Quantifying the Wealth Biz
- Joshua M Brown
- June 7th, 2012
I have a new piece up at
Registered Rep WealthManagement.com that looks at the size of the industry and the opportunity for those who work in it...
I often wonder, as I lie on the wet grass under the stars of a late spring evening, just how big our universe is. Not the stupid galactic universe with all the dumb planets and junk - I mean the universe of wealth management.
How big is it and how many professionals does it encompass? And what’s the meaning of life?
Well, the second query is too important for me to just give you the answer to for free, but I can certainly help you with the first question.
The answer is that the world of wealth management is very big, bigger than Kirstie Allie even. It’s downright dizzying how many folks in this country are engaged in the business of Other Peoples Money. But who am I to complain? Other than a short stint as a college bartender (anytime someone ordered a cocktail, I’d be like “shot or beer, dude.”), I have never done anything else or worked in any other profession.
So I’m a grain of sand in the industry, just like you are - a grain of sand in an infinite desert of dress shirts and Johnston & Murphy wingtips, for better or for worse.
So let’s spend a moment considering the size and scope of our business...
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The Reformed Broker is a blog about financial markets and the economy. Joshua Brown is a New York City-based investment advisor for high net worth individuals, charitable foundations, retirement plans and corporations... More.