Back in 2008/2009, I realized that the financial services industry was in real trouble.  Serious, no turning back, trouble.

Years ago, the wealth management industry was seen as a prestigious profession.  It was one of the few areas that was considered professionally elite.  Forgive me for sounding base, but I liked that.

And, years ago, in lieu of systems, an intelligent advisor had an edge.  Again self-serving, but I felt that I fit the bill.

But would I become an RIA today?  No.

Why?  Anyone...absolutely ANYONE can be an advisor today.  As Joe Kennedy said, when did he sell stocks?  When the shoe shine boy was giving him stock tips.

Today, anyone can become an RIA for literally NOTHING.  There are no barriers to entry.  Here was an interesting article highlighting the change. Young man, right intentions, very low fees.

The majority of advice can be provided effectively without a "human" involved.  

However, there are vocational aspects of the profession that do require assistance.  Tax preparation.  Trust and estate planning.  Philanthropy.  Like a chef or a plumber, they do require some paperwork and getting one's hands dirty.

But an asset allocation?  Budgeting?  That can be done online without an advisor charging a high fee.

So, did I sell at the peak?  I think so.