The U.S. wealth management industry has responded to the economic environment much like a surfer would at high tide, seeking opportunities for lift during the storm. If the economic downturn of 2008-2009 could be compared to low tide, 2010 looked to be the year waves might once again crest to a high point. The wealth manager’s ability to recover was short-lived, however, when a flash crash on May 6, 2010 caused the Dow Jones Industrial Average to plunge by 900 points, only to recover within minutes.
While it would be wrong to assume that wealth managers are in any way considered surfers, we can safely categorize them as a economic scientists of sort, as this vertical market took great pains to better respond to further turmoil at sea.
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