I was doing salary reviews at the end of last year. It was a good year for our clients, our newsletter, our members and ourselves. Everyone was happy, and we are casually assuming a similar backdrop next year, with similar growth. Normal stuff.
But this is a cyclical business, and when the stockmarket turns down things will become harder. There will be less demand for advice, less enthusiasm for investment generally, and that will translate into less trade, fewer new clients, fewer funds under management and, if it happens, some not-so-fabulous salary reviews next year.
I remember going into a morning meeting in April 2000 at Bell Securities. It was the middle of the tech boom and, as it turned out, it was the top. There were signs; there always…
