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American Focus > Blog > Economy > Should lottery directors be licensed?
Economy

Should lottery directors be licensed?

Last updated: October 20, 2024 4:58 pm
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Should lottery directors be licensed?
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Why Do Financial Advisors Need a License?

One question that often comes to mind is why financial advisors need a license. It seems like the government believes that these regulations are in place to protect the public from making poor financial decisions. But what exactly constitutes a bad financial decision? Is investing in a managed stock mutual fund or an indexed fund a bad decision for the average person?

Perhaps the concern lies in the possibility of unregulated financial advisors giving questionable advice, such as promoting the idea that buying lottery tickets is a viable path to wealth. However, if this is the case, then why are government officials themselves endorsing such practices, as seen in the recent announcement regarding Mega Millions ticket prices?

Lottery officials have revealed that the cost of playing Mega Millions will increase to $5 per ticket, promising better odds, larger prizes, and more frequent payouts. Joshua Johnston, director of the Washington Lottery, stated, “Spending 5 bucks to become a millionaire or billionaire, that’s pretty good.”

Is Joshua Johnston’s suggestion considered sound investment advice? Is he a licensed financial advisor?

However, the real reason behind the licensing requirement for financial advisors may be more about protecting established professionals from new competition rather than safeguarding the public’s interests.

Some may argue that incidents like the Bernie Madoff scandal highlight the necessity of licensing regulations. In reality, such cases demonstrate that licensing does not tackle the core issue in the financial industry, which is moral hazard.

From what I have observed, the primary challenge within the financial services sector is not unlicensed individuals recommending poor investment choices, but rather licensed professionals steering their clients towards investments that serve their own interests. Requiring financial advisors to obtain a license does little to address this problem and may lead investors to falsely assume that licensed advisors are inherently trustworthy.

See also  With 23andMe's Directors Quitting, Your Data is at Risk

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