A Whole New World
In chaotic times like these I revert to Disney movies and
channel my inner child to visit “The Happiest Place on Earth”. Come join me as the three main characters
from Aladdin reveal a Whole New World.
In our story the characters will be played by Goldman Sachs (The Genie),
President - Elect Trump (Aladdin) and you (Princess or Prince Jasmine)
Goldman
Love our hate them we all can agree that Goldman is smart
and makes decisions based on where the puck is going not where it has
been. The firm’s recent decision to be
middle men and offer many of their internal services to other firms is brave. The new Goldman initiatives are named Marcus,
Symphony, Simon and Kensho. The “Old
Goldman” would have never attempted these projects and wealth management firms
should emulate not condemn these bold moves.
Goldman is also working on a robo
investment banker that will automate the 146 steps involved in an IPO. It is
a whole new world!
Turbulence
The DOL ruling and the FAQs shocked the financial services
world and just when we had adapted our business models the presidential
election results rocked our world again.
As any experienced pilot will tell you when you hit turbulence you need to
relax and not make any hasty decisions.
Nobody knows what a Trump administration will do with the DOL rule. What we do know is that the cat is out of the
bag on the topic and while the DOL ruling might be modified we and our clients
will never forget how shocked we were by the rule. That feeling should guide our business decisions
going forward. Don’t wait for an updated
DOL ruling with the hope that its loop holes will allow for business as usual.
Aladdin
Aladdin asked Princess Jasmine if she wanted to go for a
ride and leave the castle and see the new world. She asked is it safe? He replied “do you trust me?” The DOL and the
new president are definitely leading us to a new world. Since
we might not trust the yet to be named regulators and our new president we need
to make sure our clients will continue to trust us.
Let’s jump on Aladdin’s Magic Carpet and sing a song to help
us pass the time and calm our anxieties.
It’s a
whole new world
A new
fantastic point of view
I’ve
come so far
I can’t
go back to where I used to be
I feel better already. Thank you Disney.
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