Ask Brad: Beware False Prophets and Pundits

Brad WalesThis is the latest installment of a regular column to answer questions from advisors who are considering transitioning to an RIA model. To see Brad’s previous articles, click here. To submit your question, please email Brad here.

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“Everything that can be invented has been invented.”

In 1889, the then-commissioner of the United States patent office, Charles H. Duell, foolishly declared his ability to definitively see the future.

This quote came to mind as I read an email critiquing me for my recent article about wirehouse brokers potentially losing their ability to self-manage assets on a discretionary basis.

While my ego relishes in having expanded my voice to where I am trolled occasionally, this emailer said that what I was cautioning about “would never happen.”

Charles Duell would be proud of such a confident view of the future.