If there was an overriding theme voiced by the leaders of the 2007 Broker/Dealers of the Year in an editorial roundtable discussion in Chicago on August 7, it was, in the words of Chris Ranney of Brecek & Young, that this is a wonderful business to be in. The independent advice business has had a great 20-year run, noted Ranney, seconded by Nick Sondel (Harbour Investments), Eric Meyers (Capital Financial Group/H. Beck), and Eric Schwartz (Cambridge Investment Research), but it’s poised for an even greater future, fueled by client demographics and more-complicated financial instruments and markets, but made possible by independent broker/dealer reps and independent RIAs who are more business savvy than ever.
The Investment Advisor mission statement could very well be “Savviness provider to independent advisors.” That’s why we present a cover story relaying the thoughts of those four gentlemen whose reps this year gave them the highest ratings among their peers in the 17th annual Broker/Dealer of the Year balloting.
That’s why it was satisfying, though not surprising at all, to see The New York Times “chase” our Affluentialist columnist and blogger Lewis Schiff with its August 5 front-page story on the “working-class millionaires” of Silicon Valley (reporters and editors in the consumer press troll the trade press, like Investment Advisor, for story ideas all the time).