Archive for March, 2014

Argentina Wealth Management Market 2014 Research Book – SYS



DALLAS, March 24, 2014 /PRNewswire-iReach/ — Argentina 2014 Wealth Book market research report reviews the performance and asset allocations of HNWIs and Ultra HNWIs in Argentina. It also includes an evaluation of the local wealth management market. The scope of this report covers: Independent market sizing of Argentine HNWIs across five wealth bands; HNWI volume, wealth and allocation trends from 2009 to 2013; HNWI volume, wealth and allocation forecasts to 2018; HNWI and UHNWI asset allocations across 13 asset classes; Geographical breakdown of all foreign assets; Alternative breakdown of liquid vs. investable assets; Number of UHNWIs in major cities; Number of wealth managers in each city; City wise ratings of wealth management saturation and potential; Details of the development, challenges and opportunities of the wealth management and private banking sector in Argentina; Size of the Argentina wealth management industry; Largest domestic private banks by AuM; Detailed wealth management and family office information and Insights into the drivers of HNWI wealth. Complete report is available at .


Key highlights of Argentina 2014 Wealth Book market research report cover:

  • There were 36,860 HNWIs in Argentina in 2013. These HNWIs held US$160 billion in wealth, and wealth per capita was US$11,679.
  • In 2013, Argentinian HNWI numbers rose by 5.3%, following a 5.5% increase in 2012.
  • Growth in HNWI wealth and volumes is expected to improve over the forecast period. The number of Argentinian HNWIs is forecast to grow by 30% to reach 52,111 by 2018, and HNWI wealth is expected to grow by 38% to reach US$246 billion by 2018.
  • At the end of 2013, Argentine HNWIs held 36.0% (US$57 billion) of their wealth outside their home country, significantly higher than the worldwide average of 20-30%.

Reasons to buy Argentina 2014 Wealth Book, available for purchase at, include:

  • The WealthInsight Intelligence Center Database is an unparalleled resource and the leading resource of its kind. Compiled and curated by a team of expert research specialists, the database comprises dossiers on over 85,000 HNWIs from around the world.
  • The Intelligence Center also includes tracking of wealth and liquidity events as they happen and detailed profiles of major private banks, wealth managers and family offices in each market.
  • With the Database as the foundation for our research and analysis, we are able obtain an unsurpassed level of granularity, insight and authority on the HNWI and wealth management universe in each of the countries and regions we cover.
  • Report includes comprehensive forecasts to 2018.
  • Also provides detailed information on UHNWIs in each major city.

Other newly published banking and financial services industry reports available with us include:

Insight Report: Best Practice – Ensuring Optimal Customer Service and Relationship Management is a 2014 market research report available at . This 60 pages report says Asia-Pacific region is at an intermediate level in terms of use of CRM solutions, while it is still a relatively new concept in the Middle-East and Africa. Overall global spending on CRM applications by retail banks reached US$1.9 billion in 2012, accounting for 14.0% of the overall global spending on CRM. Spending is expected to accelerate further over the forecast period (2013-2017), increasing from US$2.1 billion in 2013 to US$3.0 billion in 2017 at a CAGR of 10.10%.

High Net Worth Trends in Nigeria to 2014 is a 84 pages market research report, available at, says there were 16,686 HNWIs in Nigeria in 2013. These HNWIs held US$90 billion in wealth, and wealth per capita was US$5.4 million. In 2013, Nigerian HNWI numbers rose by 4.9%, following a increase of 4.7% in 2012. Growth in HNWI wealth and volumes are expected to improve over the forecast period. The total number of Nigerian HNWIs is forecast to grow by 7.4% to reach 18,481 in 2018. HNWI wealth will grow by 27.4% to reach US$123 billion by 2018.

About Us: is an online market research reports library of 350,000+ in-depth studies of over 5000 micro markets. Call +1 888 391 5441 with your research requirements or email the details on This e-mail address is being protected from spambots. You need JavaScript enabled to view it and we would be happy to help you find the business intelligence that you need. Not limited to the banking and financial services industry, offers research on IT Telecommunication markets ( ), environment, energy and power, industry profiles and more.

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Monday, March 24th, 2014 EN No Comments

Payouts on the rise for wealth management executives

executive compensation, bonus, wirehouse, advice, advisory industry, independent, salary

Compensation for top executives in the advice business continues to rise as stock performance improves and diversified firms place more emphasis on wealth management.

Executives across the industry, from the wirehouses to independent and regional firms, have seen salaries and bonuses jump in recent years as advisers have become a more important part of their firm’s balance sheet.

