With the markets still trying to find their way amid the European debt crisis, an anemic jobs landscape in the United States along with a still weak housing picture, financial advisors are still facing a two-fold dilemma: showing returns in their clients' portfolios and regaining their trust.
It seems like everything is conspiring against advisors in their efforts to reassure investors. Let's face it. The $2 billion trading loss at J.P. Morgan is only the latest blow to the reputation of the financial services industry. The one thing advisors cannot do is lose faith in themselves and the job that they do for their clients. Sure, it's not easy when the headlines bray with each scandal and the markets gyrate in response to the political changes in nations like Greece and France.
This month in Going Global, our expert Milton Ezrati sheds his erudite light on the challenges that continue to plague Europe. In fact, he points out the reaction against austerity that we are now seeing has an economic rationale. He says that such intense austerity being pushed by Germany "runs the risk of putting Europe into a vicious downward spiral." He adds that these types of austerity measure "could easily create recessions in the nations on which it is imposed, it could actually create greater shortfalls in tax revenues and force greater spending on social services." There is real food for thought there.
Also this month, we have in-depth interviews with our Top Ten Branch Managers of the Year, an annual feature sponsored by NY Life/MainStay Investments. We welcome back to the list two previous winners, Stephen Viets of Wells Fargo and Christopher Shaw of Morgan Stanley Smith Barney. Of course, I want to congratulate all of our winners, who are leaders during very challenging times. As always, read this issue and tell us what you think. After all, your opinion is essential to making On Wall Street work for you.
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