“There could be a shift in leverage of bargaining power between wealth managers and asset managers,” said Saxena.
The law is also expected to drive growth of 529 savings plans, which will move more money into mutual funds and index offerings, said Saxena. It allows for distributions from those accounts also to be used to pay for some K-12 school expenses.
BlackRock increased its dividend and reported adjusted earnings per share that beat analysts’ estimates.
This article was provided by Bloomberg News.