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Week's Best Quotes: 'Mass Affluent Have No Access to Endowment Model'

From why the CFP Board may be facing new legal challenges over past disciplinary decisions to RCS Capital Nicholas Schorsch's views on the sweet spot for financial advice, here are some of the most notable quotes from the past week's stories.

“Your digital assets live on, even if you don’t, and there needs to be a way to manage them.”


--Christine Courtnage, wealth strategist for U.S. Trust, on how clients need help guarding their digital assets.



Read the story:


U.S. Trust Clients Get Help Protecting Digital Assets

“We don’t have a desire to hire a ton of people and then figure out who we want to keep.”


--Nilesh Parikh, head of new financial advisors and wealth planning analysts at UBS Wealth Management, on firms getting serious about training new advisors.



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Facing Retirement Wave, Firms Get Serious About Training New Advisors

"She has made it clear to advisors that she will be wielding a big stick and won't be afraid to refer matters to the enforcement division."


-- Les Abromovitz, a senior consultant with National Compliance Services, on the SEC intensifying its focus on the role of financial advisors in 2014.




Read the story:


SEC to 'Intensify' Advisor Scrutiny

“I think the current [disciplinary] commissioners are facing additional challenges this year of credibility and consistency."


-- Edward Mora, former chairman of the CFP Board's disciplinary and ethics commission, on the CFP Board facing legal challenges over past disciplinary decisions.




Read the story:


CFP Board Taps Ex-Regulatory Official for Disciplinary Panel

“How do I get those assets to invest? That’s the question that really haunts the middle-class investor.”


-- Esther Stearns, former LPL president and head of LPL's NestWise unit, on how startup Guide Financial addresses a central concern of average Americans by facilitating behavior modification and regular engagement with a family's finances.



Read the story:


Ousted LPL Exec Advising Planning Startup

“How do I get those assets to invest? That’s the question that really haunts the middle-class investor.”


-- Esther Stearns, former LPL president and head of LPL's NestWise unit, on how startup Guide Financial addresses a central concern of average Americans by facilitating behavior modification and regular engagement with a family's finances.



Read the story:


Affluent Investors Eye Commercial Real Estate

"There will be absolutely no pressure to sell any of our products. If you want to sell them, sell them, if you don't want to sell them, don't."


-- Nicholas Schorsch, the executive chairman of RCS Capital, on how RCS' burgeoning empire of advisors and brokers will face "no pressure" to sell the products to their mass affluent clients.



Read the story:


Schorsch Pledges 'No Pressure' to Sell Nontraded REITs

"The average investor has been disintermediated away from retail as the financial services industry has moved away [from it]. The mass affluent have no access to the endowment model, which is what has performed the best since the financial crisis."


-- Nicholas Schorsch, the executive chairman of RCS Capital, on why he thinks the sweet spot for financial advice is the mass affluent market.



Read the story:


Schorsch's Expanding Empire Targets Mass Affluent



Read more:


• CFP Board Taps Ex-Regulatory Official for Disciplinary Panel


• Advisors: Time to Fix Your Gender Problem


• Public Speaking Tips for Financial Advisors

From why the CFP Board may be facing new legal challenges over past disciplinary decisions to RCS Capital Nicholas Schorsch's views on the sweet spot for financial advice, here are some of the most notable quotes from the past week's stories.

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