For clients who want to hold too much cash in their portfolios, Sumit Desai, fund analyst at Morningstar, says advisors must help them maintain a long-term view of risk.
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Ultrahigh-net-worth investors can have complex needs. That's why Abbot Downing, Wells Fargo's group serving investors with $50 million or more, has family historians and psychologists on staff.
The industry has largely moved to a team model, but some advisors may finish out their careers as 'bachelors,' says John Taft, CEO of RBC's U.S. wealth management division.