Readers who have seen the tv show “Family Guy” may remember when Peter gets his own news segment called “What Really Grinds My Gears.” Today’s post is my own version with two of my current top hot buttons.
Number One – Titles in the Financial Profession
I am continually reading about proposed rules on how to better regulate the financial world. These rules are from the Security and Exchange Commission, different state governments, non-government organizations and the list goes on. All of them well-intended, but none of them directly address the basics of what financial professionals may refer to themselves as. You see the names “Private Wealth Advisor”, “Financial Planner”, “Financial Consultant”, “Financial Advisor”, “Wealth Manager”, “Client Service Rep”, “Vice President” and on and on…Having this many names for essentially the same job is just wild and confusing. If there were specialties within the category, I think that would be extremely helpful and warrant a different title. I don’t walk into my doctor’s office and have to choose between the Health Manager, Wellness Advisor, Private Sickness Consultant and Vice President of Prescription Advice. The medical profession has set up a schooling system, oath and bar, that only once you have climbed over, may you call yourself a Doctor. I believe the same is needed in the financial space in order to raise the quality of advice and lower the level of confusion for those trying to work with an advisor. Did I say advisor? Wait I mean planner or consultant…sorry 🙂
Number Two – The Price Tag of a 4-Year Undergraduate Degree
I saw a list of the most expensive colleges and universities in the United States and the most expensive topped out around $75,000 per year. Although these schools represent a small slice of available options, it is not uncommon to see a $50,000 price tag for smaller private schools or a $25,000 to $30,000 price tag for smaller public schools! The cost of a college degree continues to skyrocket, despite overall inflation remaining average to below average over the past 20 years. I don’t have the answer (yet), but I do know that strapping the next generation with a mound of debt they will have to carry around for the next 20 years, is light years away from the right or best solution.
On a less chappy note, unemployment hit a 50 year low this week and with any hope the market and the economy will continue full steam ahead into the new year!
Happy Friday!