Finding an Alternative Return Stream in a Traditional Place
With over 30,000 individual issuers and one million distinct securities, the supply of municipal bonds is highly fragmented.
The Silver Lining in the DOL Ruling
While the wealth management industry continues to digest the 1,023 page fiduciary rule put forth by the Department of Labor (DOL), an unexpected winner has emerged: advisors with well-diversified portfolios that include alternative investments. The original DOL proposal failed to acknowledge the importance of alternatives and it was not until the industry complained that the rule was adjusted. The new DOL rules may eventually result in regulatory costs that change our industry, including the reduction of choice for smaller accounts, but one unlikely result is reducing access to alternatives. Advisors who integrate alternatives into their toolkit are likely to retain their competitive advantage.