Michael Nathanson, chairman and CEO of the independent wealth management firm Colony Group, told Barron’s that robo-advisers have a role to play in serving certain client segments. As for the industry’s continued shift toward client-centric wealth management advice and away from the investment-only models of the past, I think the shift can’t be completed quickly enough.
Does the evolution in the industry come down to financial advisers doing a better job embracing new technologies? We must all do so, but simply committing ourselves to using more and better technology isn’t committing ourselves to meaningful, evolutionary changes. In fact, it may merely be masking the need for such changes.
Below, some of the best analysis and insight from WSJ writers and columnists, the Dow Jones Newswires team and occasionally beyond, on investing, the wealth-management business and more.
Where Trump and Biden Stand on Mortgage Finance: The incumbent administration eyes
Wall Street rose on Friday, shaking off an unsteady start, as a rally in technology stocks lifted the broader market.
The S&P 500 climbed 1.6 percent. The technology heavy Nasdaq composite rose 2.3 percent. Amazon, Microsoft and Apple were each sharply higher.
Companies that have been hard hit by the coronavirus pandemic’s impact on travel and tourism led the gains on Friday. Norwegian Cruise Line rose more than 13 percent, and Carnival Corporation,MGM Resorts and Boeing were all sharply higher.
Still, stocks were lower for the week, the fourth consecutive weekly drop for the S&P 500.
European stocks have also mostly tumbled this week after a surge in coronavirus cases has led several European governments to mandate tighter restrictions, further clouding the timeline for a recovery. The benchmark Stoxx Europe 600 fell more than 5 percent this week.