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July 08, 2014 at 08:01 AM
The July 2014 issue of Research magazine looks at the future of financial advice from multiple angles. The cover story, “Next-Gen Advisors Have Arrived,” profiles four up-and-coming young advisors in the Los Angeles area. These are tech-savvy, forward-thinking pros who know how to attract a new generation of wealth creators.
This month’s Finke on Finance article, by Texas Tech Prof. Michael Finke, delves into “The Search for Better 401(k) Advice” and what will happen if new rules bring the era of non-fiduciary retirement plan advisors into eclipse.
Looking at clients’ personal futures, the question of how to not outlive one’s money is pressing, and is discussed by Ben Inker, GMO strategist, in an interview.
A new column, The Long View, by Senior Editor Kenneth Silber, focuses on long-term possibilties — in this case, on concerns that artificial intelligence on Wall Street could lead to dire consequences: “Are Killer Robots the Next Black Swan?” Other columns, by Marshall Jaffe and Alexei Bayer, also focus on tech changes and consequences.
This and much more is in the July issue. Click through the following slides for a preview.
Next-Gen Advisors Have Arrived
A new breed of young financial advisor is redefining and reshaping the profession that has been popularly called “stockbroker” ever since a group of Wall Street businessmen began trading securities 200-plus years ago.
To be sure, social and historical events—especially the financial crisis—have played a major role in what has become, increasingly, a shift from broker to advice giver.
Indeed, today’s next-gen FAs come equipped with an eagerness to develop and maintain client relationships. Further, they’re keenly aware of the importance of empathy to foster bonds and know that trust-building is crucial. Notably, these men and women are not “salespeople”; “financial coach” more accurately describes them.
The Search for Better 401(k) Advice
Most Americans don’t get any professional financial advice about retirement. And boy, do they need it. Many small employers desperately want help initiating a 401(k) plan and wading through the myriad investment options they know nothing about. Employees have little idea how much to save or how to pick the right fund. Enter the financial advisor to save the day.
Or not. The American 401(k) system was never really constructed to provide the best retirement savings platform for individuals.
