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Twibell","/author/david-twibell","role","On Neutral Ground","/wealth-management-industry-trends/on-neutral-ground","linkAttrs",{},"Feb 1, 2005","The recent bear market was one of the worst in history, but investors in the Calamos Market Neutral Fund, a mutual fund, hardly noticed. With annual total returns averaging a solid, if unspectacular, 8.4 percent from 2000 through 2002, the bear market was business as usual for them and for many other market-neutral fund investors. Indeed, removing the excitement both good and bad from market fluctuations","articleBodyJsonSummary","normal","paidGating",{"_779":32,"_780":781},"paidContent","paidProductTaxonomy",[],"articleSize","big",{"_184":185,"_163":785,"_186":786,"_169":790,"_171":790,"_174":791,"_771":792,"_176":177,"_178":773,"_180":177,"_172":793,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":794,"_782":783},{"_165":177,"_167":177},[787],{"_54":788,"_190":789,"_192":177,"_768":177},"Chris O'Leary","/author/chris-o-leary","Attention Shoppers","/wealth-management-industry-trends/attention-shoppers",{},"Efforts to make corporate bonds more appealing to retail investors have reached a crossroads, and their ultimate success or failure now depends in large part on whether financial advisors acquire an appetite for them. The advisors, of course, must take their cues from their clients, but first they need to bone up on the bite-sized bond investments known as retail notes to better handle the inevitable",{"_779":32,"_780":795},[],{"_184":185,"_163":797,"_186":798,"_169":802,"_171":802,"_174":803,"_771":804,"_176":177,"_178":773,"_180":177,"_172":805,"_775":177,"_196":776,"_181":213,"_183":214,"_194":362,"_777":806,"_782":783},{"_165":177,"_167":177},[799],{"_54":800,"_190":801,"_192":177,"_768":177},"Will Leitch","/author/will-leitch","On the Financial Gridiron","/investment-news/on-the-financial-gridiron",{},"Two years into his career as a fullback with the Miami Dolphins, Rob Konrad was in the locker room after practice when a teammate, a fellow young player, started talking about some of his Konrad, who had majored in finance at Syracuse University, called the player over and asked him what his big investment was. I bought two Bentleys, the player said. Best investment I ever made. Konrad, part amused",{"_779":32,"_780":807},[],{"_184":185,"_163":809,"_186":810,"_169":811,"_171":811,"_174":812,"_771":813,"_176":177,"_178":814,"_180":177,"_172":815,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":816,"_782":783},{"_165":177,"_167":177},[],"The Wrong Medicine?","/wealth-management-industry-trends/the-wrong-medicine-",{},"Jan 1, 2005","The SEC's requirement that mutual fund boards be stocked with more independent executives met with jeers when it was passed last year. Now, the raspberry blowers have some research to back up their disdain. Missouri University's School of Economics looked at the 448 largest fund families constituting 97 percent of capitalized mutual fund value to see if those with more independent directors had lower",{"_779":32,"_780":817},[],{"_184":185,"_163":819,"_186":820,"_169":824,"_171":825,"_174":826,"_771":827,"_176":177,"_178":814,"_180":177,"_172":828,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":829,"_782":783},{"_165":177,"_167":177},[821],{"_54":822,"_190":823,"_192":177,"_768":177},"Robert S. Bernstein","/author/robert-s-bernstein","Annuity Alternatives 2005","Annuity Alternatives","/wealth-management-industry-trends/annuity-alternatives-2005",{},"It's a rare event indeed when an IRS ruling is cause for celebration, but such was the case in April when the tax-meisters made some alternative deferred-compensation funding investments more tax friendly. Specifically, the