While compliance is not Peter "Doctor Doom" Schiff's claim to fame -- predicting market collapse is -- he sounded off recently on advisor regulation.
Schiff sees too much regulation out there keeping investors from getting value from advisory relationships.
While theoretically the rules keep investors from being cheated, he tells Investment News, all that's happening is that advisors are afraid to offer any help at all.
"A lot of people won't give any advice," he says.
"If you're a little account, $10,000, nobody's going to touch you. They can't charge enough to cover the compliance costs."
The upshot, he says, is that all rules on advice should be eliminated -- he doesn't even like the suitability standard -- and then the regulators themselves have to go.
"I think we should get rid of FINRA . . . and the SEC."
It might be more than a little extreme, but when trade groups are begging to keep "small accounts" that few in the industry will touch anyway, extreme solutions start to look practical.
If it's about the investors, what's the best solution?