From InvestmentNews
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Summary: What a difference a few months can make! In March, we seemed deep in bear territory, and COVID-19 appeared to be sweeping across the country unchecked. As I write this in June, the market has come back strong, and, while we are keeping an eye on localized outbreaks, states are cautiously reopening businesses, restaurants, stores, and services.
From Citywire
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Summary; Restaurants, hospitality and airlines have really struggled during the Covid-19 pandemic. Others businesses, like Amazon and Zoom, have flourished. On average, the RIA business seems somewhere between. Most firms have adapted to working from home reasonably well. And while the market had a significant decline initially, negatively affecting revenues and profits, it has recovered nicely.
From ThinkAdvisor
Added on July 2020 in M&A Issues
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Summary: The coronavirus crash likely means many advisors nearing retirement will dash to the nearest exit. Let’s face it: It’s tough to be a financial advisor when the markets are savaging client portfolios.
From Financial Planning
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Summary: I remember it like it was yesterday. I was a young investment advisor at a large firm. I had landed there after a long stretch applying for jobs in management consulting, technology, sales and elsewhere in finance. The soft echoes of the consistent “no’s” that I had heard in response to 265 applications still were close enough in my frontal cortex that I felt the pressure to prove myself day in and day out.
From ThinkAdvisor
Added on July 2020 in M&A Issues
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Summary: In the second quarter, the number of RIA mergers and acquisitions fell 20% from the prior period, hitting 35 total, says Echelon Parnters. This weakness and other factors also could bring the total tally of deals in 2020 down 20% from 2019.
