Archive for December, 2014

Financial Resolutions for the New Year

Money

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Video Clip: Financial Resolutions for the New Year – Greg Bright and Kent Patrick, Associate Wealth Adviser?s from Bush Wealth Management, joined us to talk about what you should be thinking about when you are making your financial New Years resolutions.

Posted: Tuesday, December 30, 2014 2:28 pm
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Updated: 2:33 pm, Tue Dec 30, 2014.

Financial Resolutions for the New Year


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TALLAHASSEE, Fla. (WTXL) – Greg Bright and Kent Patrick, Associate Wealth Adviser​s from Bush Wealth Management, joined us to talk about what you should be thinking about when you are making your financial New Years resolutions. 

You can hear all of their tips by clicking on the video to the left.  

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Tuesday, December 30, 2014 2:28 pm.

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Tuesday, December 30th, 2014 EN No Comments

Make Qualified Charitable Distributions by Dec. 31

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Trusts  Estates

President Obama signed the Tax Increase Prevention Act of 2014 (TIPA)1 on Dec. 19, 2014, extending qualified charitable distributions (QCDs) for 2014.

Since 2006, individual retirement account owners over age 70 ½ have been able to direct that up to $100,000 of their IRAs be distributed each year directly to a public charity other than a donor advised fund.  This is called a QCD.2

A QCD counts toward the required distribution.  It’s not included in income, nor does it qualify for a charitable contribution deduction.  The provision for QCDs had expired at the end of 2013. 

 

Year-End Action Required

QCDs were last extended by the American Taxpayer Relief Act of 2012 (ATRA).  Before ATRA, QCDs had been scheduled to expire at the end of 2011.  ATRA retroactively reinstated QCDs for 2012 and extended QCDs for 2013.  Because ATRA wasn’t enacted until Jan. 2, 2013, it contained two provisions enabling IRA owners to utilize QCDs for 2012.  ATRA allowed IRA owners to make QCDs in January 2013 and treat them as if they were made in 2012.  It also allowed IRA owners to contribute to charity amounts taken from IRAs in December 2012 and treat those amounts as QCDs up to the $100,000 limit on QCDs.  TIPA doesn’t contain any similar provisions.  IRA owners over age 70 ½ who want to take advantage of QCDs must direct that IRA funds be distributed to charity by year-end.  IRA owners who already took required distributions for 2014 can’t get QCD treatment by contributing these amounts to charity.

 

Tax Benefits

An IRA owner can take distributions from his IRA and contribute them to charity. However, a QCD provides various income tax benefits as compared to taking a distribution from an IRA and contributing the same amount to charity.

  • The additional income from a distribution will reduce deductions or credits that are based on adjusted gross income.  Examples of this are the floor for medical expenses and the floor for miscellaneous itemized deductions.
  • A state might recognize QCDs for state income tax purposes but not allow a deduction (or might not allow a full deduction) for charitable contributions.
  • An IRA owner might not itemize deductions.
  • An IRA owner’s charitable contributions might exceed the percentage limitations on the deductibility of charitable contributions.
  • An IRA owner might be in the notch before 85 percent of his Social Security benefits are includible in income.
  • If an IRA owner has basis in his IRA as a result of having made nondeductible contributions, the QCD comes first out of the pre-tax portion of the IRA, thus preserving the basis.
  • QCDs don’t affect the reduction of itemized deductions (Pease) or the phase out of personal exemptions.
  • QCDs aren’t included in adjusted gross income for purposes of Medicare Part B premiums.

On the other hand, an IRA owner might obtain a greater income tax benefit by contributing appreciated securities to charity, because by doing so, the unrealized appreciation avoids being subject to income tax.

 

Extension Only for 2014

The extension for QCDs is only for 2014.  While there have been proposals to make QCDs permanent, they haven’t yet been enacted.  Until then, if the custodian permits, an IRA owner can direct that amounts be distributed directly to charity from the IRA.  If QCDs are extended beyond 2014 or made permanent, these distributions may then qualify as QCDs.   

IRA owners wishing to make QCDs for 2014 should contact their custodians immediately.  Similarly, IRA owners and beneficiaries who haven’t yet taken their required minimum distributions for 2014 should do so before year-end.    