IRS ruled that an employer using derivative financial products to hedge its deferred-compensation obligations would not be required to recognize any income until the investments",{"_779":32,"_780":830},[],{"_184":185,"_163":832,"_186":833,"_169":837,"_171":837,"_174":838,"_771":839,"_176":177,"_178":814,"_180":177,"_172":840,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":841,"_782":783},{"_165":177,"_167":177},[834],{"_54":835,"_190":836,"_192":177,"_768":177},"Bob Hirschfeld","/author/bob-hirschfeld","Mining the Possibilities","/wealth-management-industry-trends/mining-the-possibilities",{},"Want to invest in China? Consider Australian mining companies. Commercially speaking, China and Australia are growing closer by the minute. China's ambassador to Australia, Fu Ying, recently told a Sydney audience that the gears of the two economies are meshing into one another. That coming together, explains the Australian Trade Commission, springs from China's rapid industrialization, which is fueling",{"_779":32,"_780":842},[],{"_184":185,"_163":844,"_186":845,"_169":851,"_171":851,"_174":852,"_771":853,"_176":177,"_178":814,"_180":177,"_172":854,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":855,"_782":783},{"_165":177,"_167":177},[846],{"_54":847,"_190":848,"_192":849,"_768":850},"Stan Luxenberg","/author/stan-luxenberg","https://eu-images.contentstack.com/v3/assets/bltabaa95ef14172c61/blt8395e4193df54a18/6724b96fdb7f32fd699256e6/stan-luxenberg-web.jpg","Special Contributor","Grading Governance","/wealth-management-industry-trends/grading-governance",{},"The mutual fund scandals have put advisors in a tough position: Recommending a fund that ends up in the headlines can deal a serious blow to an advisor's reputation and can even mean lost clients. One way to be safe is to stick with companies that have avoided running afoul of regulators so far, such as American Funds and T. Rowe Price. But focusing on a few fund families eliminates some of the top-performing",{"_779":32,"_780":856},[],{"_184":185,"_163":858,"_186":859,"_169":863,"_171":863,"_174":864,"_771":865,"_176":177,"_178":866,"_180":177,"_172":867,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":868,"_782":783},{"_165":177,"_167":177},[860],{"_54":861,"_190":862,"_192":177,"_768":177},"Mike Ruff","/author/mike-ruff","From Safe to Stagnant","/wealth-management-industry-trends/from-safe-to-stagnant",{},"Dec 1, 2004","If there’s one thing to be learned from “all weather” investment strategies such as muni laddering, it’s this: there is such a thing as too conservative.",{"_779":32,"_780":869},[],{"_184":185,"_163":871,"_186":872,"_169":873,"_171":873,"_174":874,"_771":875,"_176":177,"_178":866,"_180":177,"_172":876,"_775":177,"_196":776,"_181":242,"_183":243,"_194":362,"_777":877,"_782":783},{"_165":177,"_167":177},[],"A Smaller Share of SMAs for the Lions","/smas/a-smaller-share-of-smas-for-the-lions",{},"Distribution Channels: Share of Separate Account Assets 2000 2001 2002 2003 2004(est.) Wirehouse 72.4% 70.0% 67.6% 68.3% 65.9% Regional Brokerage 9.2 10.3 11.4 9.0 8.2 Independent Broker/Dealer 8.1 8.2 8.2 8.3 9.1 Third-Party Vendors* 7.1 7.8 8.5 10.0 11.7 Discount Brokerages 2.0 2.5 3.1 2.6 2.6 Bank Brokerages 1.2 1.3 1.3 1.8 2.5 Total 100 100 100 100 100 *Third-Party Vendors refer to independent",{"_779":32,"_780":878},[],{"_184":185,"_163":880,"_186":881,"_169":885,"_171":885,"_174":886,"_771":887,"_176":177,"_178":866,"_180":177,"_172":888,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":889,"_782":783},{"_165":177,"_167":177},[882],{"_54":883,"_190":884,"_192":177,"_768":177},"Erin Schulte","/author/erin-schulte","Buying Insurance","/wealth-management-industry-trends/buying-insurance",{},"Eliot Spitzer