Who to know in Wealth Management

LOUISVILLE, Ky. - July 10, 2015 - PRLog -- Mercurio Wealth Advisors is proud to announce that Alan Mercurio, senior wealth advisor, has been selected for the Business First “20 People to know in Wealth Management” article.

When interviewed by Carolyn Tribble Greer, Digital Editor for Louisville Business First, Alan Mercurio, a 29-year veteran of wealth management, gave a very non-typical response to her question “What concerns them most about their industry and what would they change?” Alan’s response; “I would require that all advisers operate under a fiduciary standard. It’s hard to believe that a Congressional study has to be done in order to determine if putting your clients’ best interest first is really necessary.”

Alan was referring to the recent article in The Wall Street Journal. The article explains that, currently, financial advisers registered with the U.S. Securities and Exchange Commission are required to always act in the best interest of their clients a standard called a fiduciary duty.

But this standard doesn't apply to all financial-service providers. Rather, stockbrokers and others are expected to meet a "suitability" standard — the investments they recommend need only be suitable for the investor. That means that these professionals can recommend products that earn them fees and commissions even though other products might bring better returns for the client.

Mr. Mercurio was also asked to describe an experience with a customer that was very gratifying to him. Alan’s response was “In 1997, I started working with a couple, managing the wife’s investments only. The husband was a do-it- yourself guy, so he handled his own. Upon his retirement in 2000, he made a tax mistake that cost him about $200,000. He then asked me to manage his as well. Over the years, I built a close relationship with the couple. In 2010, they let me know that (the husband) had been diagnosed with Lou Gehrig’s disease, and his health was declining rapidly. One Friday, knowing (his wife) wasn’t able to leave the house very often, I let her know I’d sit with (her husband) while she ran some errands. While talking with him, he reached across and put his hand on mine, similar to how my dad did one time earlier in my life, and told me, ‘You know you’re going to have to take care of her.’ I’ll never forget that moment. That’s the real relationship behind wealth management — trust.”

Sit back, listen and learn about making the most of your retirement at any stage in life! Catch Alan, "Louisville's Retirement Coach" every Sunday on his radio show, Retirement 360 that aires on 84WHAS at 11am.

* Carolyn Tribble Greer, "What's on the minds of wealth managers? A rules battle over retirement investments," Louisville Business First, June 26, 2015

* Daisy Maxey, "Battle Continues Over Fiduciary Rules for Retirement Investments," The Wall Street Journal, June 14, 2015