Ron Carson: A Huge Rival Will Challenge Advisors

Photo by Kate Copeland. Article by Steve Garmhausen.

Ron Carson thinks it’s only a matter of time before Amazon or another digital leviathan splashes into the wealth management industry, a development that would soak up untold market share. “I mean, why not?” says Carson, a Barron’s Hall of Fame advisor who founded $12 billion-asset Carson Wealth in 1983. “They already have the trust and love of their customers, and it’s another area where they can generate revenue.”

Speaking with Barron’s Advisor, Carson—who raises this scenario in a new book—urges wealth management firms to gird for battle while there’s still time. He also talks about the fat return his business has generated from buying a marketing boutique two years ago. And he explains why the firm’s foray into banking services is on hold. […]

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