has gone on the warpath again, this time against insurance companies, leaving their stocks wounded some critically along the trail. When Spitzer guns for an industry, investors typically get out of the way, and it was no different this time. In the days following the New York attorney general's mid-October announcement of a civil lawsuit against Marsh & McLennan (the firm stands accused",{"_779":32,"_780":890},[],{"_184":185,"_163":892,"_186":893,"_169":895,"_171":895,"_174":896,"_771":897,"_176":177,"_178":866,"_180":177,"_172":898,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":899,"_782":783},{"_165":177,"_167":177},[894],{"_54":847,"_190":848,"_192":849,"_768":850},"Rubber-Band Man","/wealth-management-industry-trends/rubber-band-man",{},"During the 1990s, Tom Marsico made investing look easy. As manager of Janus Twenty, Marsico recorded huge gains while limiting his portfolio to two dozen stocks. The fund often held well-known stars such as Lucent Technologies and Pfizer. Plenty of growth funds sought to copy the style, narrowing their portfolios and adding or to their names. Then the technology bubble burst, and the focus funds collapsed",{"_779":32,"_780":900},[],{"_184":185,"_163":902,"_186":903,"_169":909,"_171":909,"_174":910,"_771":911,"_176":177,"_178":912,"_180":177,"_172":913,"_775":177,"_196":776,"_181":224,"_183":225,"_194":362,"_777":914,"_782":783},{"_165":177,"_167":177},[904],{"_54":905,"_190":906,"_192":907,"_768":908},"David Thayne Leibell","/author/david-thayne-leibell","https://eu-images.contentstack.com/v3/assets/bltabaa95ef14172c61/blt827561b52ffab52f/6724b91e5235aa5be13dc541/david-leibell-web.jpg","Senior Wealth Strategist","Winging It?","/equities/winging-it-",{},"Nov 1, 2004","Richard Branson, founder of Britain's Virgin Atlantic Airways, was once asked the best way to become a millionaire. There's really nothing to it, he joked. Start as a billionaire and then buy an airline. Branson's joke must seem like gallows humor to many current airline shareholders. The entire industry is a mess, and it's hurting carriers and shareholders alike, says Vaughn Cordle, chief analyst",{"_779":32,"_780":915},[],{"_184":185,"_163":917,"_186":918,"_169":920,"_171":920,"_174":921,"_771":922,"_176":177,"_178":912,"_180":177,"_172":923,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":924,"_782":783},{"_165":177,"_167":177},[919],{"_54":847,"_190":848,"_192":849,"_768":850},"The Retiring Kind","/wealth-management-industry-trends/the-retiring-kind",{},"During the late 1960s, best-selling author Adam Smith called Fidelity Investments the Green Bay Packers of the mutual fund world. Just as Green Bay dominated professional football, Fidelity attracted a record following because of growth-oriented managers who could score. Just as Green Bay no longer rules professional football, has Fidelity also slipped in its league? By some measures. Long the largest",{"_779":32,"_780":925},[],{"_184":185,"_163":927,"_186":928,"_169":930,"_171":930,"_174":931,"_771":932,"_176":177,"_178":912,"_180":177,"_172":933,"_775":177,"_196":776,"_181":227,"_183":228,"_194":362,"_777":934,"_782":783},{"_165":177,"_167":177},[929],{"_54":800,"_190":801,"_192":177,"_768":177},"ETF Wraps Growing In Popularity","/etfs/etf-wraps-growing-in-popularity",{},"With the securities firms forever searching for edgy products, it should come as little surprise that exchange-traded-fund (ETF) wrap accounts are growing in popularity. ETF wraps, which are less expensive than mutual funds, are seen by many as a logical next step for an industry spooked by scandal and hoping to be as transparent as possible. This is not necessarily good news for advisors. The