We hear a lot about both of the streets – Main and Wall – and it is interesting to see the interplay of the two. Main Street does not always understand or trust the motives of Wall Street, but it needs the continued investment of the latter to fund business activity and growth. At the same time, Wall Street seems focused on servicing and profiting from the big money and big players of Main Street and disinterested in the smaller players.
The events of the past year provide a good example of the divergence – while Wall Street experienced a year of large gains and overall great success, Main Street for the most part remained mired in uncertainty, increased regulation, mixed results and more disincentives to growth. Where things will go this year is equally uncertain, though a lot of the answers Main Street has been seeking still haven’t arrived.
Given the divergence, it is important for advisers to understand the areas of disconnect between the Streets as much as they understand the overlap and mutual interests. Advisers thoughtfully addressing these differences will be able to better connect with their clients and ultimately improve their service to them.
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