“Growth is essential,” says Philip Palaveev, president of Fusion Advisor Network, speaking to advisors at his firm’s National Conference in Las Vegas on Tuesday. Palaveev and Fusion CEO Stuart Silverman and Managing Director Barry Levy, who does the greatest card tricks, opened the conference on Monday.
Palaveev (left) and this editor presented views on industry trends and preview of the findings of the Q2 2010 Top Wealth Manager Quarterly Pulse, with data from the second quarter of 2010. The entire report will be published on AdvisorOne.com next week.
2010 has been a “schizophrenic” year, Palaveev noted, with a poor second quarter in which the Top Wealth Managers—which include many of the top registered investment advisors (RIAs) in the U.S.—struggled to hold on to assets. While assets were up on average for the first quarter, the second quarter was a struggle. Through the first half of the year, assets from new clients did not fully replace market performance (slightly down), and client distributions. In the third quarter, equity market performance should help boost assets.
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