Greetings from Washington, the headquarters of Snowmaggedon, Snowpocalypse, and Snoverkill, some of the names given to the massive storms that have rocked this area over the past week. More snow is coming on Monday, but only a light dusting compared to what we’ve just seen, and we fully expect kids to be back in school on Tuesday!
In between the storms, I managed to escape to Orlando for the TD Ameritrade Institutional 2010 National Conference, which TD Ameritrade management claimed was the largest ever gathering of independent advisors. This annual conference, like those hosted by other custodians, provided an excellent opportunity to learn about current investment advisory trends and products, hone skills related to our work, and network and share best practices with other advisors from around the country.
The mood among attendees and presenters was optimistic, due to the general agreement that the worst of the financial crisis is behind us and the economy has turned. Issues remain, but advisors and their clients are becoming more confident and willing to increase exposure to the markets, despite the turmoil of the past few years. Based on asset flows, it is clear that clients are increasingly attracted to the advantages offered by independent firms (called Registered Investment Advisors by the SEC) as compared to large brokerage firms, including the absence of conflicts of interest and, in many cases, significantly lower costs.
A highlight of the event was the discussion between former presidents Bill Clinton and George W. Bush. These two one-time rivals have been working together to coordinate relief efforts in Haiti and have become friends (so they claim). Both seemed relaxed and were very entertaining, sometimes playing to stereotype. Clinton typically gave long, detailed, multi-part answers to the questions asked, which sometimes left me dazed and confused. Meanwhile, Bush often answered in a shorter, more direct manner, even saying in one case, “I don’t know what you’re talking about.” They share concerns about global political trends, particularly regarding terrorism and the volatile situation in the Middle East, but both also believe in the ability of our country, and the global economy, to surmount obstacles and regain strength.
One of the key themes of this and other similar meetings I have attended recently was the growing importance of new methods of communicating with clients and sharing information, including blogs and social networking tools such as Twitter, LinkedIn, and Facebook. As readers of this blog know, we have recently begun experimenting with some of these tools in an effort to facilitate more frequent interaction with clients and friends. We have also found these outlets to be valuable sources of information and insight into the markets, the economy, and financial planning issues. Please continue to check this blog for updates and provide us with your comments and feedback.
I returned from the conference invigorated and excited to share what I had learned, implement new ideas, and continue to talk with and learn from the advisors I met. I landed at the airport in Washington soon after the snow began to fall, just in time to get back to the office and prepare for a weekend of shoveling. Like the economy, conditions in my driveway and the streets have improved, but there’s still some work to do.
Snow, TD Ameritrade Conference in Orlando, More Snow….