“Once the stepchild, it’s now the star of these diversified firms,” said Jeff Visithpanich, a managing director at compensation consulting firm Johnson Associates Inc., which has done research on executive compensation. “All the diversified firms want to grow in wealth management, private client and asset management.”


Don’t miss some rather outlandish: Top executive benefits.

Gregory Fleming, the president of Morgan Stanley’s wealth and investment management units, saw his stock bonus jump by more than 62% last year, according to filings with the Securities and Exchange Commission. He received 127,825.69 shares of company stock valued at nearly $3.9 million as of Jan. 23, the date of the filing. That’s up from his 2012 stock bonus, which the firm valued at $2.4 million.

The firm also increased Mr. Fleming’s salary to $1 million in 2013, a boost from $750,000 the year before.

Better compensation comes as the investment banks turn their eyes on their brokerage units as a less risky and steadier source of income. It is part of a sea change where managed money is becoming more of a focus than broader banking operations, Mr. Visithpanich said.

“It’s less capital-intensive, less risky and in some ways less in the scope of regulators,” Mr. Visithpanich said. “And if you’re charging fees on average assets over each year, it can provide predictable fee streams over multiple years.”

A Morgan Stanley spokeswoman, Christine Jockle, declined to comment.

Executives in wealth management also benefited as the markets improved and firms hit record performance metrics.

“Markets lifted all boats, but especially those with broad based returns and products,” a Johnson Associates report said.

Wells Fargo Co.‘s wealth, brokerage and retirement division hit a record net income of $1.7 billion in 2013.

The head of that unit, David Carroll, took home $8.8 million, up 5% from 2012 and up nearly $1 million from his 2011 pay of $7.9 million.

Mr. Carroll, who has the third-highest-paid position at the firm, has seen his base salary more than double in recent years from $700,000 when he joined from Wachovia in 2009 to $1.5 million last year, according to filings this week.

The firm said that he has an integral role in improving performance and integrating wealth management with banking, according to the firm’s proxy statement.

“Under his leadership, [the wealth, brokerage and retirement division has] accomplished a number of important strategic objectives, including increasing client assets and core deposits, and improving credit quality,” the firm said. “[The division has] continued to leverage relationships with wholesale banking and community banking to attract new customers and increase the number of products and services we provide to our existing customers.”

Mr. Carroll took home more than $14 million in 2009 when he joined the firm, but $10 million was tied to a retention bonus. His total compensation package as a senior executive at Wachovia Corp. in 2007 was $5 million. He didn’t make the list of the top five highest-paid executives at the firm in 2010.

A Wells Fargo spokeswoman, Rachelle Rowe, said the firm does not comment on compensation for senior executives.

Compensation information for Bank of America Merrill Lynch executives was unavailable. The head of the firm’s wealth management and private-banking unit, John Thiel, was not among the highest-paid executives, according to a 2013 proxy filing. The fifth-highest-paid executive at the company, Gary Lynch, head of compliance, took home $7 million.

The head of UBS Wealth Management Americas, Robert McCann, received 8.6 million Swiss francs last year (approximately $9.6 million), making him the second-highest-paid executive at the Zurich-based firm, behind the chief executive, Sergio Ermotti, in 2012.

Mr. McCann slipped behind the CEO of UBS’ investment bank, Andrea Orcel, in total compensation in 2013. The firm did not break out his total compensation, although it said that his salary remained unchanged at 1.5 million Swiss francs (approximately $1.7 million).

Executives at publicly traded independent firms have shared in the wealth. Mark Casady, LPL Financial‘s CEO, brought in a total compensation of $6.1 million last year, up from $4.6 million in 2012 and $2.9 million in 2011, according to SEC filings.

The trend of higher payouts is expected to continue upward in 2014, according to a Johnson Associates report.

Compensation for those in asset management and wealth management, including advisers, could increase as much as 10% to 15% as firms continue to benefit from 2013 asset inflows and cost cutting measures, the report said.


Monday, March 24th, 2014 EN No Comments

Riverstone Wealth Management invests in clients’ well-being

Wealth management, as defined at RiverStone, is a “dynamic fusion of strategic financial planning and personalized investment management.”

Founder Michelle Martin, who is president and managing principal wealth advisor of the Rhinebeck investment advisory company, conveys a reassuring warm personal touch and, soon into conversation with her, it is obvious that she and her team of associates are well in command of the strategies needed for the various services offered, which include legacy planning, risk management, insurance consulting, and philanthropy.

