Merrill's Thiel Says Advisors Must Change The Conversation With Clients, But His Comments Come Four Years After The Financial Crisis

Thursday, April 25, 2013 14:13
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Merrill's Thiel Says Advisors Must Change The Conversation With Clients, But His Comments Come Four Years After The Financial Crisis

Tags: advisor industry people | asset management | behavioral finance | broker-dealers | client education | investment advisors | Merrill Lynch

To overcome the dramatic decline in public trust in banks since the financial crisis, financial advisors need to change the dialogue they are having with clients, Merrill Lynch wealth management chief, John Thiel, reportedly told an audience at the SIFMA Private Client conference on Thursday.

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“We got drunk with the performance of the bull market, 12% a year every year in equities from 1982 to 2000,” Thiel told the audience, according to OnWallStreet. “But the world changed and our dialogue, our approach, didn’t. It needs to. We need to talk about what our clients goals, concerns and priorities are and map absolute performance to that objective.”

 

Independent advisors take heart: A top executive at Merrill is giving a speech at Wall Street's top conference for private wealth advisors talking about problems you've probably been addressing for many years.

 

Thiel is not just a day late and a dollar short, he's years late with this message and Merrill has lost billions of dollars for clients. 

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