The assets under management at wealth management and private banking firms rose an average of 17 percent in 2017, according to Scorpio Partnership’s 2018 Global Private Banking Benchmark report.
The DOL didn’t exercise the last legal recourse it had to defend the controversial rule, effectively ending the short life of the Obama-era regulation.
The vast majority of advised assets are deeply entrenched in boomer households, and they’re not changing. That’s the sobering reality behind the urgency to arm advisors (and their custodians) with the tools to capture the money as it flows to younger generations.
Both the DOL and the SEC turned a concept that is simple enough to be captured in a fortune cookie into an indecipherable instruction manual. It’s time to re-simplify what a fiduciary is.
