Evan Simonoff

The secular bull market in equities that began in 2011 is entering its final phase, in the view of Mike Wilson, Morgan Stanley’s chief investment officer and chief U.S. equity strategist. Speaking on a webcast yesterday hosted by Toronto-based Rosenberg Research, Wilson strongly suggested that this bull market would end in 2029, though he didn’t pinpoint a specific date. These “things usually end at the end of a decade,” he said in a clear reference to past bull markets in the 1920s and 1990s.

Probably the two most overused phrases in financial journalism are “This time is different” and “What could possibly go wrong?” As I worked on this year’s RIA survey, it immediately became apparent to me that so many tailwinds are working in favor of today’s advisories—and conditions are so favorable—that it’s downright scary. Only 15 years ago, advisory firms were just a well-kept secret in financial services. It was only a matter of time before private equity would discover the space.

Rarely have all the stars aligned to shine on a profession and create an environment as favorable as the universe facing financial advisors today. The demographic and financial market dynamics underpinning the advisory business look so auspicious that an estimated 300 qualified buyers, mostly private equity firms, are banging on the doors and trying to acquire a piece of it.