too much that you wake up with a cold sweat. Thankfully, after a few agonizing conscious moments, awareness dawns and you're relieved to discover it was all a dream.
Such is the life of any individual subject to the regulatory whims of the government. Whether you're a financial professional or a plan fiduciary, you cannot escape this awful purgatory. You live each day knowing one small slip can ruin a reputation carefully built over a lifetime. Worse, it doesn't matter if that slip comes from innocence oversight, the consequences can be just as dire as if it were due to malicious intent.
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