Ms. Lassus, whose organization represents fee-only advisors, predicted that the economy will begin to rebound between the latter half of the summer of 2009 and into 2010.
DIAHANN W. LASSUS
Chairwoman
National Association of Personal Financial Advisers
Arlington Heights, Ill.
President
Lassus Wherley & Associates PC
New Providence, N.J.
Assets under management:
$300 million
General outlook:
Ms. Lassus, whose organization represents fee-only advisors, predicted that the economy will begin to rebound between the latter half of the summer of 2009 and into 2010.
She is also hopeful that the incoming Obama administration is "talking to some very bright people and is building a team with extensive experience."
Next big trend:
The treacherous economic environment will help spur the continued growth of the fiduciary model, as consumers will be looking for advisers to provide unbiased advice and put their customers' interests first, Ms. Lassus said.
"As consumers begin to look at rebuilding their wealth, coming out of this crisis, they are going to be better informed about the choices that they make in terms of [whom they choose to be their] adviser," she said.
Biggest concerns:
NAPFA members are concerned that continued weakness in the economy will force them to tighten their belts and spend more time on cost control than they did in the past, Ms. Lassus said.
"Our revenues are being affected by the economic chaos," she said. "We want to reduce cost so that we can restore equilibrium in our businesses."
Reading, watching, listening to:
Book: "The Snowball: Warren Buffett and the Business of Life" by Alice Schroeder (Bantam Dell Publishing Group Inc., 2008).
Primary news source: wsj.com.
