Darwinian Markets

My last column discussed specific actions our firm is taking as the economy and markets have become more challenging. Now it's clear that the economic situation is not the result of a single-point crisis that will quickly pass; my quick-response solutions won't suffice long term. Global economic woes will result in significant changes in the regulatory, financial and business landscapes of our industry.

So I started writing about the three steps firms must take to survive and thrive in the new landscape. While I was trying to write that column, though, I had a nagging feeling I was missing something. While reading and researching, I discovered something I must now confess: Most of the economics training I've used since graduate school is not valid—and wasn't in the first place. What's worse, I based my firm's integrated wealth management services, including investment management and financial planning, around ideas that were just plain wrong...

Financial Planning: Darwinian Markets