Archive for June, 2014

Web wealth manager Nick Hungerford expects race for business

Vicki Owen, Financial Mail On Sunday

21:06 GMT, 28 June 2014


09:33 GMT, 30 June 2014

Little trust: Nutmeg's Nick Hungerford

Little trust: Nutmeg’s Nick Hungerford

Nick Hungerford, the entrepreneur behind wealth management firm Nutmeg, which has just raised £18.8 million from asset manager Schroders, Carphone Warehouse founder Charles Dunstone and venture capital business Balderton, expects his business to be one of the first of many simple online wealth management firms amid a race to invest in new technology.

Asked about competitors, Hungerford said: ‘Directly there’s none, indirectly there’s apathy – people who don’t trust people to manage their money in the current way, they don’t want to see it go in a pot and disappear, and at the wealthier end incumbent wealth managers who have got to understand the fact the world is changing.’

The former wealth manager for blue-chip clients had the idea for the business, which will launch a pensions product in the autumn, after friends asked him to manage their finances.

He said: ‘All my friends said to me, “Hey Nick, could you manage my money?” When I said, “Do you want to do DIY [investing],” they said, “I don’t have time for that, I’m busy.  I don’t want to just buy this and not look at it for a year.”

‘And the people who reacted most violently to having an adviser said, “All the good advisers have the choice of only taking the richest clients and I only want to work with the really good ones.’

‘It got me thinking. Investment is not physical. There’s no reason why we can’t make this a system where everyone gets access to the best investment people through the internet, which seems to have passed most people by in our industry.’

He adds: ‘We offer face-to-face to customers, it’s just they choose not to go for it. Four people out of 35,000 now have chosen to come in and see us.

‘You can do phone or secure email, but most customers use live chat at their desks.’

Jurg Zeltner, head of asset manager UBS’s wealth management arm, warned this month: ‘People who do not invest on the digital front will not be here in ten years. They will be forced to buy in, sell out or  team up.’

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Monday, June 30th, 2014 EN No Comments

Shy wealth firms overlook most basic way to win clients

Shy wealth firms overlook most basic way to win clients

Wealth managers are missing out on one of the easiest ways to win clients, according to a new study.

While very few of the world’s rising wealthy are uncomfortable providing friends, family, or colleagues with referrals to a wealth manager, the majority of firms are missing out on this opportunity.

The Futurewealth Report 2014, composed by SEI, Scorpio Partnership and NPG Wealth Management, revealed advisers doubled their chances of receiving a referral by simply asking for one.

The study, which surveyed 3,025 individuals around the world with an average worth of $2.9 million, found that 47% would actively refer without being prompted, while an additional 47% would only refer if asked to do so.

However, it would seem wealth firms are on the whole rather unassuming, with only three in 10 of those surveyed saying they were asked for referrals by their wealth managers at least once a quarter.

The report found referrals are triggered by a complex blend of circumstances and financial behaviours, and are heavily influenced by a client’s age and geographic background.

Respondents from the West are more likely to recommend wealth managers if they demonstrate stability, good performance, personal service and integrity.

In the Americas nearly two-thirds (58%) of up-and-coming wealthy individuals would recommend a stable firm, followed closely by strong performance (54%).

The quality of the salesperson and ‘periodic’ contact and ‘information about new products and services’ at 15% and 14% respectively ranked as the most important element in a wealth manager’s ability to deliver a great experience.

This suggests today’s high net worths increasingly desire a strong relationship with their wealth advisers.   


Monday, June 30th, 2014 EN No Comments

HSBC opens high-tech flagship branch on Orchard Road

SINGAPORE — HSBC today (June 30) announced the launch of its flagship branch at Liat Towers on Orchard Road. Customers can begin banking there tomorrow.

The bank said the flagship branch has 12,000 sq feet of floor space, staffed by a 100 strong team offering its suite of banking and wealth management services.

The branch is a showcase of the bank’s digital banking and wealth management capabilities, HSBC said. Key to the branch is its Digital Hub, which is a technology showcase of HSBC’s e-banking platforms and related content, allowing customers to decide “when, where and how to bank”.

But even with the move towards digitalising bank processes, Mr Matthew Colebrook, head of Retail Banking and Wealth Management at HSBC Singapore, said there is still a need for brick-and-mortar branches. “We recognise that our customers still desire the proximity of a physical branch, and that is why we will continue to invest in providing values to our customers through our branches.” CHANNEL NEWSASIA

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Monday, June 30th, 2014 EN No Comments

Business people


WestStar Bank

WestStar Bank has added Manuel Ortiz Jr. as business development officer in the Wealth Management Division of the bank. Prior to joining WestStar Bank, Ortiz was the area manager for relationship management for a national bank, where he was responsible for generating new business clients and expanding existing business relationships. In addition to his banking experience, he brings more than 20 years of working with the public in numerous industries and managing portfolio profit growth. He has a bachelor of science in business management and a master of business administration.

