Lastly, a precondition to wealth managers being able to do much more for their clients is that they are going to need to have much larger businesses across which they can spread the associated increased fixed costs of providing broader and better advice. And—as has already been written about ad nauseum—having to run a larger business brings with it its own set of complications.
However, on the bright side, these changes also mean that wealth managers are going to make a much bigger difference in their clients’ lives. And, in my experience over the past 25 years, that is what truly drives every successful person in this industry.
Mark Hurley is the founder of Undiscovered Managers and the co-founder of Fiduciary Network.