Life As A Salesman
Remember back 20 years when the telephone would ring during dinner and the caller would say, "Hi, my name is John Doe and I’m your new local Met Life Representative calling to welcome you to the neighborhood". You immediately knew he was an insurance salesman who was trying to get in the door to sell you insurance. Or the caller might have been a stock broker calling to sell his newest stock pick. The same went for accountants, financial planners, and investment advisors. The financial landscape was easier back then since you knew who the players were, exactly what they did, and why they were calling.
The financial landscape changed in 1999. The players and their motivation are essentially the same; however, each of them now sells more varied products. When they call during dinner they now introduce themselves as financial advisors or financial consultants or a myriad of other general financial titles. Even after listening to them for five minutes on the telephone, you still cannot be sure exactly what they want to sell you. What changed to make the financial landscape so confusing?
Financial deregulation in 1999 expanded the salesman's product line
The Financial Services Modernization Act of 1999,(Pub.L. 106-102, 113 Stat. 1338), was enacted on November 12, 1999. It was signed into law by President Bill Clinton and it repealed part of the Glass-Steagall Act of 1933, opening up the market among banks, security companies, and insurance companies. The Glass-Steagall Act had prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company. Previously, an insurance salesman could only sell insurance, your banker handled only your bank accounts and loans, and your accountant kept the books and did your tax returns.
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