Mark Casady, chairman and CEO of LPL Financial was the opening keynote speaker at the Money Management Institute’s annual conference in Boston on Wednesday.
After congratulating the separately managed account industry on reaching the milestone of attracting $2 trillion in assets, Casady spoke on the topics of cost, product choice and practice efficiency and noted the importance of technology in addressing each.
“Reaching the $2 trillion mark is a momentous event,” he said. “I also had a momentous event recently. No, it was not the IPO, which was routine in the way it was handled, and we just had our secondary IPO a few weeks ago. It was my daughter’s wedding, and I can certainly relate that event to the concepts of cost, choice and efficiency.”
He then quoted Donald Trump when he said, “My daughter didn’t have a budget, and she still managed to outspend that.”
He began by noting that more Americans were reaching senior-citizen status faster than ever before, they have assets and they need help. He argued that, typically, when people have three times their annual income in assets, they seek professional financial advice. Baby boomers are now reaching that point.
Casady (left) mentioned, "The Next Hundred Million: America in 2050," a book by Joel Kotkin. As the title suggests, Kotkin writes of 100 million more residents in the United Sates by 2050. He also notes it will become the youngest developed nation in the world, even surpassing China in this regard.