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ETF Investment Strategies: Best Practices from Leading Experts on Constructing a Winning ETF Portfolio by Aniket Ullal

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CHAPTER 3THE EMERGING INDUSTRY MODEL: FEE-BASED ADVICE

At the end of October 2008, Adam Scott and Josh Rudoy were faced with some of the most challenging market conditions experienced by financial advisors in recent years. The S&P 500 had declined by 33 percent from the beginning of the year, and Lehman Brothers had recently announced its bankruptcy, destabilizing the entire financial system. As financial advisors at a big brokerage firm, they had the difficult task of managing the expectations of their nervous clients at the peak of a mortgage and banking crisis. While Adam and Josh understood their clients’ concerns and their need to make adjustments in their portfolios, to some extent, as financial advisors, their hands were tied. Their clients’ ...

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