fact",{"_779":32,"_780":935},[],{"_184":185,"_163":937,"_186":938,"_169":942,"_171":942,"_174":943,"_771":944,"_176":177,"_178":912,"_180":177,"_172":945,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":946,"_782":783},{"_165":177,"_167":177},[939],{"_54":940,"_190":941,"_192":177,"_768":177},"Nicholas Tsafos","/author/nicholas-tsafos","The Liquidity Fetish","/wealth-management-industry-trends/the-liquidity-fetish",{},"In his influential book, Pioneering Portfolio Management, Yale University's chief investment officer, David Swenson, makes the case for illiquidity. Swenson notes that on Oct. 19, 1987, the day the stock market dropped by more than 22 percent, a presidential task force found that market-makers simply couldn't keep doing their jobs and so the efficiency with which the equity market functioned deteriorated",{"_779":32,"_780":947},[],{"_184":185,"_163":949,"_186":950,"_169":954,"_171":954,"_174":955,"_771":956,"_176":177,"_178":912,"_180":177,"_172":957,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":958,"_782":783},{"_165":177,"_167":177},[951],{"_54":952,"_190":953,"_192":177,"_768":177},"Allen Plummer","/author/allen-plummer","Taming the SMA Hydra","/wealth-management-industry-trends/taming-the-sma-hydra",{},"To what can administering to a separately managed account be best compared? Arm-wrestling an octopus, some posit. Herding cats, others offer. Fact is, just about any advisor offering managed accounts can testify to the complexity of the related administration and reporting. If a client has six managers in an account, each manager requires a separate pipeline, or for trading and activity, and the advisor",{"_779":32,"_780":959},[],{"_184":185,"_163":961,"_186":962,"_169":964,"_171":964,"_174":965,"_771":966,"_176":177,"_178":967,"_180":177,"_172":968,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":969,"_782":783},{"_165":177,"_167":177},[963],{"_54":847,"_190":848,"_192":849,"_768":850},"Ticking Tax Bomb","/wealth-management-industry-trends/ticking-tax-bomb",{},"Oct 1, 2004","No one likes paying taxes, but clients get extra steamed when they are blindsided by a particularly hefty IRS bill. Unfortunately, such tax surprises could become increasingly common for shareholders of municipal bond funds. The source of the problem is a much-hated creature known as the Alternative Minimum Tax (AMT) a beast whose reach is growing. Concerned about the problem, a few companies are",{"_779":32,"_780":970},[],{"_184":185,"_163":972,"_186":973,"_169":975,"_171":975,"_174":976,"_771":977,"_176":177,"_178":978,"_180":177,"_172":979,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":980,"_782":783},{"_165":177,"_167":177},[974],{"_54":847,"_190":848,"_192":849,"_768":850},"A Question of Size","/wealth-management-industry-trends/a-question-of-size",{},"Sep 1, 2004","If there is safety in numbers and comfort in size, fund investors are now putting their need for reassurance on parade. The growth-stock fund companies that raked in the bulk of new dollars in the late 1990s (Janus, Putnam Investments and Alliance, for instance) have given way to a new crop whose single most obvious characteristic is their hugeness. During the first five months of 2004, funds recorded",{"_779":32,"_780":981},[],{"_184":185,"_163":983,"_186":984,"_169":988,"_171":988,"_174":989,"_771":990,"_176":177,"_178":978,"_180":177,"_172":991,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":992,"_782":783},{"_165":177,"_167":177},[985],{"_54":986,"_190":987,"_192":177,"_768":177},"Namita Devidayal","/author/namita-devidayal","A Fitting Problem","/wealth-management-industry-trends/a-fitting-problem",{},"THE QUESTION WHAT NEXT? is an expression of exasperation but also one of hope as if so much has already happened that it can't possibly get worse. With all the scandal that's