A year and a half after the depths of the financial crisis, independent financial advisers in the US are slowly shifting client assets out of cash and back into the market.
Brokerage giant Charles Schwab Corp said this week advisers are pulling money from cash and mutual funds to boost allocations to exchange-traded funds (ETFs). They are also funneling more dollars into large-cap international equities, Schwab said, citing a January survey of 1,144 advisers overseeing more than $252bn in client assets. "I think if anything, we're going to be pleasantly surprised by the ability of the economy to enter into something resembling a self-sustaining path," Schwab Chief Investment Strategist Liz Ann Sonders said at a briefing on Tuesday. Full Reuters story...
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