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Rating:Impact is a GO! Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, October 10, 2001

Impact is a GO!

Reported by Sean Hanna, Editor in Chief

David Pottruck shared Schwab's vision of making advisors part of the firm's team in his opening keynote at Schwab's annual advisor conference in Seattle, but that wasn't the news on most attendees' minds.

The muted atmosphere at the conference instead reflect most fund firms quiet worries about both recent events and the evaporating asset base of the industry. Many fund representatives were more inclined to swap airport security stories than tschotckes.

Still, fund firms did not let these concerns hold them back from attending the largest of the fund supermarket conferences.

Glen Mathison, a Schwab spokesperson, reported that fund firms that had intended to exhibit at the show prior to the September 11 attacks almost universally showed at the conference. Only half of the usual number of advisors were expected the day prior to the conference, he confided.

Executives at the booths confirmed their commitment to the Schwab show. "If the advisors are here, we have to be here," said one attendee. Others explained that their attendance was a show of support to Schwab and a recognition of the importance of the supermarket to their business.

Still, some exhibitors expressed concerns at the low level of traffic at their booths and some firms are rotating fewer personnel through the show than first planned.

The atmosphere of the exhibit hall is also more muted than in past years, although some fund executives hinted that the more wild confabs of the past may have ended with the Nasdaq collapse even prior to September 11.

One executive explained that his firm had planned a dinner for 80 advisors on Thursday night. Plans changed though when the conference schedule was cut back from five days to three (it now ends Thursday afternoon). When calls to advisors confirmed that at least half planned to cancel the dinner was called off as well.

Not all firms are changing their schedule, though. Another firm confirmed that it planned to go forward with a breakfast for advisors. A breakfast meeting is more appropriate in tone for the current atmosphere and more business-like, explained a salesperson at the firm.

Still another firm planned to go ahead with a 90 advisor dinner and Investment Advisor magazine went ahead with an informal gathering at a local brewhouse on the conference's first night. 

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