Financial bloggers Josh Brown and Barry Ritholtz have
a wealth management firm, media reports said. The firm, a registered advisory
business, is called Ritholtz Wealth Management, located in Park Avenue, Manhattan.
Brown, who started his Reformed Broker blog five years ago
during the financial crisis, announced the firm on his blog, saying: “It is
both an amazing and challenging time to be in the wealth management business.
There are several major crosscurrents and trends underway that will require a
critical combination of skill, wisdom, intuition and alacrity.”
“10,000 people have been turning 65 years old every single
day since January 2011, and this will continue for the next 17 years. US households
now have $32 trillion in investable assets, up 100 per cent since 2002 and 10
per cent higher than the previous peak in 2007,” he continued. “Americans
collectively have another $14 trillion in retirement plan assets, up 75 per cent
over the last decade. We believe that much of this wealth is wrongly allocated,
underinvested, over-charged or just generally neglected and mismanaged.”
Speaking of his ascent as a blogger on financial affairs,
Brown said: “My fellow up-and-coming financial writers from that era - Tyler
Durden, Joe Weisenthal and the rest of us who first came online circa 2008 -
were all inspired by Ritholtz and his generation of bloggers (Eddy Elfenbein,
Yves Smith, Howard Lindzon, Jeff Miller, Michael Shedlock, etc) to some extent.
If you had told me then that I would one day be co-founding a wealth management
firm with Barry Ritholtz, I would have thought you were crazy.”
On his blog, Ritholtz said he and Brown decided to “spin out
as a stand-alone firm”. He said the business will be focused “exclusively on
asset management and wealth planning” and the venture had been planned for some
Ritholtz is the author, with Aaron Task, of “Bailout Nation”
founder of Fusion IQ.