 

Endnotes

1. H.R. 5771, Tax Increase Protection Act of 2014 (113rd Cong., 2d Sess.):  https://www.congress.gov/113/bills/hr5771/BILLS-113hr5771enr.pdf.

2. Internal Revenue Code Section 408(d)(8).

 

 

 

 

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Tuesday, December 30th, 2014 EN No Comments

New Hire Roundup: BlackRock’s Gundersen Goes to MainStay


This week in personnel announcements and new hires, Brendan Gundersen joined MainStay Investments, Ena Licina and Catherine Arnold joined the U.S. Bank Private Client Reserve; and Blue Water Advisors added Jeff Wund and Matthew Rapoport.

BlackRock MD Gundersen Goes to MainStay

MainStay Investments announced that Brian Gundersen has joined as a managing director and head of the institutional intermediary channel. He is based in New York and will report directly to Stephen Fisher, co-president of New York Life Investment Management and president of MainStay Investments.

With 20 years of industry experience, Gundersen was previously managing director at BlackRock iShares. Earlier he held leadership roles at GE Asset Management, most recently vice president, global leader of the subadvised channel for institutional business. He started his career at Standard and Poor’s Ratings Group.

Licina, Arnold Join Private Client Reserve

U.S. Bank Wealth Management announced that Ena Licina has joined the Private Client Reserve in Las Vegas as vice president, trust relationship manager, and Catherine Arnold has been named vice president, wealth manager at the Reserve in Seattle.

Before joining, Licina worked as a trust officer with Wells Fargo Wealth Management.

Arnold was vice president and senior director with BNY Mellon Wealth Management and previously vice president, private client advisor with the Private Bank at Union Bank.

Blue Water Advisors Adds Wund, Rapoport

Blue Water Advisors has announced the addition of Jeff Wund as its chief operating officer and Matthew Rapoport as a wealth management advisor.

With 15 years of experience, Wund spent almost 11 years as director of operations and chief compliance officer for Prosper Advisors. He started his career as an advisor with American Express Financial Advisors.

Previously, Rapoport was a director for wealth management firm Joel Isaacson Co. LLC in New York. Earlier, he was a VP with BNY Wealth Management and a senior financial planner at the Ayco Co. (now a division of Goldman Sachs).

— Read the Dec. 17 New Hire Roundup on ThinkAdvisor.

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Tuesday, December 30th, 2014 EN No Comments

BNY Mellon hires Oppenheimer’s Chan for Hong Kong wealth job

BNY Mellon hires Oppenheimer’s Chan for Hong Kong wealth job

29 December 2014
 
Category: News, Asia, Global, Hong Kong
 
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BNY Mellon’s wealth management unit has hired Oppenheimer Co executive Vivian Chan for a senior role at its Hong Kong office.

The US financial services firm said Ms. Chan would join as wealth director of business development in the territory, where she will be responsible for providing discretionary investment and wealth management services for high-net-worth-individuals (HNWIs) and families.

She will report to Chuck Long, head of Greater China, BNY Mellon Wealth Management. Ms. Chan arrives from Newport Beach-based Oppenheimer, where she was a director of investments in the wealth management space. She has 20 years of financial services experience; about a decade of which has been spent working with HNWIs.

BNY Mellon said it would be seeking to further expand its wealth management presence in Hong Kong with more new hires. “The firm plans to hire additional wealth directors, portfolio managers and other professionals as its client base grows,” Mr. Long said.

The company in October received regulatory approval to broaden its suite of wealth management services out of Hong Kong. A significant part of its business in the region is aimed at US citizens living overseas, who are under increasing scrutiny from their home authority in light of the introducing the US Foreign Account Tax Compliance Act (FATCA).

BNY Mellon Wealth Management is currently the seventh largest wealth manager in the US, with approximately US$187 billion in private client assets as of September 30.

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Sunday, December 28th, 2014 EN No Comments

Discover Colombia’s wealth report, 2014

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Reasons to Get It
• The Colombia Wealth Report 2014 is an unparalleled resource and the leading resource of its kind. Compiled and curated by a team of expert research specialists, the report comprises a wide variety of data that is created based on over 115,000 HNWIs from around the world in database.

• With the wealth reports as the foundation for its research and analysis, and is able obtain an unsurpassed level of granularity, insight and authority on the HNWI and wealth management universe in each of the countries and regions it covers.

