In today’s episode of Framework, Jamie talks with Skip Schweiss, the former managing director of retirement plan services and advisor advocacy at TD Ameritrade Institutional. Skip has been very involved in the financial industry over the years and has served as the chair of NAPFA.

Fresh out of college with his business degree, Skip ended up managing a sporting goods store in Colorado for three years. Though he thought retail was interesting, and he liked the products he was selling, he didn’t like working retail hours. Shortly after getting out of retail, he was recruited to sell insurance, but eventually went looking for something more related to investments.

And that’s where he’s been for the last 30 years. Skip has focused on how to make the industry better, mostly on the operational side, but on the policy side as well.

Skip talks with Jamie about his work in the fiduciary landscape and how he sees the custodian business changing in the years to come. Though Skip has moved on from TD Ameritrade since recording this episode, he has brought much to this profession.

“I want to see financial planning recognized across the landscape as a profession, alongside doctors, lawyers, and CPAs. I think financial planning belongs right in that group in terms of importance of the work and the value of it, the credentials, the training and continuing ed, and all that financial planners go through to obtain that status and to practice it and to bring such high value to people’s lives. ~ @SkipSchweiss

Main Takeaways

  • Advisors and brokers shouldn’t be regulated the same way since there are clear conflicts of interest that may exist on the broker side, unlike the advisor side.
  • Financial planners should be considered as integral to society as teachers, lawyers, doctors, and the other high-end professionals.
  • Financial planning is an industry on its way to being a profession, but isn’t quite there yet. The industry is fragmented and doesn’t have a clear path forward to being recognized as a profession yet.
  • To make more progress in the public policy arena, planners need to strategize and collaborate much like they do in their adjacent industries.

Links and Important Mentions

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