Advisers continue to eat up each new development in the aftermath of Bill Gross' stunning departure from Pimco, though other big stories also resonated with the
InvestmentNews audience this week. A new robo-adviser offering from two financial media heavyweights had our readers buzzing, as did the latest projection for
Social Security's cost of living adjustment come 2015. Plus, we took a deep look at the ongoing process of bringing the next generation of financial advisers into the industry. Without further ado, here are the must-read stories from this week that all advisers need to brush up on.
Pimco Total Return Fund sees record outflows upon Bill Gross' exit
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The Bill Gross-to-Janus news did not help Pimco's Total Return Fund, as it recorded its largest outflows in history in September, with the biggest outflow occurring the day Gross quit. Pimco has tried to downplay The Gross Effect, as the three-person team thrust into managing the world's largest bond fund believe they can handle outflows, and also believe Gross relied on them to achieve success. Their optimism didn't stop The
Charles Schwab Corp. from dropping Pimco funds from all its target date funds, though.
Josh Brown, Barry Ritholtz's firm launches a robo-adviser platform
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The two titans of financial media launched their own advice firm last year, and now they're branching out into an online offering meant to reach emerging investors. The platform will be powered by Upside, which provides the automation and helps advisers work with clients with lower account minimums.
Insight on how to recruit the next generation of advisers
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The demand for Millennial advisers is sky-high, but according to our recent special report, recruiting these advisers often requires outside help and deliberate effort. Readers were drawn to the major differences between more senior advisers and the next generation. But take solace, young would-be advisers: firms are relying on Millennial hires to help them stay current in technology and trends, and attract younger clients.
