Our March 15th Fireside Chat with Michael Kitces promised to deliver practice-shaping insights and calls to action on the post-DOL environment. It did not disappoint with over 90% of attendees rating it Useful to Very Useful.
In one of the most poignant moments, Michael noted that:
“If you look at the benchmarks, after stripping out markets and looking just at the growth of RIAs on a dollars-in, dollars-out basis; advisory businesses have had negative growth for the last 2 years.”
Michael Kitces on the RIA channel in the post-DOL environment
He didn’t stop there, adding that this RIA channel has become “One giant shrinking and undifferentiated mass competing against large well-funded brands like Merrill, Schwab and Vanguard.” He then went on to offer a number of activities that advisors should be addressing.
There were also many actionable solutions offered by The Modernist Advisor including a series of steps advisors can take to achieve purposeful growth in the post-DOL world. One of the niches that was talked about extensively was retirement income planning for boomers that transcends investment strategies. The Modernist Advisor offered a complementary “Stress Test” that advisors could use to determine how Retirement Alpha could improve portfolio performance.