Aug. 30, 2022
August 30, 2022 I AM VERY OPPOSED TO THIS PROPOSAL. ADVISORS SHOULD BE ABLE TO DEFEND THEMSELVES, PERIOD. MOST COMMUNICATIONS FROM CLIENTS ARE POSITIVE, HOWEVER THERE ARE INSTANCES WHEREAS CLIENTS, WILL SEND IN ANY TYPE OF COMMUNICATION, WHETHER IT BE TRUTHFUL, OR NOT, WHICH MAY BE LOGGED AS A COMPLAINT, TO BE FURTHER REVIEWED. EVEN THOUGH THERE MAY BE ZERO SUBSTANTIAION TO A BOGUS, OR ERRONIOUS COMMUNICATION REQUEST, SOME CLIENTS CHOOSE THIS TO \"GET WHAT THEY WANT AT ALL COSTS TO OTHERS.\" THIS IN FACT OCCURRED TO ME. THE CLIENT REPLACED AND UPDATED A LIFE INSURANCE POLICY, CHOOSING TO ELIMINATE A TAXABLE LOAN, ALL DISCLOSURES, TAXATION, PAPERWORK, ILLUSTRATIONS, AND COMMUNICATIONS WERE DISCUSSED AND DISCLOSED WITH THE CLIENT. THE CLIENT ACCUSED THAT THEY DID NOT GET A TAX DOCUMENT, FROM THE ADVISOR, WHICH WAS LATER FOUND TO HAVE ACTUALLY BEEN PROVIDED BY THE ADVISOR AND ALSO MAILED SEPERATELY BY EQUITABLE (FORMERLY AXA EQUITABLE). THE COMPLAINT HAD NO BASIS, BUT WAS MADE BY THE CLIENT. THE LOAN ELIMINATED INCREASED THE CLIENT'S TAX BRACKET. THE CLIENT THOUGHT THAT FILING A FICTICIOUS ACCUSATION WOULD PERMIT HIM TO CIRCUMVENT TAXATION, AT THE FEDERAL LEVEL, BY REVERTING A REPLACEMENT BACK TO THE ORIGINAL POLICY, WHICH IS DEFINED AS TAX EVASION. AT TIMES, WE UNFORTUNATELY LIVE IN A WORLD WHERE NOT EVERYONE PLAYS BY THE RULES, INCLUDING CLIENTS, THIS PROPOSAL MUST BE DECLINED, ADVISORS SHOULD HAVE THE RIGHT AND ABILITY TO ARBITRATE AND EXPUNGE ERRONIOUS AND DISHONEST INFORMATION AND CLAIMS AGAINST. IF THIS PROPOSAL IS PASSED IT WILL VERY LIKELY DAMAGE THE INDUSTRY AND THE VERY MANY GREAT PEOPLE WHO SERVE IT.