What did Obama say to those in need

I enjoy Obama's oratory skills, his ability to inspire. His passion to fix the problem is not lacking. Selfishly, though I'd like to see more about how to help the ailing financial services arena. I understand that addressing the mortgage crisis is first and foremost (and maybe an "easier" fix), but real estate ought to be treated with equal deference to investments. Perhaps, though as the traditional wirehouse model lie on it's deathbed, somebody is waiting for someone to offer a better solution.

I propose this: we completely eliminate the wirehouse compensation model immediately, and make everyone under some layer of independent model. For those less entrepenurial, let's give them an IAR structure, so someone else can deal with the administrative headaches. No proprietary products. For those more independent minded, give them the true RIA model-and there are multiple versions of success here too.

But most importantly, though, we need to re-train advisors to change their primary focus. It's not about the investment models, products, or research methods that matter to clients. While that portion is very important to advisors executing their models, to the client, it's about how their advisor makes them feel along the way. How their advisor communicates. And what they do to build an easy to digest Choice Architecture.

Until Obama starts from the very fundamental that the role of the financial advisor needs to change, we'll continue with the issue of poor behavioral finance decisions chasing 5 star returns.