The case for Chicago as an epicenter of the RIA world
The rise of registered investment advisors here means the city, once viewed as a very secondary financial center to New York and the Bay Area, is coming into its own in a big way
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Wendy J. Cook
Good golly, good overview. But let’s not forget one of the heaviest and most original magnets to which most of these other forces have been drawn: The University of Chicago Booth School of Business, where modern finance was born and bred. (Proud to have been born and bred a Midwesterner along the shores of Lake Michigan myself.)
CFDD
Good article, but the BIG picture has been ignored. The article is sort of like discussing the home team when the dynamics of the ball game are changing. Individual workers by the millions, the wealthy and business owners are leaving anti-business states like California, Illinois and the New England area like never before. Indeed, Illinois and California are the largest source of new business for Texas. In case you have not been following this trend, note that Texas created over half of the nation’s new jobs in the last decade. This trend will not only continue, but accelerate. The migration of business is the biggest and most ignored issue about to impact the financial services industry. Advisors can add major value to the economics of migration and they would be wise to focus on the growing phenomenon. To grow, advisors must follow the money, i.e., the workers, the business owners and the wealthy. For more, go to: http://www.thecfdd.com/blasts/CFDD_121210_web.html
Elmer Rich III
I am 4 generations Chicago and live downtown, less than a mile from where I was born. Chicago was ranked as #4 most influential financial city in the world. Behind Tokyo, NY, London. My Dad started the Chicago Bulls — pre-Jordan when the NBA was totally unglamorous!
I would argue it’s the best business city in the country. NYC is very tribal. LA is all about pop culture.
Marketers also know that you can take a business concept and test it in Chicago and it can translate to either other big cities of small cities. There are more plan sponsors in the 5 state Midwest than all states west of Mississippi.
The U of Chicago bschool is getting old fashioned, narrow, right-wing, finance oriented. Theories that did not work out. Other schools have more energy and diversity of thought.
The bad part about Chicago is the food is rarely fresh and you drive two hours and you’re in a feed corn field. There is NO where to go.
Brooke Southall
Almost a literary touch here, Elmer, with a ringing endorsement and a disclaimer about being imprisoned by grain.
Brooke
Elmer Rich III
It is a darn shame, but we must be truthful. Grain for livestock in fact, NOT humans! lol
