Rhoades feels that the days of broker-dealers are numbered and that independent RIAs are the advisors of the future. He opposes the Bachus-McCarthy bill, saying it will devastate small businesses and consumers if passed.

 

Even those in favor of the bill are joining in the conversation. And Rhoades is encouraging other advisors—even those at broker-dealers—to contact their representatives in Congress and make their feelings known.

 

The more participants in these types of conversations, the better legislation will be passed that truly benefits our clients and the industry in which we serve them. If we don’t like what’s going on, simply talking among ourselves is not going to change anything.

 

Being proactive can not only influence such legislation, it can help us define our futures in our own terms. Whether we choose to adapt our businesses to the new business model or not; whether we decide to have a voice in the tenets that govern us—we are the makers of our own paths. There's never before been a moment in time when building community around our ideas and truly influencing outcomes has been so easy to do.