Wealth Management

(New York)

We run this article not so much for content, but as a way to highlight the changes afoot in the wealth management space. This piece, which is written by the financial services counsel for the Consumer Federation of America, says that all clients should make their advisers sign a “fiduciary oath” that contains several statements all promising to act in a client’s best interests. The piece says that if advisers are unwilling to sign the document, that clients should take it as a sign that they should perhaps look elsewhere for advice.


FINSUM: While for many advisers this may be redundant, for the brokers out there who do not have a fiduciary duty, this piece may come as an eye-opener about how quickly the public push is moving.

Source: Wall Street Journal

(New York)

This article chronicles the actions of financial advisers leading up to and following the Fed’s rate hike. The piece says that clients had been very worried about how rate hikes would affect their portfolio, but that advisers had been steadfast is reassuring them, with one telling clients to stay focused on the “long term”. Some advisers in the piece outlined their approach to hikes, saying “We have preferred to be defensive, so we have stayed short-term … Clients have made less yield, but this protects them when the inevitable rate increase happens”.  Some advisers plan to send out special messages to clients reassuring them about the impact of rate hikes.


FINSUM: This is a good piece for advisers to read, as it gives some insight as to how peers are handling the situation, including client “fretting”.

Source: Wall Street Journal

(New York)

One thing is clear—even if they are not wealthy now, Millennials are going to be a major part of wealth management in the years to come. This article explains where the generation is getting its investment advice. As most advisers already know, Millennials generally abhor financial services, holding a fundamental mistrust of all things “finance”. However, they still need financial advice, and this piece shows that they are seeking it within their own networks as well as through informal “help” classes which are being put on by independent groups and financial services companies. Younger financially experienced people usually lead the events, as they are seen to connect better to the younger audience. In addition to explaining this emerging “event” approach to financial planning for Millennials, this piece has some very interesting charts and stats on where the generation is getting its investment advice.


FINSUM: Advisers are going to need to tap into the Millennial market if they want to keep their businesses going in the future. This piece gives some good information about the generation’s approach to wealth advice.

Source: Wall Street Journal

Contact Us

Newsletter

Subscribe

Subscribe to our daily newsletter

Top
We use cookies to improve our website. By continuing to use this website, you are giving consent to cookies being used. More details…