buffeted the securities industry, it's understandable if reps are muttering these words to themselves, but unfortunately the regulators have a very specific response to their question: insurance products. Having found the securities",{"_779":32,"_780":993},[],{"_184":185,"_163":995,"_186":996,"_169":998,"_171":998,"_174":999,"_771":1000,"_176":177,"_178":978,"_180":177,"_172":1001,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":1002,"_782":783},{"_165":177,"_167":177},[997],{"_54":835,"_190":836,"_192":177,"_768":177},"Trailer Cash","/wealth-management-industry-trends/trailer-cash",{},"Heard the one about what a redneck divorce and a tornado hold in common? (One way or another, someone's losing a trailer.) Or maybe you've run across one of those humorous trailer trash tests featuring questions like, If your front porch were to collapse, would more than five dogs be injured? and Do you have to go outside to get something from the fridge? There's no getting around it: Mobile homes",{"_779":32,"_780":1003},[],{"_184":185,"_163":1005,"_186":1006,"_169":1008,"_171":1008,"_174":1009,"_771":1010,"_176":177,"_178":1011,"_180":177,"_172":1012,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":1013,"_782":783},{"_165":177,"_167":177},[1007],{"_54":847,"_190":848,"_192":849,"_768":850},"Nest Eggs in Multiple Baskets","/wealth-management-industry-trends/nest-eggs-in-multiple-baskets",{},"Aug 1, 2004","In the late 1990s, academic researchers began noticing an interesting but disturbing side effect of the roaring bull market: 401(k) investors consolidating their investment positions. Specifically, instead of diversifying their portfolios, many 401(k) participants were buying big stakes in their employers' stocks. Even at companies with strong investment education programs, plan participants seemed",{"_779":32,"_780":1014},[],{"_184":185,"_163":1016,"_186":1017,"_169":1019,"_171":1019,"_174":1020,"_771":1021,"_176":177,"_178":1011,"_180":177,"_172":1022,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":1023,"_782":783},{"_165":177,"_167":177},[1018],{"_54":800,"_190":801,"_192":177,"_768":177},"A Soft Idea","/wealth-management-industry-trends/a-soft-idea",{},"Soft dollars is a heavily debated topic these days, particularly among the fund managers who shoulder the commissions load. A new study from The Journal of Portfolio Management asked chief investment officers at 72 asset management firms what they thought not just about the desirability of continuing to pay soft dollars, but also whether they thought it was to eliminate the practice. The conclusion?",{"_779":32,"_780":1024},[],{"_184":185,"_163":1026,"_186":1027,"_169":1029,"_171":1029,"_174":1030,"_771":1031,"_176":177,"_178":1011,"_180":177,"_172":1032,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":1033,"_782":783},{"_165":177,"_167":177},[1028],{"_54":835,"_190":836,"_192":177,"_768":177},"The Big Haul","/wealth-management-industry-trends/the-big-haul",{},"Ordinarily, the phrase in the tank is one that makes investors cringe, but this time around might prove an exception. Tankers, those giant ships that haul everything from oil to iron ore, are in high demand, which means they're likely to have plenty in the tank for months to come. The great ships haul about half of the world's oil, and chartering tankers is highly profitable business, when the business",{"_779":32,"_780":1034},[],{"_184":185,"_163":1036,"_186":1037,"_169":1041,"_171":1041,"_174":1042,"_771":1043,"_176":177,"_178":1044,"_180":177,"_172":177,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":1045,"_782":783},{"_165":177,"_167":177},[1038],{"_54":1039,"_190":1040,"_192":177,"_768":177},"Curt Hazlett","/author/curt-hazlett","THE WALMART