(New York Times) Tucked away in a sleepy office park in this Kansas City suburb, a $26 billion investment advisory firm is helping drive Wall Street’s latest wealth boom.Inside, there are no televisions tuned to CNBC and there is hardly a Bloomberg terminal to be seen. There is a dentist on the top floor. The boss drives a Honda.
Yet the company, Creative Planning, is at the vanguard of a profound shift in finance: the move away from brokers and mutual fund companies peddling products for a fee, and toward firms offering truly independent, low-cost investment advice.
