In the early 1990's, I started my career in the financial industry with one of the most well-known Wall Street firms. Many changes have occurred since 1993. Thousands of different investment strategies have been created. Banks and insurance companies have become financial planning and investment firms, and the reverse as well. We have seen technology break down the barriers to access that once greatly benefited the major banks, and the emergence of independent private wealth management firms.
But today, the biggest challenge that all advisors have to deal with, irrespective of what firm you own or work for, is an environment where the expected rate of return and the risk associated with getting that return has changed, especially for older investors. In other words, your income during retirement is lower today than it has been in a long time.