Health Foundation

Twenty community leaders graduated from the Paso del Norte Health Foundation’s REALIZE Leadership Progam. These individuals participated in a 15-month experience that prepares them to address regional health needs, through the use of cutting edge leadership ideas.

They are:

• John E. Adams, El Paso Independent School District

• Blake Barrow, Rescue Mission of El Paso, Inc.

• Dr. Candyce S. Berger, the University of Texas at El Paso

• Yolanda Castillo, United Service Organization El Paso

• Monica Chavira, Doña Ana County Health and Human Services

• Elke Cumming, YWCA El Paso del Norte Region

• Katherine Doll, Sierra Medical Center

• Carlos Gallinar, City of El Paso

• Sandra N. Garcia, Center Against Family Violence

• Annette Gutierrez – Rio Grande Council of Governments Area Agency on Aging

• Rene Hurtado, Emergence Health Network

• Dr. George A. King, the University of Texas at El Paso

• Yvette Lugo, Rio Grande Council of Governments Area Agency on Aging

• Scott Lynch, Candlelighters of the El Paso Area, Inc.

• Susan Oliva, Advocacy Center for Children of El Paso

• Dr. Collin R. Payne, New Mexico State University

• Veronica Soto, City of El Paso

• Michael Vasquez, Ysleta Independent School District

• Alfonso V. Velarde, Child Crisis Center

• Stephen Voglewede, Competitiveness Group, BioMedical Institute of the Americas

To learn more about the REALIZE Leadership Program, visit

Health Underwriters

The El Paso Association of Health Underwriters will have its annual instilation meeting on July 9, at 11:30 a.m. at Landry’s Restaurant at 6801 Gateway Blvd West. The new officers are: President, Alan Carl; Immediate Past President, Joe Bernal; Secretary, Liz Carl; Treasurer, Liz Carl; Awards Chair, Frank Garcia; Communications Chair, Maria Almaraz; Professional Development Chair, George Saenz; HUPAC, Sergio Acuna; Media Relations Chair, Don McCormick; Membership Chair, Gillermo Zubia. For further informaiton on this meeting please contact our secretary Liz Carl at


Sunday, June 29th, 2014 EN No Comments

Impact investing on the cusp of mainstream wealth management

The news releases arrived in noteworthy succession throughout 2013. Morgan Stanley, UBS AG, The Goldman Sachs Group Inc., and JPMorgan Chase Co. — some of the biggest names in the financial services industry — announced plans to establish or augment their activities around impact investing. Such investments are made with the intention of generating measurable social and environmental impact alongside appropriate financial returns.

Each firm signaled a different approach and each used diverse language to describe its efforts. But the gist was the same: The significance of investment directed at achieving impact is growing, as is the willingness to engage in it beyond the traditional confines of corporate philanthropy.

Advisers who don’t believe impact investing will play a meaningful role in their own client strategies aren’t seeing the writing on the wall. Investing for meaningful impact will become part of mainstream planning and, in fact, will be the core portfolio for many next-generation investors who stand to inherit upwards of $41 trillion in baby boomer wealth.


A 2013 study by the World Economic Forum found that next-generation investors consistently ranked impact performance as their primary investment criterion, ahead of return. As individuals and institutions look to the financial services industry to supply — and financial planners to advise on — financial products and strategies consistent with these broader goals, firms will have to figure out how to serve a new set of client demands.


The deepening embrace of impact investing by the financial services industry mirrors a broader reshaping of global priorities. Skyrocketing deficits, uncertain financial markets and staggering needs have thrust the urgency of impact investing to the forefront. What have emerged as a result are new opportunities, challenges and innovation in all sectors that will help lay the groundwork for a more prosperous future.

This shift was captured in 2010 when 93% of corporate chief executives responding to an Accenture survey indicated that sustainability would be critical to the future success of their companies. These executives also believed that, within a decade, sustainability will be fully meshed with core businesses, fundamentally transforming principal capabilities, processes and systems.

To offer perspective on the financial services sector’s response to the surging interest in impact investing, Impact Economy and the Money Management Institute recently published a special report, “Serving Client Demand for Impact Investing: A Hands-on Guide for Financial Advisors and Senior Management.” The report explores the genesis of the interest by financial service institutions in impact investing, their struggles with certain aspects of implementing these kinds of investment programs and a potential path forward.

