As retail assets under management grow, broker-dealers are negotiating more aggressively with fund companies, seeing a bigger share of their revenue. Advisers are seeking help with marketing, for example, and additional revenue streams.
A new study says that during the financial crisis of 2008 and in its aftermath 93% of adviser wrestled with post-traumatic stress disorder. Pat Graham, news editor of Wealth Management at WSJ.com, discusses how the anxiety and shock affected their investment decisions.
With an aging financial advisory population, it's likely more young financial advisers will acquire advisory firms. But they do face hurdles, a competitive environment and difficulty raising capital among them.
Regulators plan to ferret out financial advisers who put clients in fee-based accounts that are inappropriate, says Dan Nathan, a partner at law firm Morrison & Foerster in Washington, D.C. Advisers can take steps to help them avoid scrutiny, he says.
The millennial generation will control a tremendous amount of wealth in the near future, and financial advisers who don't reach out may be left behind, says Adam Thurgood, managing director and partner with HighTower Las Vegas.
A small industry of consultants don't manage any money but help wealthy investors pick financial advisers-those who not only create solid portfolios but have a steady employment history and obey to stringent fiduciary standards, or are able to add a specialty to a family office.