So many brokers have built very lucrative businesses by just dumping clients’ money into high load mutual funds. That is thankfully going away.

So many lawyers have made tons of money by billing $400+/hour for commodity work. Now lawyers have to hustle like never before and have to be a lot more flexible on fee arrangements, especially if they’re doing low-level work.

For years realtors were just able to demand a customary 6%.

None of this is really threatening people who can hustle or who are doing higher-level work. There’s tons of people who want professionals managing their $3m+. Lawyers at big corporate firms still make tons of money. Realtors who provide good service and know how to hustle can still do very well. None of this is going away anytime soon. It’s the mediocre ones who are seeing the gravy train run out, and I can’t sympathize with that much.