Many established, successful financial advisory firms are run by baby boomers, who have leveraged their philosophies on client relationship-building and creating a long-term vision for the firm. At the same time, many of those same firms are populated by millennials, who grew up in a fast-paced, digital era and excited about bringing new ideas and methods into the business.
These two perspectives are often separated by more than chronological age and years in the business. Both boomers and millennials bring unique skills and experiences to the table, but their approaches to the business can at times seem as different as night and day..
The growing list of improbable developments is indicative of a global system that is signaling a major transition -- and far too many portfolios are not yet positioned for this, writes Mohamed A. El-Erian.
U.S. stocks joined a rout that has global equities poised to enter a bear market, as investors ignored Janet Yellen's signal that the Federal Reserve won't rush to raise rates in the face of market turmoil.