Blog description.

Accentuating the Liberal in Classical Liberal: Advocating Ascendency of the Individual & a Politick & Literature to Fight the Rise & Rise of the Tax Surveillance State. 'Illigitum non carborundum'.

Liberty and freedom are two proud words that have been executed from the political lexicon: they were frog marched and stood before a wall of blank minds, then forcibly blindfolded, and shot, with the whimpering staccato of ‘equality’ and ‘fairness’ resounding over and over. And not only did this atrocity go unreported by journalists in the mainstream media, they were in the firing squad.

The premise of this blog is simple: the Soviets thought they had equality, and welfare from cradle to grave, until the illusory free lunch of redistribution took its inevitable course, and cost them everything they had. First to go was their privacy, after that their freedom, then on being ground down to an equality of poverty only, for many of them their lives as they tried to escape a life behind the Iron Curtain. In the state-enforced common good, was found only slavery to the prison of each other's mind; instead of the caring state, they had imposed the surveillance state to keep them in line. So why are we accumulating a national debt to build the slave state again in the West? Where is the contrarian, uncomfortable literature to put the state experiment finally to rest?

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Tuesday, May 28, 2013

Fortress of Legislation Has Regulated Another Industry to Death: Financial Advisers.

AFA’s, or AFG’s, or  GHE’s, or ABC’s, perhaps GOD's?  Oh, whatever, so many confusing acronyms over time: financial advisers. On the regulatory death of free speech under our draconian securities legislation, there is now a dearth of financial advisers. That and the Fortress has legislated so many hoops to jump through in this industry, nobody can be bothered doing so anymore (paid link).

“It’s more of a gut feel of just looking at the maths and anecdotal feedback from discussions with the industry and how the limited number of AFAs are now needing to prioritise the personalised advice they provide,” he says.

“It’s important not just to knee-jerk at the numbers. We need to understand why there aren’t more AFAs.”

Mr Ireland notes some of the AFAs do not even deal with  KiwiSaver, particularly not for those with small balances. 

Other advisers are qualified and capable of becoming AFAs but do not do so because they don’t consider the benefits worth the  extra cost and compliance burden.

And the Financial Market Authority, FMA, as I've said over and over in this blog, is a monster that belongs in the USSR, not a free country: their continued police state actions over Mark Hotchin has been proof of that since the get-go. Regarding this story, my comment to the NBR thread sums up my lack of surprise well enough:

(Maniacal laughter).

Our securities law regulates everything right down to free speech - that is, there is none - and then we wonder why there are no advisers.

Given the risk faced in advising under NZ securities law, I wouldn't trust any adviser doing so, as they would by definition not be prudent.

Indeed, more and more, I don't know why prudent people would take the risk to build the companies to invest in, to be advised on.

A little over four million total population and so many laws: what a farcical kindy of a country we are.

For the record: I didn't vote for it.

Mind you, this will teach the industry hierarchy for toadying up to crony capitalism. You got what you asked for: big government - didn’t work out so well, did it, for any of us. Hell meet hand-cart ...

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