A financial advisor I know told me how he handles the growing complexity of our industry on a recent weekend at my hunting lodge: He spends one day a week on compliance and one day a week on research.
I was incredulous. In today's world, there is no way you can keep up with either compliance or research in one day a week. Compliance is a full-time job. Research is a full-time job. Trying to compress them into one day a week is like trying to do the job of an NFL coach just one day a week. Nonetheless, I see many advisors in small- and midsize firms operating the same way that he does.