I recently had the pleasure of sitting down with Bob Veres, a well known writer in the financial planning profession. With over four decades of experience, Bob offered some fascinating insights into the evolution of our industry and the challenges it faces today.

One thing that struck me was Bob's passion for supporting advisors who genuinely prioritize their clients' interests. He emphasized the importance of what he calls "fiduciary marketing" - a concept where advisors focus on benefiting their community rather than simply promoting themselves. It's a refreshing perspective in an industry often criticized for putting profits before people.

We also delved into some thorny issues, like the impact of private equity on advisory firms and the role of compliance in our changing landscape. Bob's concerns about the potential negative effects of private equity acquisitions on client service quality were particularly thought-provoking. He predicts we might see a new wave of smaller, more service-oriented firms emerging as a result.

Perhaps most eye-opening was our discussion about compliance. Bob challenged my assumption that compliance departments in large firms primarily protect consumers. Instead, he argued, they're often there to protect the firm itself - a subtle but crucial distinction that could have significant implications for how we approach regulation in our industry.

My conversation with Bob left me with plenty to ponder. His unique perspective, informed by years of observing and shaping our profession, offers valuable food for thought for anyone in the financial planning world. It's voices like Bob's that remind us why trust is so central to what we do - and why we must always strive to earn and maintain it.

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