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Advisor for Life
by Stephen D. Gresham
Practical Advice for
Succeeding in the Wealth Management Arena
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The New Managed Account
Solutions Handbook
by Stephen D. Gresham &
Arlen S. Oransky
New Edition of the
definitive reference guide for wealth
managers.
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(PDF 293k)
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(PDF 46k)
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About the Grasshopper
The
grasshopper was affixed to the Gresham family's coat of arms
by Sir Thomas Gresham (1519-1579), financial agent to both
Henry VIII and Queen Elizabeth I of England. Sir Thomas
represented the royal crown in financing the war against the
Spanish Armada and founded Gresham College in London. He is
also credited with saving the British currency through the
introduction of bimetallic currency, which led to the
hoarding of gold coins while silver was used in commerce.
Gresham's Law refers to "good money driving out bad" -- a
business metaphor with many applications beyond finance. A
successful merchant, Sir Thomas Gresham founded the Royal
Exchange, a central marketplace for transactions that still
stands next to the Bank of England on Threadneedle Street in
London complete with an ornate cupola featuring the golden
grasshopper.
Photo of Steve Gresham by Wendy Barrows Photography
212.685.0799
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Steve
Gresham
Financial Industry Author
Steve is senior vice president of Fidelity Investments.
He joined Fidelity in October 2008. Prior to joining
Fidelity, he served as Executive Vice President of
Phoenix Investment Partners. He is also Visiting Instructor at the A.
Alfred Taubman Center for Public Policy and American
Institutions at Brown University, and is business chair
of Brown’s Retirement Readiness Project.
Mr. Gresham is one of the financial industry’s true
pioneers. Since beginning his career in 1980, Mr.
Gresham has been at the forefront of many defining
trends including managed accounts, fee-based wealth
management, lifecycle mutual funds and alternative
investment products. He was named Mutual Fund Marketer
of the Year in March 2007 by Institutional Investor/Fund
Action. He has led successful teams either as a
consultant or senior executive at over 50 financial
services companies, including Merrill Lynch
International, Fidelity/National Financial, Schwab
Institutional, Phoenix Investment Partners, AGF Funds
and AIM Distributors. He is a former director of The
Money Management Institute and is a founding director of
the International Money Management Institute in London.
Mr. Gresham is prominent in the media, having appeared
on CNN, PBS, USA Network and Bloomberg Radio and
Television. He has published more than 100 articles and
has been featured in Business Week, Fortune, Investment
News and The New York Times. His most recent column,
Advisor for Life, appeared in Registered Rep. He is the
author of four books about the financial advice
industry, including Advisor for Life (John Wiley
& Sons, 2007) and (with Arlen Oransky) The New
Managed Account Solutions Handbook (Wiley, 2007). A
new book, The Gen-X Advisor, will be published in
early 2009. Mr. Gresham is a graduate of Brown
University.
www.fa-mag.com »
X Marks The Spot
By Jeff Schlegel
Generation X usually isn’t perceived as being ready
for prime time when it comes to financial planning,
but consider a couple of stats regarding this
demographic. Take a look at a recent study by The
Phoenix Companies that studied high-net-worth
individuals with at least $1 million in investable
assets. Among this universe of paper millionaires in
America, the age group with the highest percentage
of people with more than $2 million was Generation
X, at 47%. The total sample survey—which also
comprised baby boomers and their parents’
generation—was 39%. And a four-year-old survey
conducted by MainStay, a division of New York Life
Investment Management, found that Gen Xers had an
average household income of $144,000 versus $131,000
for boomers and $87,000 for the boomers’
predecessors.
More
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Investment News >>
Three Things Baby Boomers
Won't Tell You
by Steve Gresham
Conventional wisdom suggests that the
wave of retiring baby boomers will extend the salad
days of the financial advice business. Not so fast.
The protracted and painful 25-plus-year decline of
the North American automobile industry provides a
somber warning to the full-service financial advice
business: adapt to the changing needs of the baby
boomer age wave or face extinction.
Opportunities abound for
entrepreneurs willing to listen and respond to
changing consumer preferences — every generation
expects to have things “their way.” But as the Big
Three automakers learned too late, ignoring change
drives away potential customers and opens the door
to competition ...
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Video Interview Sneak Preview
Steve Gresham was recently
interviewed in Las Vegas at the Financial Advisors
Symposium by MoneyShow.com. Use the links below to
get the first look at a number of interview
segments:
"Advisors' Changing Roles"
With the role of the advisor having shifted
remarkably in recent years, Steve Gresham discusses
three main liabilities advisors must address as part
of an effective wealth management solution.
Play
»
"Beat the Market?"
Steve Gresham explains why he believes a mixture of
both alpha and beta funds might be best in today's
volatile markets. Play
»
"Inside an Alternative Asset Fund"
The current environment proves that stocks and bonds
aren't always the place to be, and here, Steve
Gresham discusses seven alternative asset classes
targeted in his firm's newest fund. Play
»
"Look at Alternatives"
Steve Gresham denounces the common belief that
alternative investments are reserved only for hedge
funds, instead explaining why many are prudent
investments for the masses. Play
»
www.registeredrep.com >>
Slaying Your Inner Dragons
by Stephen D.
Gresham
At one time or another all of us
have said or done something that
was contrary to our own best
interest, damaging to an
important relationship or just
plain wrong. We kind of knew it
at the time, but we went ahead
and did it anyway. The question
is, why?
I learned about the Seven
Dragons from Laurie Skreslet,
the first Canadian citizen to
reach the summit of Mount
Everest. Laurie has spent many
years living among the Tibetan
people and the sherpas who guide
clients up the mountain. They
have taught him much about human
nature, and the ways in which
each of us can unwittingly
become self-saboteurs. More
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