OUT WITH THE OLD, IN WITH THE NEW

For over a century, the old guard of big banks and trust companies have dominated the financial services industry. From their humble beginnings as local businesses serving a select few clients, these institutions have become massive, impersonal vending machines dispensing financial products. You, as the vendee, have had to accept these off-the-shelf, pre-packaged products, even though every financial situation is different and deserves its own, unique solution. Even as the world has progressed, investors are still left with largely the same products and solutions that existed decades ago. Brokers and “advisors” are quick to recommend that client monies be placed in high-fee and tax-inefficient mutual funds, even though these investment structures are largely outdated.