So many people are waiting for a rinse/repeat scenario of the bubble/crash from 2009, but what if that was really just a brief period of volatility in the context of the longer term uptrend, never to be repeated again in our lifetimes?

Market volatility could rear it's ugly head.

It's very volatile especially in the current market. 

They never boom and bust like Florida or California, but they also never correct like more volatile markets either.Using the wrong technique in a particular market cycle could cost you a lot of money in lost profits— or lost equity. 

Volatility is way too great in other places where people are chasing returns. 

You’ll have a real hard time finding this in cities with more price volatility right now.

The two compliment each other because the brokerage side brings in much of the profit while the PM side levels out some of the volatility of operating a brokerage and also generates leads by providing access to a client base of investors using the PM service who are likely to buy and sell through the brokerage.

Some people thinks stocks are too volatile and only invest in bonds: Risky.

Even in the best case scenario, the ROI does not justify the large capital investment and relative lack of liquidity as compared to my stock portfolio (where I have more knowledge & risk tolerance, even in volatile markets). 

How does global volatility and demand for US paper relative to other fixed income options effect the long end of the yield curve?