The bottom line for financial services

One of the things we do in our new book is to review the purpose of investing. Sometimes it is easy to forget what the goals of investing really are and how we can go about achieving our goals. David Booth is the CEO of DFA Funds, the mutual fund powerhouse with some $200+ billion in assets under management. He was recently quoted in Forbes* talking about what the future holds for the financial services industry.

Booth says the most exciting thing in the financial services will be providing wealth management for the everyday Jane and Joe. “Providing cost-efficient integrated lifetime financial solutions to the average person is an exciting challenge for the industry.” He adds, “Giving everyone a chance, a decent chance, at a good retirement. That’s what excites me.”

Sometimes in all the back and forth in the market it is easy to forget what the purpose of investing is all about. It’s about giving individuals the tools and skills to provide for themselves a “good retirement.” The existing financial services industry hasn’t done all that good job doing that for the average American. The question is who is going to provide that solution Booth seeks, because it is unlikely to come from incumbent Wall Street firms.

*Hat tip: Points and Figures

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