Navigating Client Interactions and Retirement Income Solutions
Welcome to this week's News Brief, a look at some of the biggest stories of the past week. We recently switched up our style. Regular readers: let us know what you think! For regular readers, we hope you like it. For those new to News Brief, we hope you enjoy.
Vanguard is screening its calls. The company is committed to "providing a world-class experience" for its clients, a spokesperson told Ignites last week. But it would prefer that brokerage clients take it online, where the firm has "strategically invested" in tools and applications that help investors help themselves. And now, the Malvern, Pennsylvania-based giant has warned customers that it might drop clients who call too often. Joe Morris lays out potential penalties, such as fees and account termination, for those who seem to keep the firm on speed dial.
Retirement income is all the rage. But comparing products can be a headache for plan sponsors who need to parse apart product structures, their underlying investments and payout mechanics. Sébastien Page, global multi-asset head and investment chief for T. Rowe Price thinks his team's "5-D framework" is the decoder that plan sponsors need to weigh the trade-offs inherent in retirement income strategies. Beagan Wilcox Volz walks through the patent-pending model.
More talk than action on artificial intelligence? Just 11% of asset managers are using AI in anything other than "modest" ways when it comes to distribution, according to results of a survey from Fuse Research and the SME Forum. But smart uses can cut time spent sifting through spreadsheets and allow more time to engage with clients, said Rocco Bendetto, head of distribution at Invesco. Alyson Velati has the details of how Invesco, T. Rowe Price and WisdomTree are applying AI in sales operations to better target clients and how firms assess whether to build or buy the tools they need.
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Sweet 16
Top executives at the 16 publicly traded asset managers that Ignites tracks saw their compensation swell by $50,000, on average, during 2023.
Morgan Stanley Investment Management chief, Dan Simkowitz, saw the biggest bump and package overall.
U.S. Global's chief, Frank Holmes, got the biggest haircut, data reporter Madison Hall found .
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Click here or on the image below to get the full picture on who else saw swings and how each executive's pay package breaks down.
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