The days of thoughtfulness are gone.  Brevity is the new wisdom.  Today if something can’t be expressed in less than 280 characters it isn’t worthwhile.  We’re barely done with the first paragraph of this post and some of you are already itching to click off and go elsewhere.

Impatience is everywhere.  We don’t read prospectuses.  We don’t read legal terms and conditions.

Under this theory the SEC “improved” Form ADV with the Customer Relationship Summary.  The industry was abuzz with how to implement and comply.

After firms spent time and money to meet the new mandate and barely a year after implementation the SEC is already backtracking.

In a recent virtual event held by the Insured Retirement Institute SEC Commissioner Hester Peirce expressed concern that the CRS is “too dense” and wonders whether “in practice” it will be helpful for investors.

WTF !

First disclosures are too long.  Now they’re too short?

The CRS was a solution in search of a problem.  It did nothing for investors.  It saddled companies with additional, unnecessary and costly regulation which undoubtedly was passed on by firms to their clients.

Government at its finest.