Q1 2015 Review

These are historic times in the wealth management business. On the one hand, I am deeply concerned that the low interest rate environment will strain expectations for higher yielding portfolios, but on the other hand, the role of a financial advisor has never been more important. The market situation, as explained in more detail below, is extremely precarious and the value of independent and frank discussions about risk cannot be overstated. This is a not a Pioneer issue – it is a general issue facing the entire money management industry and clients are encouraged to try to understand the challenges, in order to make the appropriate decisions with their financial planners.