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News

Half of Independent RIAs Add Clients

Advisers are benefitting from growing dissatisfaction with brokerages.

Advisers Succeeded in Gaining 14% for Millionaires in 2008

While millionaires who didn’t work with an adviser lost an average 18% in 2008, those that did lost only 4% of assets.

25% of HNW Investors Bailing on Wealth Managers

They either withdrew assets or closed their accounts in 2008.

High-Net-Worth Individuals in N.A. Down by 19%

The number of millionaires in the world plunged 14.9% last year as the markets faced extreme losses and volatility, according to the Merrill Lynch/Capgemini 2009 World Wealth Report. This means there are fewer millionaires in the world today than in 2005. The number of ultra-high-net-worth individuals (those worth net assets of at least $30 million, not including their primary residence) also dropped 24.6%. …

More Regulation to Result in Higher Costs, Asset Managers Say

Competition will intensify, with the industry dominated even more by larger players and those that cater to lower risk tolerance.

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Articles

Give Fund Managers Back The Power to Pick Stocks And Spot Macro Trends

Finally, insiders launched candid criticism at the mutual fund industry last week, to help it respond sensibly to the economic meltdown and reposition itself to regain investor trust. Foremost among this advice is giving portfolio managers back the power to pick stocks and run with their investment ideas, instead of being so tightly tethered to an investment class and market capitalization. Further, fund managers should step away from their style boxes and take a look at bigger economic trends. The signs were all there, beginning with the 2007 demise of Bear Stearns' credit derivatives-laden hedge funds. Anyone could have foreseen the accelerating problems of the credit and capital markets, mutual fund managers among them. Had more of them moved into cash or safe investments, they would have avoided the across-the-board losses in 2008.

Beneficial Wealth Unit Sees Opportunity in Crisis

The top wealth management executive at Beneficial Bank in Philadelphia said his unit aims to take advantage of its rivals' 'distractions.' 'We have fairly aggressive goals given the market,' said Robert Bush, the chairman and chief executive of Beneficial Advisors LLC and Beneficial Insurance Services LLC. 'But we feel we're in a better position to be more responsive than our competitors'-in particular larger companies wrestling with the financial crisis.

Atlantic Trust's New CEO Sees a Chance to Grow

Invesco's Atlantic Trust Private Wealth Management plans to take advantage of the 'chaos' in the financial services industry to add assets and customers, according to its new chief executive officer. Jeffrey S. Thomas, promoted to CEO earlier this month, said in an interview that the unit has increased its referrals from clients and intermediaries, including accountants and lawyers, in the past six months.

Silvercrest Manager Sees Silver Lining in Financial Market Mess

Here's a word to the wise for any executives of publicly traded companies who may be about to be visited by Portfolio Manager Roger Vogel: Don't roll out the red carpet and offer him a slick, well-rehearsed tour of a spotless and smoothly humming facility. 'One thing we worry about are managers who are very promotional,' Vogel said. 'We can understand it if a manager is a poor presenter. It doesn't mean they are bad managers. But we do get concerned when people get flamboyant or aggressive in their presentation.'

Volatile Times Offer Great Client Servicing Opportunities

NEW YORK - Despite the terrible news about most stocks and mutual funds, investors should heed Sophocles' warning and 'don't kill the messenger.' Many investors are so frustrated by recent losses, they are seriously considering firing the crew that was on duty when their losses happened and switching to another investment firm, but with nearly every asset class down 30% to 40% in 2008, they're not so sure a different team will perform better.

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