“We help our clients avoid the paradox of having wealth,” Michelle said. “Having wealth can permit you to do anything you want with your time; managing wealth can dominate every waking minute of your time. That’s where we come in with a well-built team and a solid process to help our clients manage their wealth.”

Michelle entered the investment field in 1997, joined Morgan Stanley Smith Barney (MSSB) in 2000, and soon worked up to the title of second vice president of wealth management there. By 2012, Michelle had sufficient experience to open her own firm on Livingston Street in February 2012.

Her dedication to her clients’ individual needs is rooted in a very personal story.

“The seeds of my passion for being in this industry were sown the day I signed up for food stamps and went on welfare,” Michelle said. “I was 19 years old, a junior in college, and pregnant with my first child. I was a single mother, and as soon as I had my daughter, I returned to school full-time and was also working. It was a real struggle financially. That was the beginning of me realizing that the key to empowerment for a woman was financial literacy. I had a lot of help and support along the way, and because I did, I felt I had a responsibility to ‘pay it forward’.”

Michelle noted that a large portion of her client base is made up of professional women who are going through transitions such as divorce, inheritance, or career change. She added, “Only 13 percent of financial advisors are women. There’s a definite need there. Another segment of clients we work with are family stewards: individuals who value family and education and community and a higher sense of purpose, and they want to have a positive impact on those that they love.”

After RiverStone opened, Michelle was joined six months later by Susan Miccio, who had also worked at MSSB. As a wealth management associate, Susan heads all business development, including event planning, website design, and client communication. The five other team members now include Amy Roy, senior client service associate, who started with the firm on Jan. 15.

“Before this, I worked as a real estate paralegal in Massachusetts,” said Amy. “There is absolutely everything here in the Hudson Valley. All I need now is a dog.”

Michelle has felt the same about the area since she moved here in 1996: “I realized that this is where I needed to be and raise a family.” She now lives in Red Hook with her husband, Jeffrey C. Martin — a Rhinebeck attorney who is also Red Hook Town Justice – and their five children. “The two eldest are at college, one is graduating this year from Red Hook High School, and the two youngest boys are 10 and 5,” Michelle said. “It’s a great place to raise a family, and the school system is phenomenal. We just love the area.”

Why the name RiverStone? Michelle explained, “Our financial lives are much like a river, and in some cases, it can be a raging river. We want to provide the stepping stones to help clients navigate the waters of their financial lives. We’re driven to be on the same side as our clients and really having a partnership with them.”

Michelle was recently recognized as an Athena International honoree by the Dutchess County Chamber of Commerce and also received the HOPE’s (Help Opportunity Passion Empowerment) Fund Founder Award by the HOPE’s Fund of Ulster County. Both awards are given to those who support and encourage the advancement of women.

RiverStone Wealth Management, Inc.
7 Livingston Street
Securities and Advisory Services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.


Saturday, March 22nd, 2014 EN No Comments

READER SUBMITTED: BNY Mellon Wealth Management Promotes Kerrie …

Greater Hartford

12:10 p.m. EDT, March 22, 2014

BNY Mellon, a global leader in investment management and investment services, has promoted Kerrie Sullivan as portfolio manager within BNY Mellon Wealth Management. Sullivan, who previously served as an assistant portfolio manager, is based in West Hartford, and reports to Portfolio Management Team Leader Michael Strathearn.

Sullivan has more than 15 years of experience in the financial services industry. She joined BNY Mellon Wealth Management in 2007 after eight years as principal in a Glastonbury financial planning firm where she serviced client relationships and supervised registered representatives.

She received a bachelor’s degree in economics and finance from the University of Hartford and a master’s degree from Johnson and Wales University in Providence, R.I. Sullivan is a CFP professional. She lives in Glastonbury with her husband and daughter and serves on the community advisory board of the Connecticut Public Broadcasting Network.

BNY Mellon Wealth Management is a leading wealth manager with more than two centuries of experience in providing services to clients who today include financially successful individuals and families, their family offices and business enterprises, planned giving programs, and endowments and foundations. It has more than $185 billion in private client assets, as of December 31, 2013, and an extensive network of offices in the U.S. and internationally. BNY Mellon Wealth Management, which provides investment management, custody, wealth and estate planning and private banking services to clients, conducts business through various operating subsidiaries of The Bank of New York Mellon Corporation. For more information go to or follow us on Twitter @BNYMellonWealth.

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of December 31, 2013, BNY Mellon had $27.6 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on, or follow us on Twitter @BNYMellon.

