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Thursday June 24, 05:27
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Survey of Advisors Finds Optimism
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Select Sector SPDR Trust recently polled financial advisors about their attitudes on the market, and found considerable optimism, despite the host of scandals plaguing the fund industry and financial services in general. The advisors represent both large wirehouses and independent broker/dealers.
Dan Dolan, director of wealth management strategies, said education remains a priority, adding that one-quarter of advisors said they wouldn’t know how to use more specialized sector ETFs to diversify a portfolio. One-quarter of advisors also said they are "not especially concerned" about the mutual fund scandal, with most of the troubles coming from specific companies and not an industry-wide problem. However, one-third of those surveyed has an "average concern" and 42% are "quite upset."
Dolan said the survey also pointed to advisors being more concerned about the scandal than their clients. Industry observers say fund companies need to up their efforts to educate advisors about plans they are making to either reform their cultures, compliance and procedures or stay out of harm’s way. Select Sector SPDRs, which offers a group of nine sector exchange-traded funds, recently launched portfolio building tools from Ibbotson Associates for independent financial advisors.
(Fund Marketing Alert)
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