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85-Year-Old RIA Pioneer Still Leads Wealth Management
20 Nov
Summary
- Howe & Rusling registered with SEC 85 years ago.
- The firm prioritizes fiduciary duty and client interests.
- RIA industry grew from 436 firms to over 15,000.
Founded nearly 85 years ago, Howe & Rusling Wealth Management holds the distinction of being the oldest registered investment advisory firm in the United States. The company's origins trace back to 1940, when founders Winthrop Howe and Lee Rusling embraced the nascent field of investment counseling. Their early registration with the Securities and Exchange Commission was driven by a core belief in fiduciary duty and placing client interests paramount.
This foundational principle of acting as a fiduciary has guided the firm throughout its long history. The founders were among the first chartered financial analysts, underscoring their commitment to professional standards. Today, the RIA industry, which began with a handful of firms managing a few billion dollars, has transformed into a colossal sector with thousands of registered investment advisors overseeing trillions in assets.
The ongoing debate about adhering to the spirit of fiduciary laws continues to shape the financial planning landscape. While the growth of RIAs is largely attributed to consumer preference for advice over sales, the industry faces the challenge of consistently upholding client-best-interest standards amid evolving regulations.
