Results for "Duran Duran"

Jan 2, 2018, 12:26 PM EST

The biggest losers and winners of 2017

race-bike

By Joe Duran

Politics and the presidency have seldom played a more dominant role in our popular culture as they did last year. Despite the wall to wall coverage of the White House, 2017 turned out to be a far calmer and less disruptive year in the financial markets and the wealth management industry than many anticipated. In the background, our world continues to shift and 2017 turned out to be an intriguing one in many ways. In thinking about the past year, we present our perspective of the biggest losers (and winners): 1. Loser: The DOL Rule. It's not clear where we sit with the Department of Labor rule that would have applied a fiduciary standard to all retirement plan participants. The implementation, which was meant to occur in April 2017, would have been a dagger in the heart of many independent broker-dealers, their brokers and the commission-based firms supporting them. It was at center stage as the major catalyst to change the industry... Read full post

Dec 13, 2017, 5:27 PM EST

Three big effects of the shifting broker protocol

city-elevator-growth

By Joe Duran

About a month ago, Morgan Stanley announced it was leaving the protocol. A few weeks later, UBS followed suit. The protocol is the mutual agreement that lays the ground rules for advisers to leave their existing brokerage firm and take specified client data with them. Launched in 2004 between Smith Barney, Merrill Lynch and UBS (Morgan Stanley joined a couple of years later), the protocol was intended to reduce litigation among member firms and to protect client information privacy. The list of participants has mushroomed to over 1,500 firms today.UNDERSTANDING THE DEPARTUREThe official line by Morgan Stanley is that they left the agreement to invest more in their existing advisers (and escape the other participants that are gaming the system). However, many in the industry suspect this was really about stemming the tide of departing advisers. The original intent was for the big three (later the big four) firms to reduce internal... Read full post

Nov 21, 2017, 4:41 PM EST

An American Thanksgiving

Win-metal

By Joe Duran

Last week while I was at the Schwab Impact conference in Chicago, the country I grew up in had a revolt that placed 92-year-old President Robert Mugabe into military confinement. Until yesterday, he had led Zimbabwe since 1980, when I was a pimply faced 12-year-old student dreaming of coming to America. I lived through the civil war and the ensuing transition from white minority leadership to an emerging majority led democracy (or at least the African version of one).As a first generation American, I can't help but think about the differences between the country I grew up in and my adopted home and contrast why two countries, both with really good people who want the same things, can have such fundamentally different experiences. In those differences are principles that every one of us should seek to instill in our companies. So in the spirit of Thanksgiving, I'm going to highlight three unique traits that are the cornerstone of... Read full post

Oct 30, 2017, 5:25 PM EST

Prepare clients for the terror of falling markets

Bear-Market

By Joe Duran

It's witching season and while our costumed children invade our neighborhoods for candies and treats, almost no-one considers the "trick" part of the equation anymore. It's much the same way for investors today; it's been nothing but treats and no bad scares for years now. At the turn of the century, we suffered two big bear markets in the first 10 years, but since then we have experienced historically low volatility. Since 2010, investors in all assets have benefited from a flood of capital and low interest rates provided by the ever-supportive Federal Reserve. Assets across the globe, from investments like stocks and bonds to less liquid assets like homes and fine art, have all appreciated measurably for years. More importantly, this has happened with some of the lowest levels of volatility we have ever witnessed. It's more fun to talk about the good stuff, but the scare is worse when you don't expect it. Here are four ways to... Read full post

Oct 9, 2017, 11:53 AM EST

If a GPS app can fail, so can fintech

street

By Joe Duran

I recently read an article from the Philadelphia Inquirer about an 18-wheeler that drove several miles down the pedestrian-only Boardwalk in Atlantic City. The driver was following instructions of his onboard navigation system which had the boardwalk designated as a street. After passing several stunned onlookers, the driver found himself stranded and his tractor trailer had to eventually be dismantled and a berm built to get it off the boardwalk. In this case there were no damages other than confusion. It's an amusing story but also a great analogy in the dangers of trusting too much in technology, and why human judgment is so important even in a highly digitized world. WHEN TECH FAILSWe've all become completely dependent on technology and have come to trust that it's reliable and accurate. However, if we trust it blindly then we are no better than a computer ourselves. Unfortunately, it sometimes lets us down, so it's important to... Read full post