• The report reviews the performance and asset allocations of HNWIs and ultra-HNWIs. The report also includes projections of the volume, wealth and asset allocations of the HNWIs to 2018 and a comprehensive background of the local economy.

• The report provides a thorough analysis of the private banking and wealth management sector, the latest merger and acquisition activity, and the opportunities and challenges that it faces.

• It also provides detailed information on HNWI volumes in each major city.

Key Highlights
• There were 35,902 HNWIs in Colombia at the end of 2013. These HNWIs held US$154 billion in wealth, and wealth per HNWI was US$4,291,124. 

• In 2013, Colombian HNWI numbers rose by 0.2%, following growth of 8.5% in 2012.

• The strong growth in HNWI wealth and volumes is expected to continue over the forecast period. The total number of Colombian HNWIs is forecast to grow by 11.8%, to reach 41,045 in 2018. HNWI wealth is anticipated to record a smaller percentage increase, growing by 29.4% to reach US$211 billion by 2018. 

• At the end of 2013, Colombian HNWIs held 35.1% (US$54 billion) of their wealth offshore, compared to 37.3% (US$30 billion) in 2009. 

Companies Mentioned

Bancolombia Corporación Financiera Colombiana Davivienda BBVA Banco de Occidente Banco GNB Sudameris Helm Bank Bancóldex Banco AV Villas Banco Popular

To access full report with TOC, please visit Colombia Wealth Report 2014.

 

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Sunday, December 28th, 2014 EN No Comments

Interview: Julius Baer CEO On Bank’s Mid-East Growth Plans

The CEO of one of the world’s largest and oldest private banks gives his insight into the evolving world of wealth management, potential acquisition targets, and his plans for the Middle East.


It’s around 10 am on an expectedly sunny Dubai morning as I’m escorted through to a dining table in the Armani Hotel’s darkly decorated conference rooms.

Greeting me with a handshake and a smile is a remarkably fresh-faced Boris Collardi, who shows little sign of fatigue despite having landed only two hours beforehand, even helping to clear the table as we prepare to talk business.

The CEO’s visit coincides with Julius Baer’s 10-year anniversary in the Middle East, after the Swiss private bank became one of the first companies to open an office in Dubai International Financial Centre back in 2004.

Much has changed for Julius Baer and the financial world since then, Collardi recalls, as we take our seats. But even though he climbed to the top of one of the world’s oldest private banks at the height of the financial crisis, the CEO sees positives in those changes.

“Since then, you’ve seen what happened to Switzerland. We had to go from being a financial centre of tradition and standing with its own set of rules to a financial centre needing to be integrated with an international set of rules… So very big…challenging…a thousand moving parts,” he says.

“But frankly that’s the environment I love,” he adds.

“When you have a challenging environment, you can win on strategy and execution. If you have the right idea, deploy the right resources, and see the opportunity before someone else, you can really make a difference.”

Collardi, arguably, has done just that. Under his leadership, Julius Baer’s Assets Under Management (AuM) have increased 85 per cent to 285 billion Swiss francs as of end-October.

An EArly StArtEr

It was tragedy that led Collardi to take the helm at Julius Baer. In 2008, the unexpected death of 52-year-old Alex Widmer opened a void at the top of the bank, and further bad news was to follow as the financial crisis took hold.

When the Swiss-Italian took the reigns, global financial markets were at their lowest point. The youngest CEO in the bank’s then 119-year history, aged 35, he was the man expected to lead it through the darkness.

“You could argue it’s a blessing in disguise because you can only have an upside from there,” he says.

“But this upside comes at an enormous cost… you need to run a business in a very uncertain, volatile environment.”

Five years on, the CEO says his relative youth gave him a number of advantages during such a trying period in the bank’s history.

“When you’re younger, you have an unlimited amount of energy, and when you go through very stressful phases like these, energy is very important,” he remarks, while also suggesting, “new solutions to new problems were needed” given the unfamiliar financial territory.

“It’s better to be more open minded than have the impression – it’s been done this way for 25 years, why should we change now?”

One such new challenge off the back of the crisis has been regulation, with Julius Baer one of 14 Swiss banks being pursued by the US Justice Department, for its role in helping wealthy Americans evade taxes.