While a number of firms are beginning to adapt to the concept, investors, investment funds and advisers nonetheless struggle with different elements of impact investing strategies. Evidence suggests that global financial institutions are succeeding, to varying degrees, in aligning impact investment programs with their responsibility mission but, on the whole, have not succeeded in aligning these programs with their financial mission.

This is the principal reason why impact investing has yet to become a distinct practice area targeted to the mainstream investor. Yet it appears to be on the doorstep, and the very issues limiting the growth of impact investing are, in turn, creating a number of conditions for pushing it forward. Many firms are using components of their institutional platforms — namely corporate philanthropy, Community Reinvestment Act-motivated lending, socially responsible investing or wealth management — to match particular client demand.

Some examples: Citigroup Inc., though not adopting the impact investment label, has nonetheless mobilized resources along similar lines, with a focus on inclusive finance, via the Citi Microfinance business group and Citi Community Capital. In 2013, Deutsche Bank AG created a head office for environmental, social and governance investing to further drive ESG integration in the asset and wealth management areas of the firm. Goldman Sachs’ impact-related investing activities are split into two departments: the Urban Investment Group and the Goldman Sachs Foundation. Social Finance was launched at JPMorgan Chase in 2007, bridging the firm’s corporate responsibility department, which includes global philanthropy and sustainability initiatives, and the investment bank.

Less observable, though, is a push toward aligning these programs with various organizational functions, including advising, originating, trading, managing and distributing capital. Even there, though, progress is beginning to be made. This is evident in Morgan Stanley’s new Institute for Sustainable Investing, which offers wealth management clients access to investment products with values alignment, ESG integration, various sector exposures, and impact-specific products.


An alternative approach may be to embed impact investing across divisions of an institution. As Mark Sloss, senior portfolio manager and head of premier portfolio services at UBS Wealth Management Americas, said, “Impact investing should not be cloistered like the crazy uncle in the attic.” UBS envisions an “open architecture” model that welcomes the currently unstructured nature of impact investing. As a result, socially responsible and sustainable investing efforts are housed within the firm’s Wealth Management Americas division.

Regardless of the approach financial services firms favor, an impact investment program can be designed in a way that signals important insights about investor preferences to the core wealth or asset management practices of a financial institution, irrespective of whether these investments help to meet institutional philanthropic or compliance mandates (the current added value for most impact investing by financial institutions). In our experience, positioning impact investing in this manner provides financial institutions and advisers with a way to respond to the growing demand.

Embedded within the concept of impact investing (and the wider spectrum of impact-related investing, such as socially responsible investing) are demographic trends that reflect a cultural inclination for “doing well and doing good” simultaneously. This is notably different from the old model of “making money and giving back,” personified by Bill Gates and Warren Buffett.

A number of trends will begin to influence future decision making, including growing consumer demand from the global poor, the need for resource efficiency and green growth, the rise of the sustainable or “virtuous” consumer, and the massive intergenerational wealth transfer between baby boomers and their beneficiaries.

If impact investing has at times been marginalized within mainstream financial institutions, or “cloistered like the crazy uncle in the attic,” perhaps the time has come to let the crazy uncle out. Despite his eccentricities, he is looking more and more like the rich uncle — aligned with the priorities of the soon-to-be owners of $41 trillion in global capital, and potentially a harbinger of a new force for social good.

William Burckart is the managing director of Impact Economy (North America), a global impact investing and strategy firm, and a member of the Working Capital Group of the national Micro Capital Task Force.


Sunday, June 29th, 2014 EN No Comments

Is your money manager worth it?

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Sunday, June 29th, 2014 EN No Comments

VisionQuest Clients Love the Durham Bulls

Raleigh, NC, June 28, 2014 –(– On Saturday, June 21st, the team at VisionQuest Wealth Management rented out the new Miller Lite Party Deck to spend time with clients, prospects, and friends at the Durham Bulls baseball game for what has become one of VisionQuest’s most anticipated annual client events.

Steve Peters says “This is a great opportunity for the VisionQuest team to spend valuable one-on-one time with clients and prospects in a relaxed atmosphere… outside of having an incredible time with people you already enjoy spending time with, you often gain valuable insight about their family dynamics in order to provide a more tailored and boutique experience for each person going forward.”

“The Miller Lite Party Deck is amazing and provides for an incredible birds-eye view of the game,” said Mark Cherry. “Also, I love this breeze…now all we need to do is come back from this twelve run inning.”

And although it was a great night for VisionQuest and their clients, it was not the case for the Durham Bulls as they’ve struggled against the Syracuse Chiefs.

