Financial literacy matters.
The GameStop fiasco brought that to the fore. The rise and fall of the stock in recent months reminded me of the battles that erupted around the advent of “Mad Money.” I bore witness to the explosion of Jim Cramer’s “Mad Money” on to the investing scene. The show straddled the line between game and clinic, and while most attention was paid to the games and the booyahs, there were lessons in most episodes, as Jim strived to educate.
On one hand, more people participating in wealth management is a positive for the markets. But blindly following Reddit characters or second-hand reports of “Buy! Buy! Buy!” opens the dark side of investing.
Therefore, we should give credit to people that cheer for those leaders who strive to create a financially literate community — and that’s what we’ve done in this issue.
In our cover story, Mark Schoeff Jr. and Nicole Casperson report on adviser reaction to the GameStop mania. And then we hear from a number of practitioners on why they are doing the work they’re doing to provide necessary access to finance. Thank you to Kate Healy, Luis Rosa, Dan Otter, Cindy Couyoumjian, and Cristina Livadary.
"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.
Elsewhere, Sanctuary Wealth recently attracted a $225 million team from Edward Jones in Colorado.
The giant hybrid RIA is elevating its appeal to advisors with a curated suite of alternative investment models, offering exposure to private equity, private credit, and real estate.
The $40 billion RIA firm's latest West Coast deal brings a veteran with over 25 years of experience to its legacy division for succession-focused advisors.
Invictus fund managers allegedly kept $10 million in plan assets after removal, setting off a legal fight that raises red flags for wealth firms.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
