On the latest episode of The Inside Track, Sandy Bolton, Head of Wealth Management Solutions at Ameriprise, joins Stuart Parker as they dive into the evolution of financial advice.
In Part Three, they discuss how advisors are thinking about cash allocations in light of the current economic environment.
“Look to lock in higher yields where possible now. Take a look at those cash positions because it's time now to rebuild your fixed income allocations,” Bolton says. “Advisors did a really incredible job of bringing over their clients lower-yielding cash… But now it's time to talk to your clients and say, are there better opportunities?”
Additional Takeaways:
- The Robo Takeover is Overhyped – “The future of advice is the human advisor who understands that the importance of being that comprehensive source of guidance on everything from retirement to goal planning to tax planning,” Bolton says, citing a study that consumers’ willingness to pay for advice has increased by 22 percentage points since 2009. Watch Part One with Sandy Bolton.
- Make Room for Alternatives – “There's a ton of opportunity with alternative investments within the managed accounts space where we can actually put an alternate investment that's not daily liquid into a model portfolio. We are looking to add more and more alternative investments, make them available within the advisory space, which we know that more and more advisors are using,” says Bolton. Watch Part Two with Sandy Bolton.
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