Morning Coffee: City bank serves staff food resembling frogspawn. The tiny firms big broker-dealers fear
Step aside Goldman Sachs with its competitive omelet station: There's a new healthy banker foodstuff on the block. It's fine, as long as you don't look at it too closely.
The food in question is a healthy concoction of chia seed, almond milk and granola that bears a strong resemblance to frogspawn. It's to be found in the large sixth-floor canteen known as the Terrace at Nomura's London office. There, you can eat your pot of dubious-looking combination, which helps power your brain, whilst overlooking the Thames River.
Pseudo-frogspawn isn't all that's on offer. Nomura also has a kitchen garden that includes a habitat for bees and other bugs and many different types of vegetables, including Hakurei turnips, which the cooking staff uses as ingredients in the meals. The canteen is full of healthy options, Business Insider reports. In addition to fruits and veggies, there’s sushi, a build-your-own burger station, Cumberland sausages and chicken schnitzel.
Nomura's London employees can allow themselves some dessert on a hot day: There's low-fat frozen yogurt, with toppings if they’re really feeling frisky. Finally, there’s a sweet shop that doubles as a dry cleaner for the messy eaters among them, although candy is reportedly far less popular than the gluten-free, chia seed, almond milk and granola concoction.
Separately, even with the U.S. Department of Labor’s fiduciary rule in limbo due to the Trump administration’s opposition, the main elements of the law went into effect at the beginning of this month.
That, combined with the increasing popularity of low-cost, passive investment vehicles such as exchange-traded funds (ETFs), have helped independent registered investment advisers (RIAs) win business from the wirehouses – Morgan Stanley, Bank of America Merrill Lynch, UBS and Wells Fargo Advisors – and other big broker-dealers.
Investors’ heightened scrutiny of fees since the financial crisis has benefited RIAs – most of them far from Wall Street – at the expense of big traditional brokerages, The New York Times reported. In fact, independent financial advisers’ market share has increased from 13% to 23% since 2005, according to Cerulli Associates.
One example is the investment advisory firm Creative Planning. Based under a dentist office in a nondescript building in a Kansas City suburb, Creative Planning is riding the wave of the latest wealth management trends, surging from handling just $34m in 2004 to $26.2bn with advisers in more than 30 states today. It is averaging a new hire every single day.
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