To be pragmatic, I don't believe that wealth management businesses are worth as much as they once were. The numbers of the old business model only added up because commissions were largely invisible to the average idiot punter.
I don't believe it is possible for wealth management businesses to make money under a tightened regulatory market. Advisors need to make a buck but clients are unwilling to pay enough upfront.
As an aside, there is no way on earth that I would be telling anyone to hand over their hard earned to the vast majority of wealth managers ATM. There will be funds that anticipate upcoming economic events but they are few and far between.
