Sunday, July 22, 2012

Quotation Of The Day: The Disposable Middle Class Edition

April Rubin gives cold-blooded advice to financial managers:
The middle class is toast. In the wake of the financial crisis, middle class families in the U.S. are burdened by too much debt, the rising cost of health care, fewer jobs and the ever-increasing price tag on retirement.

Financial advisors in the future who want to prosper need to hitch their star to high net worth clients, including , maybe even especially, those from outside the U.S. who are seeking a dynamic asset allocation approach designed to deal with rising global market and economic volatility.

It’s a reality that advisors need to embrace, but all too many are behind the curve. They are using old-fashioned methods to appeal to clients who are rapidly disappearing and who will in the future not be able to afford their products and services.
I guess that if one is a financial planner one doesn't care that the middle class is being destroyed; one only cares that one is "behind the curve" in chasing wealthy clients and throwing middle class clients to curb.

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