way","/wealth-management-industry-trends/the-walmart-way",{},"Jul 1, 2004",{"_779":32,"_780":1046},[],{"_184":185,"_163":1048,"_186":1049,"_169":1051,"_171":1051,"_174":1052,"_771":1053,"_176":177,"_178":1044,"_180":177,"_172":1054,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":1055,"_782":783},{"_165":177,"_167":177},[1050],{"_54":847,"_190":848,"_192":849,"_768":850},"The Problem With a Long Life","/wealth-management-industry-trends/the-problem-with-a-long-life",{},"How can you build the ideal portfolio? For many advisors, the answer can be summed up in one word: Markowitz. In the 1950s, Harry Markowitz changed the financial world by describing how diversification could help investors control risk and achieve maximum returns. But in recent years, some academics have identified a problem with the modern portfolio theory developed by Markowitz and others: Retirees",{"_779":32,"_780":1056},[],{"_184":185,"_163":1058,"_186":1059,"_169":1063,"_171":1063,"_174":1064,"_771":1065,"_176":177,"_178":1044,"_180":177,"_172":1066,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":1067,"_782":783},{"_165":177,"_167":177},[1060],{"_54":1061,"_190":1062,"_192":177,"_768":177},"Robin Penfold","/author/robin-penfold","Challenging Assumptions","/wealth-management-industry-trends/challenging-assumptions",{},"It's repeated so often it has almost become a financial planner's mantra: Over 20 years, stocks always beat bonds. Look back on history, the refrain continues, and you'll see, the pattern has held true generation after generation. It's time to reconsider that assumption. History does not necessarily repeat itself, and it's far from certain to do so in the next 20 years. In fact, it's perfectly possible",{"_779":32,"_780":1068},[],{"_184":185,"_163":1070,"_186":1071,"_169":1075,"_171":1075,"_174":1076,"_771":1077,"_176":177,"_178":1078,"_180":177,"_172":177,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":1079,"_782":783},{"_165":177,"_167":177},[1072],{"_54":1073,"_190":1074,"_192":177,"_768":177},"Joe Gose","/author/joe-gose","CONDO CONVERSION CRAZE","/wealth-management-industry-trends/condo-conversion-craze",{},"Jun 1, 2004",{"_779":32,"_780":1080},[],{"_184":185,"_163":1082,"_186":1083,"_169":1087,"_171":1087,"_174":1088,"_771":1089,"_176":177,"_178":1078,"_180":177,"_172":177,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":1090,"_782":783},{"_165":177,"_167":177},[1084],{"_54":1085,"_190":1086,"_192":177,"_768":177},"Jeff Pape","/author/jeff-pape","A TAD Different","/wealth-management-industry-trends/a-tad-different",{},{"_779":32,"_780":1091},[],{"_184":185,"_163":1093,"_186":1094,"_169":1096,"_171":1096,"_174":1097,"_771":1098,"_176":177,"_178":1078,"_180":177,"_172":1099,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":1100,"_782":783},{"_165":177,"_167":177},[1095],{"_54":835,"_190":836,"_192":177,"_768":177},"The Virtue of Moderation","/wealth-management-industry-trends/the-virtue-of-moderation",{},"Problem: Americans are big and fat. We also are a pragmatic people who worship expediency hence the popularity of using pills to treat health problems like high blood pressure and high cholesterol. That pill fixation also applies to weight control, of course, and the companies behind those pills offer some great opportunities for investors. These firms are not without their issues many of the most",{"_779":32,"_780":1101},[],{"_184":185,"_163":1103,"_186":1104,"_169":1106,"_171":1106,"_174":1107,"_771":1108,"_176":177,"_178":1078,"_180":177,"_172":1109,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":1110,"_782":783},{"_165":177,"_167":177},[1105],{"_54":847,"_190":848,"_192":849,"_768":850},"Escape Is Rarely the Safest Bet","/wealth-management-industry-trends/escape-is-rarely-the-safest-bet",{},"Don't