This is an opinion piece, and it’s not a political screed.
The world financial planning is probably one of the more regulated industries in the country. Those of us in this world don’t like the regulations and think much of it is silly.
If we’re being honest, we didn’t get the regulations we don’t like by accident. Too many of our peers behaved badly and as a result the government felt they needed to step in and protect consumers.
Let’s start by looking at the tech industry
This is almost the same in every industry that suddenly finds itself regulated.
Today we’re seeing the tech industries come under more scrutiny. Tech companies have played fast and loose with the rights of their users. They got away with for years. Everyone thought they were the good guys and they would never infringe on the rights of their users.
Wasn’t Google’s mantra, “Do no evil.”
Well, Google has done plenty of evil as have Facebook and Twitter. Because of their bad behavior, they will probably find themselves regulated and watched much more closely now that we’ve seen what they’re really up to.
Regulation is not always evil.
Regulation is not always evil. When I was in the vending and food service business, I was no fan of OSHA. At the same time I came to understand that they played a role in helping to keep our employees safe.
It was never fun having a government entity looking over our shoulder. It was a good thing that there was someone out there holding me and my other business owner friends accountable for the actions we took. If there wasn’t, I can almost guarantee many of the safeguards we put in would never have happened.
Do we want clean water and air?
Today we’re in one of the strongest anti-regulation regimes I’ve seen in years. I’m sure that many of the regulations we’re getting rid of are also ones that should go away.
I see that many protections we depend on are also being thrown away. Before we throw these protections away, let’s have some discussion about whether we can really trust industry to do the right thing.
Let’s think before we throw the baby out with the bath water
I’m not pro-or anti-regulation. I am for common sense regulation. This is where we ask government to step in and protect us from large organizations where have little individual power.
History has shown us we can’t depend on large organizations to behave well. Too often I hear stupid excuses for their behavior.
Things like we have to protect shareholder value. When I hear that phrase, I know that what is coming next is something that will take advantage of either employees who have no power or consumers who really have no power.
Let’s be smart about our regulation and let’s understand that history has shown us that large organizations don’t necessarily act in our best interest.
Why don’t you scroll down and leave a comment below about what you think about regulations and what you would do if you could play emperor for a week?