We now know that at the $90 million asset under management threshold, approximately 3,300 SEC-registered advisers will be required to transition to registration with one or more states.
Quite a few of these transitioning SEC advisers are positively giddy with joy at the thought of their imminent departure from the tyranny of the SEC. Each time I meet with one to discuss preparing for the transition, I’ve notice that they are all humming the same exact tune from the Sound of Music . . .
So long, farewell, auf Wiedersehen, goodbye
I leave and heave a sigh and say goodbye — Goodbye!
I’m glad to go, I cannot tell a lie . . .
Are these advisers aware of the tyranny of the state regulator and the challenges presented by state registration? They soon may be humming a different tune . . .
To dream the impossible dream
To fight the unbeatable foe
To bear with unbearable sorrow
To run where the brave dare not go
And the world will be better for this
That one man, scorned and covered with scars
Still strove with his last ounce of courage
To reach the unreachable star
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