tell Brandywine Fund that fleeing stocks for cash is a safe, conservative maneuver. In 1997, at the outset of the greatest bull market of all time, Brandywine had a disastrous experience with a move to cash when it concluded that the markets were getting too rich and began dumping most of its stocks. Then, with 75 percent of assets in cash, it watched helplessly as technology stocks surged in",{"_779":32,"_780":1111},[],{"_184":185,"_163":1113,"_186":1114,"_169":1118,"_171":1118,"_174":1119,"_771":1120,"_176":177,"_178":1078,"_180":177,"_172":1121,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":1122,"_782":783},{"_165":177,"_167":177},[1115],{"_54":1116,"_190":1117,"_192":177,"_768":177},"Steve Watkins","/author/steve-watkins","Junk Is Not Bunk","/wealth-management-industry-trends/junk-is-not-bunk",{},"When the Federal Reserve signals an imminent rate rise, the news is traditionally greeted like a general alarm in the high-yield bond markets: Get out while you can! Run for your lives! But there are many who believe that a knee-jerk response would be imprudent at this time. It's true that rising interest rates typically hit the high-yield group hard. Indeed, some issues already are suffering at the",{"_779":32,"_780":1123},[],{"_184":185,"_163":1125,"_186":1126,"_169":1128,"_171":1128,"_174":1129,"_771":1130,"_176":177,"_178":1131,"_180":177,"_172":1132,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":1133,"_782":783},{"_165":177,"_167":177},[1127],{"_54":847,"_190":848,"_192":849,"_768":850},"Over There","/wealth-management-industry-trends/over-there",{},"May 1, 2004","Bond investors have reason to fret these days. With the Federal Reserve holding its benchmark rate at just 1 percent, short-term funds pay puny yields. The economy appears to be recovering, implying that rates are bound to rise in the next year, pushing down bond prices. Overseas, the picture is much brighter. In Australia, short-term yields are 5.25 percent; in Europe, short-term yields are 2 percent.",{"_779":32,"_780":1134},[],{"_184":185,"_163":1136,"_186":1137,"_169":1139,"_171":1139,"_174":1140,"_771":1141,"_176":177,"_178":1131,"_180":177,"_172":1142,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":1143,"_782":783},{"_165":177,"_167":177},[1138],{"_54":835,"_190":836,"_192":177,"_768":177},"Is Steel the Next Big Thing?","/wealth-management-industry-trends/is-steel-the-next-big-thing-",{},"Investing in steel over the past decade has been a minefield. Faced with stagnant pricing and exorbitant labor costs, the U.S. players suffered a near-death experience in 2001, when Bethlehem Steel, the No. 2 steel maker, went bankrupt. But that was then. A wave of bankruptcies, supply constraints, improving global demand, a weak U.S. dollar and, not least, a country called China has investors rushing",{"_779":32,"_780":1144},[],{"_184":185,"_163":1146,"_186":1147,"_169":1149,"_171":1149,"_174":1150,"_771":1151,"_176":177,"_178":1152,"_180":177,"_172":1153,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":1154,"_782":783},{"_165":177,"_167":177},[1148],{"_54":847,"_190":848,"_192":849,"_768":850},"None the Worse","/wealth-management-industry-trends/none-the-worse",{},"Apr 1, 2004","To measure Janus Mercury's fortunes in newspaper column inches is to believe the fund is a disaster. An aggressive growth specialist, Mercury suffered big losses in 2000 and 2001. That was followed by New York State Attorney General Eliot Spitzer singling Mercury out as an enabler of Canary Capital's market timing activities. Then, fund tracker Morningstar weighed in, urging investors to sell