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Saturday, March 22nd, 2014 EN No Comments

Swiss banks target wealthy expats in UAE

Swiss private banks are targeting the UAE’s affluent expat population as their business in the western world becomes crimped by authorities chasing tax dodgers and faltering growth.

It marks a turnaround for these private banks who were quick to exit in the aftermath of the financial crisis following years of building a presence here.

Now that Dubai’s economy is bouncing back, many Swiss private banks are keen to return and tout the virtues of their banking industry.

That’s even more urgent for these banks now as the UAE has also become a safe haven for wealthy investors in other emerging markets, such as Russia and China, roiled by political instability or experiencing economic turbulence. Private wealth in the Middle East grew 9.1 per cent to US$4.8 trillion in 2012 after growing 3.7 per cent in 2011, according to Boston Consulting Group.

“Switzerland is still considered to be the number one in investor protection and that’s one level of protection that gives us a competitive advantage,” said Mario Camara, chief executive of the private bank Swissquote. “Swiss banking secrecy is not what it used to be but it’s still the best. Switzerland now has to abide by a lot more rules than before but it’s still the most protected financial centre world wide.” Banks including Swissquote and La Cloche Wealth Management have opened doors at the DIFC in the past year, while banks such Falcon Private Bank, the Swiss money manager owned by Abu Dhabi, are beefing up their capabilities here while shuttering offices in Hong Kong to focus on the super-rich in the Middle East, Africa and Eastern Europe.

Arbuthnot Latham has also opened for business in Dubai and agreed on a client custody arrangement last week with Pictet, one of the largest private banks in Geneva, that allows Arbuthnot’s clients to use its services in Switzerland, Singapore and Hong Kong.

Most of these banks are targeting high net worth individuals but some, like Swissquote, are focusing on the retail segment – an area up until now that has been dominated by the wealth management arms of local banks such as Emirates NBD. High net worth individuals, or HNWI as they are known in the jargon of the business, in the Middle East and Africa have traditionally preferred to keep a big portion of their wealth offshore.

Cap Gemini and RBC Wealth Management estimate that the rich in the Middle East and Africa prefer to keep 35 per cent of their wealth offshore compared with 20 to 26 per cent in other parts of the world.

Middle East and African HNWIs kept $1.6tn offshore in 2012, they say. In recent years, however, there has been a shift among the region’s wealthy of where they want to acquire their asset management needs. Whereas in the past they did most of it abroad in places like Switzerland and Isle of Man, these people now prefer to manage their assets at home.

“Most of the people here go directly to Switzerland to get those services, but we are here closer to them,” said Manal Al Omari, the head of La Cloche’s Dubai office. “The clients in the UAE who go to Switzerland want the asset managers closer to them. When we manage the assets, we are giving them the whole service. It’s one place to get all the other bank services from one account. You don’t have to move from one bank to another to get those services.”

There is also a desire among professionals in the UAE who are not super-rich to keep that money offshore, according to Mr Camara. Clearer banking regulations in Switzerland have made many UAE residents keen to keep as little of their savings here as possible, he said. And while many of his competitors are going after the big fish, he is happy getting anything he can.

“Big Swiss banks trying to get rid of their small accounts because they are not profitable,” he said. “They talk about accounts of $1.5m and $2m. When I talk about large accounts I, I talk about accounts of $25,000. They kind of laugh at me but we are the number one retail bank in Switzerland for Swiss nationals.”

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Saturday, March 22nd, 2014 EN No Comments

Advisors On the Move: Spring Thaw Inspires Change

Wealth Management


Friday, March 21st, 2014 EN No Comments

Wealth Management News – March 21

Sat Mar 22, 2014 2:05am IST


Friday, March 21st, 2014 EN No Comments

Money Grab

At a recent UBS Wealth Management breakfast, Jason Chandler, head of UBS’s Advisor Group, said “our plan is to focus on high net worth and ultra-high net-worth clientele.” That’s a change in tides from pre-2010 days when modest sized accounts were the firm’s bread and butter.

We think it is wise to know your banker’s corporate agenda because it will sometimes explain why you are suddenly peddled a plethora of new products. If you know why the bankers are selling what they are selling, you can then better identify what products make sense for you, and what products make more sense for them.

UBS appears to be moving away from its pure broker-dealer Pain Webber model, and is steadily adding diverse products that grab more of the high-end wealth pile. As the wealthy population ages, for example, clients should expect to see a steadily increasing barrage of age-related products. You should not be surprised, for instance, that one of UBS Wealth Management’s biggest product offerings last year was a Lincoln Financial Group life insurance policy with a long-term care rider. Basically, a revenue stream covers long-term care expenses, if needed, but otherwise produces a tax free payment to beneficiaries upon the policyholder’s death.

