Finance
With Banks Offering 5% Returns, Financial Advisers Fight Irrelevance
As interest rates climb, fewer people see the point in shelling out for investment advice.
Parkworth Wealth Management advisers Max Gonda and Michal Zyla.
Photographer: Gabriela Hasburn for Bloomberg BusinessweekThis article is for subscribers only.
On a Tuesday evening in Huntington Beach, California, surfers catch the waves and the rappers Method Man and Redman take the stage as the sun sets over the Pacific. With lights flashing under the palm trees and beats blaring from the speakers, a roar rises from the crowd.
The audience? Financial advisers. No, it’s not a Saturday Night Live skit. Hundreds of professionals from the traditionally stodgy industry have come to Los Angeles for Future Proof, a conference designed to infuse some buzz into the field.