- Two of the most successful wealth managers in the US say the most basic approach to retirement investing — that younger people need stocks and older people should own bonds — is wrong.
- Jeff Erdmann of Merrill Lynch and Peter Mallouk of Creative Planning have different criticisms of the philosophy, but both say investors need a different approach.
- Forbes has ranked Erdmann as the best wealth manager in the US for three years in a row, while Barron’s named Mallouk the no. 1 independent wealth manager four times in the last six years.
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