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I can only image that UBS and other wealth management shops are hearing similar reports.
Most traditional money management shops and mutual funds try to sell to the pension plans of large corporations.
The brainchild of former Benchmark Capital founder Andy Rachleff, Wealthfront launched in 2011 to give anyone access to the type of financial planning that would normally only be available in private wealth management shops of Goldman and others.
With better tech, global reach, and marketing sophistication that far eclipses what most local property management shops can offer, companies like Vacasa, Airbnb and Evolve have created remarkable systems for maximizing bookings and making life easier for vacation homeowners.
The company's data is based on an analysis it conducted based on accounts it controls that had made the switch from traditional wealth management shops to Wealthfront's service over the past four years.
Life goes on without bringing in the high priced lawyers, public relations firms, and crisis management shops like APCO Worldwide to handle his dismissal.
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The wealth management shop has invested money with top-notch managers including ESL.
D. E. Shaw, the veteran alternative asset management shop that once employed Lawrence Summers, President Obama's economic adviser, reveals the shift in fortunes.
"We have wonderful facilities," he said, that can operate "as a private club, a university and a wealth management shop all in one".
That's a quip from David Rosenberg, former chief economist at Merrill Lynch who is now working at Gluskin Sheff, the wealth management shop.
Some large shareholders of Lehman have told the chief executive, Richard S. Fuld Jr., that the firm's only chance for survival is to reinvent itself as an advisory-cum-money management shop along the lines of Lazard, the international asset management firm.
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