Who was regulating planners‚ activities then? The NASD. To blame the scandals of the 1980s on the NASD is as absurd as it is unfair. But presenting the NASD as the regulatory solution to work overload at the SEC is circuitous. It will hurt a young profession that has emerged in the last decade as a positive force for helping Americans achieve financial independence.
Let‚s hope Harvey Pitt‚s parting gift meets the same fate as his own disappointing chairmanship of the SEC. It deserves no more.