UBS is, like other banks, broadening its dialogue to attract the nation’s wealthiest clients, hooking them on softer issues. Penta previously noted, for instance, that 18-months ago UBS launched its Global Family Office services, to support families with a net worth of $100 million or more. Furthermore, in our story, “Pricey Diversification,” we analyzed another complex UBS product that was targeting the well-heeled that were also well-traveled, a product essentially offering diversification across asset classes, markets, currencies and jurisdictions.

In 2012, the firm entirely rejiggered how it interfaces with clients. Rather than starting with the standard dialogue surrounding asset allocations, clients are now asked to fill out a six-page questionnaire that interprets their monetary needs and lifestyle goals. The survey returns a percentage showing the probability they will hit those goals. Advisors are then told to revisit these results periodically, optimally up to 10 times per year.

Of course, the bank’s shift in focus comes about partly because UBS is simply doing a good job listening to its clients. Regarding life insurance, for example, a UBS poll of high net worth investors found that long-term care trumps retirement as their chief financial concern. Another survey, repeated at other banks, found that wealthy Baby Boomers are increasingly concerned about their next generation heirs. Only 24% of Baby Boomers believe their children will be “more financially stable themselves.” That explains why UBS execs have instructed advisors to bring the next generation into their clients’ wealth dialogue. It’s in UBS’s best interest to provide lifestyle and generational solutions that keep heirs from jumping ship after the primary client passes.

UBS learned its lesson from the 2008-2009 downturn, when many close-to-retirement Baby Boomers watched their nest eggs dwindle, and many wealthy clients yanked their assets out of banks. “We were losing advisors and clients were leaving out of fear,” said Chandler. “It wasn’t that healthy of a business.”

That’s banker’s understatement. We know quite a few ex-UBS clients and advisors who were unhappy with the Swiss bank. In 2009, the firm was forced to pay a $780 million fine for assisting tax evasion, and in 2012 it pled guilty to manipulation of Libor, resulting in a $1.5 billion charge.

But such news has been discounted and the rich are apparently back in the UBS fold. Chandler claims 72% of revenue earned at its Wealth Management Americas unit came from folks with $1 million in assets or more, versus 59% in 2010. Some of this increase is undoubtedly due to the upturn in the market. Still, UBS’s Emily Pachuta, head of its research arm, finds that wealthy families nationwide, not just UBS clients, are keeping a non-negotiable 20% to 25% of their assets in cash. “They see this as their safety blanket which allows them to participate in the market,” Pachuta said.

What does that mean? UBS has to work ever harder at ringing returns out of the 75% to 80% invested in fee-producing products.


Friday, March 21st, 2014 EN No Comments

Wealth Management News – March 20

Thu Mar 20, 2014 4:27pm EDT


Thursday, March 20th, 2014 EN No Comments

MOVES- Vontobel, Raymond James Financial, Great-West Lifeco

(Adds Adam Co, Great-West Lifeco)

March 20 (Reuters) – The following financial services
industry appointments were announced on Thursday. To inform us
of other job changes, email to


The asset management company promoted Rajiv Jain and
appointed Philipp Hensler co-CEOs of its New York-based Quality
Growth Equity boutique. Henry Schlegel, who has been the CEO for
the past 26 years, will become chairman of the company’s
supervisory board.


The company appointed two financial advisers from Merrill
Lynch in California. Nick Salvetti and A.J. Salvetti managed
about $210 million in assets in Merrill Lynch and had annual
fees and commissions in excess of $1.1 million. The brothers
operate as Salvetti Group Family Wealth Advisors, an independent
firm with securities offered through Raymond James Financial


The wealth manager appointed Andrew McCulloch as an
investment manager in its London office. McCulloch was
previously with UBS Wealth Management as an associate director,
managing a portfolio of private and corporate clients.


The Scottish private bank appointed Samuel Fay as director,
private wealth. Fay, who will be based in London, was earlier a
private banker at Barclays Wealth and Investment Management.


The company appointed Robert Reynolds as president and chief
executive of Great-West Lifeco U.S. Inc. He will also take over
as president and CEO of Great-West Financial from Mitchell Gray
who retires in May. Reynolds, who is now president and CEO of
Putnam Investments, a company owned by Great-West Lifeco U.S.
Inc, will continue to hold that position.

(Compiled by Avik Das and Rohit T.K. in Bangalore)


Thursday, March 20th, 2014 EN No Comments