Sep 19, 2017, 4:49 PM EST

The role of an adviser when the unexpected happens

coming-Main

By Joe Duran

When Hurricane Harvey hit Southern Texas, few could be truly prepared for the destruction brought on by the never before seen deluge of rain. Two weeks later Hurricane Irma destroyed several Caribbean islands and swamped Florida as the biggest hurricane to ever strike the Atlantic islands. Lives were turned upside down overnight as homes and cities confronted once unimaginable weather events.There are few models that anticipate a once-in-a-lifetime event, so when they happen, no one is really prepared for what might transpire. In some ways, people's financial lives are similar. We can prepare and plan for many outcomes, but few of us can ever really be ready when an unimagined event actually occurs. (More: Harvey and Irma — Reminders that advisory firms need solid continuity plans)PREPARING FOR THE UNIMAGINABLEThe best laid plans can very quickly be derailed by life getting in the way. It is highly unlikely any person had built... Read full post

Aug 17, 2017, 5:08 PM EST

5 non-money-related books to help you (and your children) live a better financial life

Book summer main

By Joe Duran

Last week I was enjoying a late summer dinner with my daughter. We ended up discussing the books that I thought she should read ? books that I think are interesting and have helped me the most in my life. She's a sophomore in college and really wasn't interested in how-to books or other additional educational stuff. Since we are at the end of the summer season and many of us are about to send our kids back to school again, here is a short list of books that will help any person become a better decision maker. "Animal Farm" and/or "1984" by George Orwell: They might be very different books, but they both speak to the danger of being swept up with the crowd and losing your ability to think for yourself. While "Animal Farm," with its lowly creatures taking over the farm, might have been intended as a commentary on communism, I have always thought of it more as a lesson in the slowly creeping impact of a loss of integrity and the danger of ... Read full post

Jul 17, 2017, 4:15 PM EST

What we can learn from Amazon's acquisition of Whole Foods

Amazon-main

By Joe Duran

For the past 20 years, organic food grocer Whole Foods has rethought the way consumers shop for groceries and brought the farmers' market to neighborhoods all over the country. While pricey, it succeeded in a crowded sector, and grew in a small niche market into a nationally dominant position, becoming part of the American fabric in the process. In the meantime, shareholders were rewarded handsomely, as the stock grew tenfold from around $4 per share on June 30, 1997, to about $42 per share today. During the same period, Amazon reimagined the entire consumer experience for all of retail and their stock grew from $2.50 per share 20 years ago to around $1,000 per share today, a staggering 40,000% return over the past two decades (split adjusted). Last month , Amazon announced the acquisition of Whole Foods for $14 billion. A drop in the bucket compared to Amazon's current $480 billion market cap. While most food retailer stocks swooned... Read full post

Jun 21, 2017, 2:06 PM EST

3 big ideas from the brightest minds in behavioral economics

Duran-Main

By Joe Duran

In 1987, two professors at UC Berkeley, Daniel Kahneman, a psychologist, and George Akerlof, an economist, offered a joint class called Psychology and Economics for the first time. They each went on to win the Nobel Prize for Economics in consecutive years in 2001 and 2002. Their groundbreaking work applying psychological insights into economic theory help us to understand why people make irrational choices. I was invited to the Haas School of Business campus at UC Berkeley to celebrate the 30-year anniversary of that first class. The alumni now leading these endeavors at prestigious institutions like Harvard, Princeton, Cornell and Berkeley shared research and recollections with each other, and I was one of the few non-academic guests. (More: 5 counseling steps to make better financial planning clients)Some of the content was a little too academic for me (hello, econometrics formulas). However, there were some concepts that are... Read full post

May 30, 2017, 4:44 PM EST

Vanguard to seize wealth management industry with its digital platform

vanguard-Main

By Joe Duran

Robo-advisers have been around for over a decade, and throughout that time we've been hearing that they are a threat to established independent wealth advisers. While they might have attracted a lot of industry coverage, most robos have gathered a relatively small amount of market share over 10 years. Yet in two short years, Vanguard has quietly amassed over $65 billion in assets under management in its Personal Advisor Services offering and has built one of the largest wealth management firms in the nation. Robos as first constituted were never going to be a legitimate threat to replace the independent wealth manager, especially with wealthier clients. What Vanguard is building is a different threat altogether. There are two base requirements for a millionaire next door to entrust their money to a wealth manager: the first is that they trust the firm to deliver quality advice, the second is that the adviser can help solve financial... Read full post

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