We are experiencing a seismic shift in our industry possibly unlike anything we’ve experienced in our generation. The fiduciary evolution and the effects of low cost auto-pilot investing have bifurcated the old and the new, and have commoditized or rendered obsolete much of the way we’ve historically done business in the bank channel. Our old business models will not survive, and the way you respond to this inflection point will determine whether you are still in the industry five years from now.

The middle market is what has defined the bank channel, but fee compression caused by robo advice and ETFs, and the trend towards fiduciary-centric service levels, makes serving segments from the middle market, and lower, unreasonable if you’re a financial adviser (as opposed to an algorithm).

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