Collardi’s former company Credit Suisse has already paid $2.6 billion in penalties, with the investigation still on going and not expected to wind down until next year. But while suggesting there has been some overregulation, the CEO can see a positive slant on proceedings.

“Regulation has transformed our business and I will tell you it’s actually for the better at the end of the day, because through regulation the watermark to run a business is higher,” he says.

“We’re, remember, in an industry that is still growing…there are more millionaires every day, the pool is getting bigger. So if you have less people in a bigger pool, then you have bigger opportunities.”

Late adopter?

An opportunity Julius Baer has been slower to react to is the growing role of technology in private banking.

In an interview with the Financial Times in October, Collardi admitted Baer had been a “late adopter” of technological advancements. A statement the CEO sticks to when pressed.

“Look that’s a fact…we’ve been a late adopter,” he says.

“However, now we’ve appointed a project director and we’re staffing the team to start our IT environment project next year.”

The project will not only touch Julius Baer’s banking systems, he reveals, but also some of its collateral systems, all the way to the bank’s e-banking internet solutions.

“We have a fairly ambitious programme of renewing our entire platform to the latest and to the best technology over the next three to four years.”

While he sees technology entering financial services from the beginning of the value chain with payments, Collardi is also eyeing the potential to go further.

“We’re starting to see small start-ups do asset allocation, asset aggregation reporting and financial planning, so I think technology will enter all the way to wealth management.”

Such advancements won’t happen overnight, but the CEO reveals that a section of Julius Baer’s IT programme will be looking at this “more disruptive tech”, with one of his staff recently visiting start-ups in Silicon Valley to see whether any ideas could be implemented into the firm’s IT systems.

Would Julius Baer look at acquiring start-ups if the idea was good enough?

“Any time… Any Time,” Collardi repeats.

Baer the Buyer

Such a deal does not seem unlikely for a bank that has proven particularly acquisition hungry under Collardi’s leadership.

In June, Julius Baer announced the acquisition of the clients of Bank Leumi’s Swiss private bank and its private banking business in Luxembourg, with a combined 7.2 billion francs of AuM, in a deal worth up to 70 million francs.

This followed the group’s March acquisition of an additional 50 per cent interest in Sao Paolo-based GPS Investimentos e Participacoes, bringing its stake to 80 per cent, and the acquisition of WMPartners Wealth Management, Infidar Investment Advisory stake holder PINVESTAR AG and TFM Asset Management last year. Not to mention the 860 million Swiss franc acquisition of Merrill Lynch’s International Wealth Management (IWM) business in 2012.

Describing the landscape, the CEO suggests the economics of the private banking business are making acquisitions more likely.

“Due to the regulatory costs going up, market and risk appetite of clients has been subdued. Therefore the margins are lower. With lower margins, smaller businesses start to write losses, and that is part of the consolidation we’re seeing,” he says.

Most recently, the firm has been linked with Royal Bank of Scotland (RBS) unit Coutts International. The business, which RBS said it was considering selling in August, could be worth up to $1 billion according to reports.

When the subject of Coutts is raised, Collardi emphasises that he is not interested in going into an auction for the unit.

“If it was a private situation, one could discuss, but an auction not necessarily,” he reiterates. “It is certainly a good firm, but we’re not privy of the details.”

Would he be interested if the price was right?

“If the price is right, you always have to look at it,” he says. “But price is one consideration we would look at what is the business fit, what is the cultural fit and in order to assess that you need a little bit longer than five minutes haggling about price.”

For the moment the bank is also focussing on the integration of the Merrill Lynch IWM acquisition, which has increased Baer’s AuM by more than a third.

In its yearly earnings for 2013, the bank said it would hit the lower end of its target for the transfer of assets invested by former Merrill Lynch clients, while in H1 2014 a further 60 million francs of transaction, restructuring and integration costs were incurred.

However, Collardi insists judgement should be reserved until next year’s report.

“Next year in February, we’re going to give a transaction report. We are going to tell everybody where we are what we’ve delivered and I think it should be a good report, judging by the numbers we showed in the first half of this year.”

In Baer’s H1 2014 results, the unit contributed 56 billion Swiss francs to group AuM, while also helping lift it from fifteenth place to twelfth among the world’s private banks in terms of AuM, in a study published by Scorpio Partnership.

