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Counterpoint to Mark Hurley study: Wealth management firms are in rapid transition

Painting RIAs with a single no-value brush ignores vast technological strides and growth

Author Timothy Welsh June 17, 2010 at 4:43 AM
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Timothy Welsh: The competition between custodians means that even if advisors don’t invest in technology, their custodians will, providing advisors with the horsepower, efficiencies, productivity and the scalability to create leverage and value.

Stephen Winks

Stephen Winks

June 17, 2010 — 3:05 PM

Hurley serves an important purpose.

The question Hurley raises is where will the much needed industry redefining innovation come from when by definition the needed scale is beyond the reach of the individual advisor. It is not a questioning of the RIA format itself, it is a question of how to maximize the value of the advisor—creating a preemptive advisor value proposition offering continuous comprehensive counsel and unassailable fiduciary standing. This is a forward looking optimistic vision. Hurley is simply establishing where we are—which is not optimal. What he says is true.This causes us to take stock in where we are and raises the all important question of the need to be open to innovations which will take us where we and our clients want us to go.

There at at least 15 major innovations the brokerage industry chooses not to embrace which cripple the brokers ability to act in their clients best interests. Here Hurley too is valuable as he establishes brokers are at least two generations behind our most progressive RIAs and it will only get worse as the brokerage industry continues to be hostile toward advice and as RIAs serve as a catalyst for industry redefing innovation.


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Mentioned in this article:

Nexus Strategy
Consulting Firm
Top Executive: Timothy D. Welsh

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