The Dodo Bird, the Tasmanian Tiger, the Woolly Mammoth – the one thing these animals have in common is that their inability to adapt, evolve, or weather change in their environment ultimately resulted in their extinction. Translate this to today’s financial services industry. The Solo Advisor appears to be on the precipice of extinction.
The relationship between advisors and clients is changing and it is important that advisors not only understand the current playing field but prepare for the new game ahead. Recent statistics reported by the Wall Street Journal show that advisor fees are dipping below 1%, driven primarily by emerging technology and millennial customers.
Wells Fargo is under siege from every angle and it is easy to understand why. The mountain of corporate missteps, questionable ethics, and outright fraud have resulted in a series of investigations and fines for the once storied wirehouse, the ramifications of which have yet to be fully realized.
Frank LaRosa, Elite Consulting Partners Founder/CEO, pens the OnWallStreet Voices column, “Why UBS is smart for not changing its compensation plan”
LPL Financial wants to have it all and that, as it turns out, just may be its Achilles heel. The missteps by the nation’s number one broker dealer have their roots in 2017.
