Yesterday, Business Insider posted a huge piece, wherein they ask various folks for their best idea for a decade.
With the low key headlne, Wall Street’s Brightest Minds Reveal Their Best Investment Ideas For The Next Decade, here is how I responded:
Financial planning: “As it turns out, that is an easy question: Our own business. I have been plowing money into our own asset management business. This is not a reflection on the price of stocks or bonds, but more on the state of the financial industry. Wall Street is very good at serving its own interests, but terrible at serving its clients.
This has created a huge opportunity or anyone who wants to put their clients first. I expect we have a 5 year ramp up before the rest of Wall Street starts to notice something is amiss.
I believe there are 4 areas ripe for disruption: 1) Full service Financial Planning/Asset management, 2) Retirement Planning, 3) low cost asset management, 4) RIA Advisory services to members of the industry.
We are in the midst of a very significant set of changes; The financial services industry is likely to look very different 10 years hence.”
—Barry Ritholtz, chief investment officer at Ritholtz Wealth Management
You can see the full list of 27 ideas here.
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