Wealth management, as an industry, is slow to change. Perhaps some of that is justified – if clients are happy and continue to pay fees, why invest significant time and money in a whole new approach?
But clients are not happy, and we all know the business is changing. Fee compression and the long attrition of aging clients mean firms must open their eyes to tomorrow’s wealth management.
I believe that the theory underpinning goals-based investing (GBI) implies a way forward. [Keep reading at CityWire…]