Collardi says the integration is now nearing completion with many of the planned 30 to 40 per cent cuts to the unit’s 2,200 staff, already made.

As part of the process, businesses and employees in Lebanon, Bahrain, Dubai, and Abu Dhabi, were transferred in December last year, he explains, with relatively few job cuts due to the size of the operations and lack of overlap, with the exception of Dubai.

“We’re really now at the tail end. The only big unit that still has to be moved over is India and that will be done at the beginning of next year. Otherwise we have already transferred 90 per cent of everything that we could transfer.”

LEAVING THE OLD WORLD

Another rumour circulating in Switzerland in recent months has been a potential takeover of Julius Baer by behemoth Credit Suisse, although Collardi insists no “formal discussions took place”.

“I don’t have anything smart to say about it. They’re good guys and each one of us should pursue our own strategy. There is more than enough space in the market for all of us.”

This pure play private banking strategy is continuing to bear fruit, according to Collardi, and he insists the bank is growing faster than the market in terms of new clients “with or without MA”.

“If you look at our valuation, we’re probably today the most expensive listed private bank in terms of price and AuM…so investors [do] like it.” Focussing on the Middle East, the CEO says Julius Baer is “committed to continue investing” in the region, with the bank’s market penetration now substantially increased following the Merrill Lynch integration and plans to enhance it’s local offering including sharia-compliant investment solutions.

He believes Baer’s Swiss pedigree is still an advantage in the region, despite a “formidable series of banks or group of banks that are being serious about private banking services.”

“We decided to kick off our efforts here ten years ago with very few people, now we’re over 100 people here in the region, and I think there is very strong potential,” he says.

But with Switzerland’s changing role in the financial world, the CEO also sees room for a new approach to attracting and maintaining clients, referencing Julius Baer’s Next Generation Summits, which focus on trends and areas of future investment for clients.

“The wine and dine, cocktail, caviar, that’s not where we want to be…that’s not what I would like Julius Baer to be associated with…that is the old world,” he says.

“Where we need to be is talking about investment, new technology, mega trends and what’s going to be changing the world.”


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Sunday, December 28th, 2014 EN No Comments

Mesan earns law degree and national recognition

Dawn Lloyd

Dawn Lloyd

Dawn Lloyd CFP, CRPC, JD – 2014 Top Ten Business Women of the Year by the American Business Women’s Association. [Submitted photo]



Posted: Saturday, December 27, 2014 12:15 pm

Mesan earns law degree and national recognition

By Trevor Godfrey, Tribune

East Valley Tribune

While many recent graduates are out hunting for jobs, one Mesan is applying her new law degree to her existing practice as a financial planner to better serve her clients.

Dawn Lloyd, president of Lakritz and Lloyd Wealth Management, completed her Juris Doctor earlier this month. Lloyd has worked in the finance industry for over 25 years. From her start as assistant to an internal security investigator to real estate appraiser, to mortgage loan officer, her experience in banking runs the gamut. Now she is a certified financial planner with the chartered retirement planning counselor designation.

What Lloyd said she really enjoys is helping others solve their dilemmas and manage their money wisely. Being a mortgage loan officer put her in a lot of rough spots, she said, often explaining to people why they couldn’t borrow money to buy a home. Financial management lets her stay on a more positive side of finance.

Now, Lloyd aims to improve her current offering by adding legal services, something she said is needed when working with clients.

“I’ve seen as a financial advisor … there’s a big disconnect between estate planning and financial planning,” she said, “I’ve found a need for clients to get estate planning done.”

Tired of urging, and in some cases even physically taking, clients to see an attorney and straighten out their legal affairs, Lloyd said it made more sense to simply go back to school and gain the skills and qualifications necessary to offer those much needed services herself. Now she can help clients directly with trusts, wills, powers of attorney, etc.

In October, she was named a 2015 Top Ten Business Woman by the American Business Women’s Association. ABWA Executive Director René Street said in a press release the members of the top 10 are women who, “strive for excellence in their careers, their communities and in the association.”

“It was amazing,” Lloyd said. “There was an application process and you had to answer a lot of questions about yourself. It is quite an honor to receive this.”

Lloyd is also the 2014-2015 President of the Tempe Charter Chapter of the ABWA, which was founded in 1971.

