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Top Advisors Weigh In: It Doesn’t Matter Who’s in the White House

By Rita Raagas De Ramos September 9, 2020

FA-IQ reached out to top Financial Times-listed advisors to ask:

Who would be more favorable for the advisory industry in the White House — Donald Trump or Joe Biden?

Cheryl Holland of Abacus Planning Group. Holland — who splits her time between Columbia and Greenville, S.C., as well as Fredericksburg, Texas — has been in the industry for 32 years and has $1.26 billion in client assets.

Cheryl Holland
“As advisors to families with shared assets and closely-held family businesses with a high level of complexity, our role is to help, guide, and equip our clients, regardless of who controls Congress or the White House.

We have families across the political spectrum, and we look forward to the opportunities and challenges presented by whomever our president may be. 

We also believe this diversity of opinion and perspective across our client base makes us better advisors.”  

Craig Beden of Beden Wealth Management. Vienna, Va.-based Beden has been in the industry for 36 years and has $350 million in client assets.

Craig Beden
“Regardless of who is in office, there will continue to be oversight of the advisory industry. 

Our job of helping clients make the best decisions with their finances will always be under scrutiny. So far, the Regulation Best Interest documentation, while time-consuming, has not been too arduous. Carefully documenting the rationale behind the planning recommendations we make is good practice. Documenting why investment modifications improve a client’s situation are necessary. 

Our industry needs to continue to educate regulators, so they understand that many consumers do not feel comfortable managing their own investments. Clients reach out to advisors for professional advice that will be provided in a fiduciary manner. 

We as advisors, take this duty seriously and will continue to do so regardless of who is in office."

This is part of an ongoing series wherein we ask Top Financial Times 400, 300, and 401 Advisors to answer pressing questions about the industry, their practice or their clients. Brokers and advisors make it to the respective Financial Times lists based on scores in six criteria: AUM, AUM growth rate, years in existence, advanced industry credentials, online accessibility and compliance records.

Do you have a news tip you’d like to share with FA-IQ? Email us at editorial@financialadvisoriq.com.

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Tags:  Regulatory/legal issues , Investment strategies , Portfolio management

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Comments

Gerard Miserendino
NFP Sep. 9, 2020 at 05:34 PM EDT

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What does matter and make a difference is the resulting economy and job creation. Biden will kill the economy and Trump will bring it back quickly. The stock market with likely tank if Biden wins. Big difference.