Wall Street is at best ambivalent. The size of the accounts is nothing big. How many Wall Street firms do you know that are running after people with $5,000 accounts?
Robert PozenThe way you delegate is that first you have to hire people that you really have confidence in. You won't truly let those people feel a sense of autonomy if you don't have confidence in them.
Robert PozenMost people get overwhelmed by the insignificant decisions of their lives. I'm urging people to minimize the time spent on these when they're not critical to their most important goals.
Robert PozenYou have various institutions like law firms and accounting firms which bill by the hour. I'm really against that. You have an incentive to go slowly, be there as long as possible, to over-research things and over-staff.
Robert PozenMandatory auditor rotation is designed to address a potential conflict of interest between a public company and its auditor. Because an auditor is hired and paid by the public company it audits, the auditor's desire to maintain a good relationship with its client could conflict with its duty to rigorously question the client's financial statements.
Robert Pozen