Despite fear of new technologies and political turbulence giving way to uncertainty about the Department of Labor’s fiduciary rule, the wealth management industry is moving quickly into a new era of “advice manufacturing,” which emphasizes personalized financial advice for all investors, large or small.
Rapid change has happened before in the asset management industry. The creation of the mutual fund, arguably the greatest innovation in the history of the investment management industry, was ushered in by the 1960’s processing power of Big Blue and the main frame computer.
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