This is, of course, false. You would be astounded at how everything we advisers and agents do is micromanaged. Here is a recent cautionary trade press article about practices that get us into trouble. If only all other industries were held to such standards! Especially the power brokerage (political) industry. Why is this? I think it is because we advisers are on the ground dealing with real people on a daily basis; we don’t have the time or resources to lobby, unlike insurance companies, bankers & investment brokerages. In addition, once targeted by regulators, we don’t have the resources to fight back; we’re easy prey. Hence we bear the brunt of regulatory scrutiny to an absurd level, while guys like Bernie Madoff waltz away with unrecoverable billions.
Anyway, here’s the article. My main critique of Utah regulations: If something is true, you should be able to say it. If a product pays 100% of something, then that shouldn’t be illegal to put in writing.