These are the changes and challenges keeping top advisors awake at night
"One of the biggest challenges facing investment advisory firms today is disintermediation. People can invest by themselves rather than hiring an investment professional to manage their money. They can use exchange-traded funds to achieve diversification at a low cost, and as of – I don't know, last week? — they don't even have to pay trading commissions anymore.
One of the biggest challenges facing investment advisory firms today is disintermediation. People can invest by themselves rather than hiring an investment professional to manage their money."Our response to this challenge is to continue to address the specific goals and needs of each client.
"We can offer wisdom on a wide range of financial issues that most people don't have the inclination, energy and expertise to determine for themselves.""Today there just seems to be a tremendous focus on what the market is doing today, tomorrow or next week, and I think that leads people into investing for the wrong reasons.
"I just fear there's ... not enough focus on where we want to be in the years to come. I'm not sure I'm seeing anything changing about that right now. You'll see it when a company announces earnings. If earnings are expected to be 98 cents a share and they turn out to be 97 cents – or even just 98 – you'll see the stock drop 10%. I find that frustrating because it shouldn't make any difference, not to the extent we so frequently see today.
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