The Wealth Consigliere

The news last week that one of the founding partners of Iconiq was leaving the firm emphasized how the wealth management industry remains a cottage industry.   Our blog this week will look at the pros and cons of cottage industries.   We will also examine how a cottage industry can become an enduring industry that will survive multiple generations.   Is this a goal advisors and their clients want and are they willing to make the necessary changes?   We believe it is worth considering. Cultive Personalities Cottage industries promote the existence of big personalities that define the company and insure the clients know what they are getting if they work with the firm.   Iconiq has done a great job answering this question.   Is it the right answer for you?   The wealth management industry is very competitive forcing firms to differentiate themselves from their competition.   A big personality is a memorable differentiator but it is e...

We are in constant pursuit to be the best we can be in our profession.  Is there a hack to help us?  Some days it feels like others have found one.  The Baby Boomer hack was to be a Doctor, a Lawyer or work for Goldman Sachs.  Millennials believe in the power of social media hacks and that a job at Google is on the Yellow Brick Road.  This week I’ll look at other experts and share my opinion that there isn’t an easy solution to professional success. Academia Those who  can’t do teach and those who can’t teach, teach gym .  Many of the established ideas that guide people in the wealth advisory business where researched in academia.  While their research is credible most academics remain as advisors not a practitioners.   William Sharpe  might be an exception to this rule.  He lost at Long Term Capital but was a recent  winner with Financial Engines .  Resilient and richer. Conferences and Media We...