New York-based broker and trader Paul Schmitt said that as the stock market continues to decline, it’s only a matter of time before more firms decide to abandon their traditional roles of managing clients’ portfolios.
“If you want to get a good portfolio of the right securities, you can’t just go to a broker and ask them to do it,” said Schmitt, whose firm has worked with banks and hedge funds.
“I think it’s pretty clear that there’s a lot more money-lose than that.
You need to be able to find the money.”
“You don’t have to be an expert in every field.
You can be an investment banker or an accountant or a broker,” he said.
“There are many things that a bank can do.
It can provide you with the financial instruments you need, or it can provide a portfolio of a portfolio that’s right for you.
That’s not a task that a broker or investment banker is going to do for you.”
Schmitt told Quartz that there are now more than 1,200 financial advisors across the United States, with the average number of years on the job reaching 6,000.
The average age of a financial advisor is about 35.
“People are looking for something different,” he continued.
“They’re looking for someone who can help them to be successful.”
He added that some advisors have even become “financial arbitrage” experts, offering a wide range of services to clients that they can charge as little as $5 per hour.
“It’s really a way of becoming a financial professional, so to speak, and you’re not doing that as a stock broker or a banker, you’re doing it as an advisor,” Schmitt explained.
“You can make more money than a stockbroker.”
‘It’s a different way of doing business’ Financial advisor Paul Schmit.
Source: CNBC (US) Schmitt told the Guardian that the rise of financial advisor roles was a “huge opportunity” for financial firms.
“The rise of the finance industry is a big part of the reason why people are going to look to financial advisors, because the way that you get a portfolio and you can track it and make decisions that make sense is a very different way than it was 25 years ago,” he added.
“That’s what the role is about, and it’s a very, very different model than it is today.”
“If you don’t believe me, go to any financial firm in New York, and the financial advisor can be a bank, a brokerage, or even a hedge fund,” he told Quartz.
The rising popularity of financial advisors can be seen across the financial services industry, with some banks and credit card companies offering more of an investment-grade rating.
Last year, Citigroup announced that it would offer a credit-rating service to its clients, which it described as an “insider” rating, instead of a “senior” rating.
The move comes at a time when many banks are under pressure to rein in excessive leverage and leverage-related fraud.
“The rise in the number of financial advisers is a huge opportunity for financial institutions to be innovative and new,” said Paul Schmid, chief executive officer of Schmid Capital Advisors.
“By using the services of financial services firms to provide this service, they will allow us to offer better investment-quality investment products to our clients.”
The New York Stock Exchange (NYSE) is currently running a new program, called the Financial Advisers of New York (FANNY), which aims to help financial firms provide a better investment experience for their clients.
“Financial advisors are a great asset class for the NYSE, and they’re also a great way to build relationships with our clients,” said Andrew Schmit, chief operating officer of the NYSEX.
“FANny helps financial firms build better relationships with clients, and we’re happy to offer them this opportunity.”
The NYSE’s Financial Advisors of New Jersey (FANAJ) also offered financial advisors a new rating, which means the financial adviser will be rated a “star” rather than a “minor” for the purposes of the brokerage’s offerings.
The FANAJ rating has been a key driver of the stock prices of financial firms over the past several years, and many firms are now offering a similar service.
Schmitt says that he expects financial firms to continue to innovate to become more financially independent.
“A lot of these people are in the financial-services sector because they’re very talented and they know how to make money,” he explained.
He said that financial advisors are able to make their clients feel confident, which in turn allows them to offer the services that their clients want.
“Some of these firms are just doing it for the fun of it, so they’re going to take advantage of this opportunity to help people understand what the market is doing,” Sch