In a typically insightful column, Fiduciary News’ Christopher Carosa writes this week about what lies ahead in 2013, with a focus on what four industry thought leaders foresee. Addressing the advisor-sold world, Mike Alfred, co-founder and CEO of BrightScope, believes that we’ll see more top plan advisors moving to specialized firms with fiduciary business models. The most forward-thinking broker-dealers will carve out special designations and exemptions for their top plan advisors so they can more effectively compete in the marketplace, he says.
Alfred sees top asset managers and record keepers as having been aware of these fiduciary trends for years. “The advisor-sold business is mature in many ways, but there will still be opportunities for firms that can use data proactively to identify the advisors that are really moving the market and who should be selling their products. Sending 20 wholesalers out in to the field with a steak and golf budget and various generic value-added tools just doesn’t work in an increasingly fragmented market controlled by savvy and experienced advisors who can afford to buy their own filet mignon.”
Carosa also spoke with Kathleen M. McBride of FiduciaryPath; Duane Thompson of fi360 and Knut A. Rostad, of The Institute for the Fiduciary Standard.
