More than half of financial advisers believe regulation will be the most significant shaper of the advice industry over the next three to five years, according to a new survey by CoreData Research.
Demographic change, cited by 50% of the 200 advisers polled, and technological innovation, cited by 49%, are also expected to be prime forces shaping the wealth management business in the years to come, the research firm said in a release.
About four in 10 advisers (44%) say the low-return environment, geopolitical risk (44%) and fee compression (41%) will affect the business as well. Less important, survey respondents said, will be market volatility (39%), the macroeconomic environment (35%), the impact of fintech (20%) and industry consolidation (10%).
As far as business growth over the next few years, 74% of advisers said the most important factor will be the ability to demonstrate value beyond investment advice and portfolio management. This is followed by capitalizing on the intergenerational wealth transfer opportunity (57%) and attracting younger clients (44%).
A further 44% said improving economies of scale to offset fee compression is important to business growth, while 37% cited the importance of implementing a digital strategy for clients.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
