I just watched the monthly video of economic conditions from Wells Fargo. They foresee continued GDP growth of roughly 3% thru the end of 2016. If so, this would be the best two-year GDP expansion in a decade. They also consider the disappointing Jobs Report earlier this month of only 142 thousand jobs to be an anomaly and expect it to return to a more normal 200 thousand level. Importantly, they see the greatest risk to their forecast as being the Russia-Ukraine crisis. An embargo of natural gas from Russia to Europe would have painful economic consequences to the West. It was an excellent and timely video update, as usual.
However, while watching it, I kept thinking about the house guests from California that we enjoyed last weekend. They're dear friends that we've known for many years, and I thought they understood my profession better. But, then they asked how I could compete against the stockbrokers who have whole research departments.
I was flabbergasted!
A stockbroker only has access to the research of his employer and, whether he believes it or not, is required to follow that research. An independent NAPFA-Registered financial advisor has access to more research than can be consumed. It is truly like "drinking from a fire hose." Plus, we can follow the research that makes sense to us, not solely whatever makes sense to the head of the research department.
I study the research from Wells Fargo, Goldman Sachs, several mutual fund companies, as well as Bloomberg, and the National Association of Business Economists.
I'm drowning in research!
However, while watching it, I kept thinking about the house guests from California that we enjoyed last weekend. They're dear friends that we've known for many years, and I thought they understood my profession better. But, then they asked how I could compete against the stockbrokers who have whole research departments.
I was flabbergasted!
A stockbroker only has access to the research of his employer and, whether he believes it or not, is required to follow that research. An independent NAPFA-Registered financial advisor has access to more research than can be consumed. It is truly like "drinking from a fire hose." Plus, we can follow the research that makes sense to us, not solely whatever makes sense to the head of the research department.
I study the research from Wells Fargo, Goldman Sachs, several mutual fund companies, as well as Bloomberg, and the National Association of Business Economists.
I'm drowning in research!
