Is an Optimistic Outlook for the Markets and Economy Justifiable Right Now?

Larry Roth, CEO, Wealth Solutions Report

As Market Uncertainties Persist, Carefully Guiding Clients, Making Clear Decisions and Staying Focused on Diversity Remain Crucial to Our Industry’s Future

To My Fellow WSR Community Members:

Those of us in the industry during the market crises of 2001 and 2008 remember that financial advisors navigate downturns by guiding clients through those same downturns. Though the size of the recent market dips can’t compare with 2008, we find ourselves fearing uncertainty again.

Clients’ nerves – and advisors’ stamina – run thin when stormy markets erupt. At times like this, we must know how to compose ourselves and calm our clients, making the best decisions for both and remembering the wisdom of the ancient proverb – “this too shall pass.”

This week we have two articles for you addressing erratic markets, client trepidation, advisors wanting to transition and a light at the end of the tunnel – a very optimistic outlook from two millennial industry leaders.

In addition, as part of Black History Month, we give you the details of a partnership program that aids firms in drafting road maps for their diversity, equity and inclusion goals and arranges mentorships for minority youth. 

Please keep an eye out on the week of February 21 – WSR’s editors are reviewing and selecting the Top African American Leaders in Wealth Management – an invitation-only, highly-selective list of executives who merit extraordinary recognition for their outsized contribution to the industry.

This Week’s Issue

Here’s what we have on tap this week:

Remain calm and carryon!
  • In our Upmarket section, Integrated Partners’ Senior Vice President of Financial Planning,  Raymond Lucas, Jr. and Chief Growth Officer Rob Sandrew share how to calm clients during stressful markets, how financial advisors can manage their own stress and the ways financial advisors can avoid making rash decisions if they decide to transition to another firm during uncertain markets.  
  • Nothing calms frazzled emotions quite like optimism. Private investment and wealth management firm The Bycoff Group’s CEO Lorne Bycoff and CIO Doug Bycoff give us plenty of reasons to share their optimistic views for the year, including infrastructure spending, easing inflation and increased demand from healthy consumers in our Investment Solutions & Gatekeepers section’s Millennial Money Views column.
Stay the course – there are many reasons to be optimistic.
  • In the Beltway & Beyond section, the leading advocacy group for the independent financial services industry, Financial Services Institute (FSI), announced a strategic partnership with INROADS, a non-profit organization devoted to advancing the professional success of young people from ethnically diverse backgrounds, to create roadmaps of diversity, equity and inclusion initiatives for FSI member firms and establish mentorships in line with those initiatives.
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Additionally, please be on the lookout for the very inspiring personal story of Ken Royster, an independent financial advisor affiliated with Stratos Wealth Partners, a private equity-backed family of wealth management firms that specializes in supporting independent financial advisors – It’s a hybrid RIA group that has been growing by leaps and bounds over the years.  We’ll be sharing this story in our On the Rise section before end of this week!

Most importantly, we hope this week’s articles provide materials and food for thought on coping with distressed markets and inspiration for the diverse future of our industry. We always appreciate when you share stories you find helpful – it only takes a few seconds on LinkedIn, Facebook, Twitter or Pinterest. 

Please continue to send us your comments and suggestions.

Thanks again for sharing in our WSR Community!

Have a great week!

Cheers!

Larry Roth, CEO
Wealth Solutions Report

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