When I first learned about direct indexing from RobustWealth (RIP) founder Mike Kerins at some industry conference or other many years ago, my first question for him was, “why isn’t everyone doing this?”
After a dozen financial institutions since 2020 have bought in, I decided to revisit that question, but with hindsight. Why wasn’t everyone doing this? What took so long for the strategy born in the realm of boutique investing for the ultrarich to make it into the hands of mainstream investors and advisors?
The question drives Financial Planning’s latest cover story. I look into the history of direct indexing, what kept it hidden to certain corners of the industry, why it’s popularity is booming now and where this is all heading. I also talk to some folks who remain skeptical about the strategy’s usefulness for mass affluent investors. It was a fun project that I’ve wanted to write for a long time, and we’re even bringing it out from behind our paywall so you can read it.
Looking forward to hearing what you think.

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After Schwab acquired Motif in May 2020, a slew of companies quickly bought their way into the strategy. Read story →

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The same trends upending other industries offer opportunities for advisory practices to get ahead of the competition. Read story →

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Fintech deals totaled $348.5 billion in 2021. Here are the trends causing the record transaction wave. Read story →

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The attacks are expected to mirror geopolitical tensions. Read story →