Talking Wealth Death of the Advisor
Apr 9, 2026
John Giovannucci, a finance pro with experience at Merrill Lynch, Morgan Stanley and Cambridge Associates, and Substack writer at JW Cap. He argues advisory work has shifted toward delegated platform decisions. They explore how delegation, fee structures, private-market pressure, and loss of due diligence change what clients get. The conversation pushes for rethinking advisor roles amid changing markets and institutional stresses.
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Strong Markets Hid Advisor Skill
- Markets over the last 15 years masked advisory skill by producing strong returns and low volatility.
- Michael Batnick and John Giovannucci argue this rising tide made it harder to tell true advisor value and let thinking slip away.
Portfolios Look Thoughtful But Are Outsourced
- John Giovannucci says many advisors today delegate detailed due diligence to TAMPs, wholesalers, or consultants.
- He describes portfolios that look thoughtful but rely on outsourced decisions about PE fees, vintage risk, and manager underwriting.
Push Back On The House View
- Advisors should be intellectually curious and push back on house views and CIO recommendations.
- Giovannucci warns advisors must diligence managers and liquidity rather than simply regurgitating firm white papers.