For many, the biggest highlight of the evening came when mascot Wool E. Bull paid a visit to the Party Deck to meet with big and little kids alike to pose for pictures and sign autographs.

Dave Duncklee, a long-time client of VisionQuest and the President of Duncklee and Dunham, asked “What other wealth management company hosts an event like this for their clients? If it isn’t great golf outings, it is outings like this where everyone is given the chance to enjoy the timeless charm of baseball, network with other clients and the entire firm’s family, and gives our children the opportunity to have fun while getting to know one another.”

Jon Volat, a VisionQuest Wealth Management client and friend of Steve Peters, stated “I love being able to not only have a face to face conversation with any of the VisionQuest staff. They are a busy bunch and when you meet at the office or at my home for quarterly meeting, you don’t always have the luxury of catching up with everyone at once…But what is most important is that I can have fun with my son, Kai, who I can watch the game with and can explain baseball to him. I’m as busy as the VisionQuest Team and this affords me the opportunity to get out with him. Additionally he starts to understand, at an early age, the reason our family works with VisionQuest…In a word…’Continuity.’”

Even though the end result was a loss for the Durham Bulls, the event was really about getting together for fun, family oriented Saturday night of watching “America’s Pastime.” Additionally, VisionQuest Wealth Management consistently strives to exceed the expectations of their client base by providing an experience that is both unique and beyond that of the industry standard. Client events like the Durham Bulls and their Annual Pig Picking in October are just two examples of events that set VisionQuest apart.


Saturday, June 28th, 2014 EN No Comments

New financial service launched to help US expats

A comprehensive financial advisory firm that helps clients grow and conserve wealth has announced a new service to help expats living in the US and US citizens living abroad manage their investments.

saddleSaddle River Capital Management (SRCM) said it has identified many investors as stranded between tax and regulatory regimes in the US and elsewhere, which has prevented senior executives from complying with and meeting their investment objectives.

This new offering brings US-style investments to expat investors looking to invest between $500,000 and $5 million, subject to their personal tax considerations.The Expat Wealth Management service aims to assist expats in complying with US tax regulations in investment management, retirement planning, college planning, insurance, and estate planning via exchange-traded funds (ETFs).

The firm says that many expat investors are unaware of the numerous tax breaks available to them in the US, as they assume that they are only eligible for tax breaks in their home country. SRCM aims to educate these investors and bring their personal tax advisor into conversations where their investments are concerned.

SRCM claims it can help clients simplify their investments by handling multi-jurisdictions in multiple currencies in one platform. ‘Having more than one account in more than one country is a good way to lose track of your assets and to send accounting costs through the roof,’ said Richard Wolfe, managing director of Saddle River Capital Management.

‘Our newly launched expat wealth management service fills a void in the marketplace for a couple of reasons. While other large firms may offer financial advice to foreigners living in the US, many ignore the concerns of those looking to manage less than $5 million,’ he explained.

Many expat investors are unaware of the tax breaks available to them in the US

Many expat investors are unaware of the tax breaks available to them in the US

‘In addition, many US based firms experience compliance restraints when opening accounts for foreigners. Expats looking to manage their investments outside of their home countries have lots of questions, but not enough options when it comes to firms addressing their concerns,’ he added.

When expats are ready to move back home, SRCM helps them repatriate their assets and tax liabilities in their respective countries without having to change accounts by converting the assets into the currency of the domicile.

Saddle River Capital Management is not a tax advisor and it advises those seeking more information regarding their tax situation to consult a tax professional.



Friday, June 27th, 2014 EN No Comments

Wealth Management News – June 27

Sat Jun 28, 2014 2:10am IST


Friday, June 27th, 2014 EN No Comments

Northern Trust AM creates ESG leadership role

Northern Trust AM creates ESG leadership role

Northern Trust Asset Management has named Mamadou-Abou Sarr as its new global head of Environmental, Social and Governance (ESG) investing. 

The company announced Sarr’s appointment to the newly-created role this week saying that he would lead ESG innovation and product development across Northern Trust’s array of asset class capabilities. 

The announcement said he would on expanding into new opportunities for ESG growth in the global institutional and wealth management markets. 

Commenting on the appointment, Northern Trust Asset Management president, Stephen N. Potter said the company had realized growing success in ESG investing, given its client-centric focus and more than 25 years of experience managing socially screened portfolios, as well as being a signatory to the United Nations Principles for Responsible Investing,. 

Based in Abu-Dhabi, Sarr will report to Wayne Bowers, Head of Asset Management-EMEA APAC, and will work closely with the Global Equity Strategist team. 


Friday, June 27th, 2014 EN No Comments