Madoff's Ponzi scheme had a huge impact on the advisory industry, writing down a retirement plan increases the chances of follow-through, and millennials care about their financial future.
Doing so resulted in the loss of deduction and a hefty penalty for a taxpayer.
Asset-management fees more than offset lower transactional revenue.
Our industry will be unable to keep up with the demand for new advisors to fill the vacancies left by boomers retiring.