It is widely acknowledged that when it comes to the implementation of the new CRM 2 requirements regulators have given advisors a long "runway" to implement the new regs. The new disclosure rules are so complex it will take years to implement the changes. Or so goes the thinking.
But might a fast implementation have made more sense? At least one advisor thinks so.
The typical take on CRM 2 has been that a multi-year implementation schedule is necessary, so voluminous are the changes. But a relatively un-discussed idea is one floated in a recent issue of Wealth Professional magazine
--could CRM 2 be taking too long to implement?
The notion seems out of line with the conventional wisdom. But Matthew J. Ardrey thinks the changes could have been implemented in one big bang. His unique, dare one say, provocative, idea: Forget the years-long time line on implementation—just get the damn thing done.
"I would like to see this implemented immediately rather than over a number of years,” says Ardrey in the latest issue of WP. “The longer they wait to implement, the longer it is going to take to see the benefits of these new regulations.”
Does anyone agree?