Industries often use “strength tests” such as bandwidth in technology or compressive and flexural strength in materials to determine the quality and viability of their products.
Investment firms are currently amid their own strength test as they navigate consequential shifts of a few key measures. With interest rates near zero, firms that have relied heavily on money market balances for a significant portion of their revenue are struggling. To survive, firms are cutting employees, unable to effectively compete for top advisors and even considering selling.
Ask the questions. Affiliation with a financially strong, diversified firm is more important than ever.
– Michele Mandeville, Founder/President, PRISM Wealth Management Recruiting