The risks of generational change
Most industrial countries are in the midst of a transition away from socially mandated to individually managed retirement planning. David Rowe argues that this holds potentially huge strategic risks for buy-side firms that fail to meet the highest standards of fiduciary care while offering real opportunities to the most innovative among them
In the 1920s, Nikolai Kondratieff documented what he called The Long Wave in economic activity, a cycle lasting 50–60 years. One somewhat flippant explanation for such a cycle is that every generation must relearn what its grandparents knew and its parents forgot. We may be experiencing just such a process of generational memory loss and relearning in the area of personal financial planning.
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