Industry gurus preach that advisory firms providing only investment management are playing a loser’s game. After all, we know few active managers actually deliver alpha, while cheap beta vehicles are widespread, right?
The rise of robos using ETFs to build portfolios online, rebalancing and tax-loss harvesting along the way, are removing those forms of ‘alpha’ from the advisor-client relationship, correct? If you’re a small advisory firm, how can you compete with the scale and intellectual capital of the asset management companies? Plus, if you’re focused on investing, you’re not focused on serving existing clients or finding new ones…READ MORE
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