Masters in Business Steven L. Fradkin on the Creation of Wealth (Podcast)
Nov 24, 2021
In this engaging discussion, Steven Fradkin, president of Northern Trust's wealth management unit, shares his extensive experience managing over $355 billion in assets. He dives into the evolution of wealth management strategies, particularly in today's low interest rate environment. Fradkin also discusses financial planning across different wealth spectrums and highlights the impact of recent economic upheavals on investment behaviors. The conversation touches on hybrid work models, relocation trends post-pandemic, and the importance of adaptability in navigating market uncertainties.
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Northern Trust's Pandemic Success
- Northern Trust had a good year in 2020, successfully navigating the pandemic's challenges.
- The firm adapted to a work-from-home model and balanced employee safety with client needs.
Northern Trust's Understated Presence
- Northern Trust, despite its large size in asset management, maintains a low profile.
- The firm focuses on serving wealthy families and institutional investors, avoiding large acquisitions.
Accelerated Wealth Creation
- Wealth creation has accelerated due to technology and the internet.
- While some businesses still grow slowly, others experience rapid growth due to digitalization.
