Turning the corner

Turning the corner
Reflecting on the outlook from that first week of January, optimism was a triumph of hope over experience. But today’s reality shows us that a positive perspective on that day was not in fact misplaced.
MAY 10, 2021

In early January, I wrote of the promise I saw in the year ahead, albeit noting at the time that “Hope is hard.”  

Reflecting on the outlook from that first week of January, optimism was a triumph of hope over experience. But today’s reality shows us that a positive perspective on that day was not in fact misplaced.  

To name just a few of the green shoots that have bloomed, the battle against Covid-19 in the U.S. has turned, the vaccine regime has been an exhibit in operational efficiency and of particular importance to the financial advice community, the economy has begun to recover.  

For the passive observer, the most immediate evidence of the economic turn lies in the charts of the various indexes, but for our community, look at what’s happening in the earnings of wirehouses, publicly held advice firms and the expectations at megabanks.   

UBS Financial Services Inc. reported robust results in the latest quarter, including net new fee-generating assets of $17.2 billion.  

LPL Financial added 385 advisers and disclosed more than $950 billion in total assets, a new high.  

And JPMorgan Chase CEO Jamie Dimon cited his expectation that a strong economy will extend into 2023; more importantly, he sees a return to normalcy, setting the expectation for one-half of employees rotating through offices by July.  

That sort of return gives cause to exhale and enjoy the spring.

Latest News

NASAA moves to let state RIAs use client testimonials, aligning with SEC rule
NASAA moves to let state RIAs use client testimonials, aligning with SEC rule

A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.

Could 401(k) plan participants gain from guided personalization?
Could 401(k) plan participants gain from guided personalization?

Morningstar research data show improved retirement trajectories for self-directors and allocators placed in managed accounts.

UBS sees a net loss of 111 financial advisors in the Americas during the second quarter
UBS sees a net loss of 111 financial advisors in the Americas during the second quarter

Some in the industry say that more UBS financial advisors this year will be heading for the exits.

JPMorgan reopens fight with fintechs, crypto over fees for customer data
JPMorgan reopens fight with fintechs, crypto over fees for customer data

The Wall Street giant has blasted data middlemen as digital freeloaders, but tech firms and consumer advocates are pushing back.

The average retiree is facing $173K in health care costs, Fidelity says
The average retiree is facing $173K in health care costs, Fidelity says

Research reveals a 4% year-on-year increase in expenses that one in five Americans, including one-quarter of Gen Xers, say they have not planned for.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

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.