It's unfortunate because there are many people with a relatively small amount of money who could use a simple investment plan, one which they can execute themselves without needing to pay residual fees (and/or be sold products that aren't optimal for their stage/age).
As I’ve explained. The regulatory overhead has become so heavy and burdensome, that its simply a money losing situation to take on client/accounts unless they are really big. It pains me sometimes that I can’t help or advise people who come to me for help. But if I would take on their account I would be subjecting myself to too much liability without adequate compensation for even the time spent.
In a recent case I advised a client of what I believed would be the client’s most optimal strategy. And while there was a small life insurance sale in it, I gave the client an education and my opinion on the appropriate investment strategy for the client, but declined to actually take the client money and execute it for for the client.
And believe me. I didn’t come to the first or second meeting with a life insurance proposal. I actually spent time listening, then tried a few (paid) software platforms to illustrate to test various scenarios, and illustrate it to the client. The client’s best interests always come first. And while the client liked what I presented, the client didn’t end up following my suggestions fully (it did involve taking a current tax hit in order to be in a better position down the line).