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The rich lose faith in financial institutions
In this week’s Economist there's an interesting article
discussing how “the rich have become disillusioned with the people who look
after their fortunes”. It quotes some
research carried out by Harrison Group that found that 63% of wealthy Americans
have lost faith in financial institutions and goes on to suggest that
accessibility of data and impartiality of advice has been the cause of this
breakdown of trust.Later in the piece Stefan Jaecklin of Oliver Wyman is quoted
saying that ‘the industry needs to move to a model where advice is being
charged for and money flows are transparent’.You can read the full article here.
Covestor on 17 Apr 2009
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