Wealth management is now an industry whose workforce is aging and, because of democratization, their strategies will have to change. Behavioral economics is going to be their guide. How far we have come from counting angels dancing on the head of a pin!
Between 2000 and 2010 managed wealth only grew by 45% from $14 trillion to $19 trillion probably because $14 trillion went missing in the 2008 crash. Now the stash has swollen to $45 trillion and Congress is talking about adding three. At what point do we recognize that all this money churning is inessential?
Is there a difference between making fiction material and rendering reality immaterial?