Affluent Investors Ask Financial Advisors for Help

No one wants to simply talk to a machine for their financial advice…

When affluent investors feel like they don’t know where to find a safe haven to invest, they turn to their trusted advisors. With all the information and tools provided online to help people invest on their own, affluent advisors still want their financial advisors. However, some still learn the hard way and wait till after they make a poor investment before calling their advisor.

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Financial Advisors Still Needed by Americans

Despite the large array of online investing websites, many people still want professional financial advisors to manage their assets. The best tools for financial advisors are utilizing social media tools, social networking to remain in contact with their clients and attain new business.

RIA Firms Expect Revenue Growth This Year

Despite the turbulent financial world, RIA firms expect to see their revenue growth up approximately 15% from 2009. According to the 2010 Charles Schwab RIA Benchmarking Study, “The RIAs we surveyed—870 of our clients, with more than $300 billion under management—estimated that their revenue will increase by a median of 15% this year, a result of continued client additions and the market rebound, which has done its part to replenish assets under management.”

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Breakaway Brokers on the Rise

There has been a substantial increase of breakaway brokers so far this year. According to TD Ameritrade Institutional, “…212 breakaway brokers have joined its network during the first three quarters of its fiscal year 2010. That’s a record amount for the first three-quarters of any fiscal year for the Jersey City, N.J.-based RIA custodian.”

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Double-Dip Recession Not Likely

History…offers only one true double-dip experience, and that grew out of a policy error.

Many people are concerned the economy may take another turn for the worse in the upcoming months and are still wary about where it is safe to invest. However, some strategists believe a double-dip recession is not likely to happen. According to Milton Ezrati in an Investment News article, Partner and Senior Economist and Market Strategist, Lord Abbett states, “History…offers only one true double-dip experience, and that grew out of a policy error.”

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