Looking at the current economic landscape, we know the challenges our industry faces today may be like storms we have weathered in the past. Challenges often become catalysts for important changes in regulation, technology and business practices.

In the late 1970s, high interest rates and changes to banking regulations led to the growth of money market mutual funds. Abuses of defined benefit plans led to the passage of ERISA legislation in 1974 and ultimately to the growth of the defined contribution industry. Black Monday was followed within a few years by the bull market of the early 1990s and expansion in the mutual fund industry. Scandals early in this decade led to legislation aimed at protecting the shareholder.

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