This headline from Bloomberg should be rather disturbing to fee-based financial advisors, though it should certainly come as no surprise: “World Wealth Down 11%”

Bloomberg writes,

The 2008 global recession caused the first worldwide contraction in assets under management in nearly a decade, according to a study that found wealth dropped 11.7 percent to $92.4 trillion…  North America, particularly the United States, was the hardest hit region, reporting a 21.8 percent decline in wealth firms’ assets under management to $29.3 trillion, primarily because of the beating U.S. equities investments took in 2008.

This is bad news for financial advisors who get paid based on assets under management.  Read the rest of this entry »