Mercury",{"_779":32,"_780":1155},[],{"_184":185,"_163":1157,"_186":1158,"_169":1160,"_171":1160,"_174":1161,"_771":1162,"_176":177,"_178":1152,"_180":177,"_172":1163,"_775":177,"_196":776,"_181":182,"_183":133,"_194":362,"_777":1164,"_782":783},{"_165":177,"_167":177},[1159],{"_54":847,"_190":848,"_192":849,"_768":850},"The Investment Cocktail","/wealth-management-industry-trends/the-investment-cocktail",{},"Separate accounts or mutual funds? The choice can be difficult, and often advisors feel compelled to pick one and ignore the other. Indeed, until recently, the case against mixing two investment types in the same portfolio has been a potent one. Hybrid investment portfolios historically have resulted in a host of administrative headaches, including extra paperwork and a new matrix of fee calculations.",{"_779":32,"_780":1165},[],"sidebarModules",[1168,1216,1231,1343,1378,1397],{"_88":1169,"_1170":1171,"_1213":1214},"module_content_cards","data",{"_112":1172,"_1173":1174,"_196":1175,"_760":1176,"_1209":1210,"_1211":1210,"_1212":-7},"RSB - Content cards","moduleLabel","Latest news","default",[1177,1192,1200],{"_88":1178,"_1170":1179},"contentPreview",{"_184":185,"_196":1180,"_163":1181,"_169":1184,"_171":1185,"_174":1186,"_176":1186,"_771":1187,"_178":179,"_180":177,"_181":158,"_183":159,"_186":1188,"_194":271,"_777":1190},"card-horizontal",{"_165":1182,"_167":1183},"https://eu-images.contentstack.com/v3/assets/bltabaa95ef14172c61/blt67004ea2ccff0fbb/67abcc8f39b12b008b1cb140/restieiri-oros-hightower.jpg","Larry Restieri and Bob Oros Hightower","Hightower CEO Bob Oros To Step Down","Hightower CEO Bob Oros To Step Down ","/career-moves/hightower-ceo-bob-oros-to-step-down",{},[1189],{"_54":359,"_190":360,"_192":361},{"_779":32,"_780":1191},[],{"_88":1178,"_1170":1193},{"_184":185,"_196":1180,"_163":1194,"_169":170,"_171":170,"_174":175,"_176":175,"_771":1195,"_178":179,"_180":177,"_181":182,"_183":133,"_186":1196,"_194":195,"_777":1198},{"_165":166,"_167":168},{},[1197],{"_54":189,"_190":191,"_192":193},{"_779":32,"_780":1199},[],{"_88":1178,"_1170":1201},{"_184":185,"_196":1180,"_163":1202,"_169":263,"_171":1203,"_174":265,"_176":265,"_771":1204,"_178":179,"_180":177,"_181":233,"_183":234,"_186":1205,"_194":271,"_777":1207},{"_165":261,"_167":262},"Advisor Use of Custom Model Portfolios Rises",{},[1206],{"_54":268,"_190":269,"_192":270},{"_779":32,"_780":1208},[],"dateDisplay","show","contributorDisplay","displayAd","adConfig",{"_1215":32},"nativeAdOption",{"_88":1217,"_1218":1219,"_1170":1220},"module_newsletter_promo","uid","blta6c28a4504323eb8",{"_112":1221,"_670":1222,"_1223":1219,"_671":1224,"_196":1225,"_1226":1227,"_1228":32,"_1229":1230},"Sign Up for Newsletters","Sign up to receive the latest insights, trends, and analysis.","newsletterId","Subscribe 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Research","heading","mobileHeading","articleBody",[1253,1269,1275,1280,1285,1290,1322,1327],{"_88":1254,"_1255":1256,"_1240":1259},"paragraph","attrs",{"_1257":1258},"textAlign","left",[1260,1262],{"_88":1261},"hardBreak",{"_88":522,"_1255":1263},{"_1257":1258,"_165":1264,"_167":1265,"_112":-5,"_1266":1267},"https://eu-images.contentstack.com/v3/assets/bltabaa95ef14172c61/blt21897644bb1e60b4/67374845c2f89b587e22ae12/57ce9757-7cad-46ce-ba00-6f4311af5027.mma_primary_logo_h_blue-250_1.png","57ce9757-7cad-46ce-ba00-6f4311af5027.mma_primary_logo_h_blue-250_1.png","style",{"_1268":1236},"float",{"_88":1254,"_1255":1270,"_1240":1271},{"_1257":1258},[1272],{"_88":1273,"_1273":1274},"text","Advisors and principals at wealth management firms, as well as their counterparts at retirement plan advisory firms, agree on one thing: The convergence of their business models is coming.",{"_88":1254,"_1255":1276,"_1240":1277},{"_1257":1258},[1278],{"_88":1273,"_1273":1279},"A new study of wealth managers 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