Founding her own firm with business partner Gloria Lakritz has been an extremely successful operation, serving some 200 clients in since it opened in 2013. Lakritz and Lloyd Wealth Management also prides itself on giving back the community, with a list of organizations including Zonta International, YMCA, Dress for Success-Phoenix, and local homeless shelters. Lloyd is a past president and currently the webmaster for the Zonta Club of Phoenix/East Valley. She also serves as the clubs District Nine Public Relations Chairman, covering Arizona, California, Nevada, Hawaii, and Utah.

Going to law school part time while trying to manage a new business in the turbulent economy was quite, challenging, Lloyd admitted, but she still managed to make the dean’s list and accomplish her lifelong goal of becoming a lawyer.

Contact writer: (480) 898-6581 or tgodfrey@evtrib.com. Follow him on Twitter at @trevoregodfrey.

 

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Saturday, December 27th, 2014 EN No Comments

Colombia HNWI Wealth and Volumes Is Expected to Reach US$211 Billion and …

Market Research Reports, Inc. has announced the addition of “Colombia Wealth Report 2014” research report to their website http://www.MarketResearchReports.com

Lewes, DE — (ReleaseWire) — 12/26/2014 — This report reviews the performance and asset allocations of HNWIs and ultra-HNWIs in Colombia. It also includes an evaluation of the local wealth management market.

This report is the result of Publisher’s extensive research covering the high net worth individual (HNWI) population and wealth management market in Colombia.

Scope
– Independent market sizing of Colombia’s 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 Colombia
– Size of Colombian wealth management industry
– Largest private banks by AuM
– Detailed wealth management and family office information
– Insights into the drivers of HNWI wealth

Reasons to Buy
– The Colombia Wealth Report 2014 is an unparalleled resource and the leading resource of its kind. Compiled and curated by a team of expert research specialists, the report comprises a wide variety of data that is created based on over 115,000 HNWIs from around the world in Publisher’s database.
– With the wealth reports as the foundation for its research and analysis, Publisher is able obtain an unsurpassed level of granularity, insight and authority on the HNWI and wealth management universe in each of the countries and regions it covers.
– The report reviews the performance and asset allocations of HNWIs and ultra-HNWIs. The report also includes projections of the volume, wealth and asset allocations of the HNWIs to 2018 and a comprehensive background of the local economy.
– The report provides a thorough analysis of the private banking and wealth management sector, the latest merger and acquisition activity, and the opportunities and challenges that it faces.
– It also provides detailed information on HNWI volumes in each major city.

Key Highlights
– There were 35,902 HNWIs in Colombia at the end of 2013. These HNWIs held US$154 billion in wealth, and wealth per HNWI was US$4,291,124.
– In 2013, Colombian HNWI numbers rose by 0.2%, following growth of 8.5% in 2012.
– The strong growth in HNWI wealth and volumes is expected to continue over the forecast period. The total number of Colombian HNWIs is forecast to grow by 11.8%, to reach 41,045 in 2018. HNWI wealth is anticipated to record a smaller percentage increase, growing by 29.4% to reach US$211 billion by 2018.
– At the end of 2013, Colombian HNWIs held 35.1

Spanning over 114 pages, “Colombia Wealth Report 2014” report covering the Introduction, Executive Summary, Wealth Sector Fundamentals, Findings from the Wealth Insight HNWI Database, Analysis of Colombian HNWI Investments, Competitive Landscape of the Wealth Sector, Appendix. The report covered companies are – Bancolombia, Corporacion Financiera Colombiana, Davivienda, BBVA, Banco de Occidente, Banco GNB Sudameris, Helm Bank, Bancoldex, Banco AV Villas, Banco Popular.

For more information see – http://www.marketresearchreports.com/wealthinsight/colombia-wealth-report-2014

Find all Wealth Management Reports at: http://www.marketresearchreports.com/wealth-management

About Market Research Reports, Inc.
Market Research Reports, Inc. is the world’s leading source for market research reports and market data. We provide you with the latest market research reports on global markets, key industries, leading companies, new products and latest industry analysis trends.

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For more information on this press release visit: http://www.releasewire.com/press-releases/release-571278.htm

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Friday, December 26th, 2014 EN No Comments

Novi company helps local family

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Friday, December 26th, 2014 EN No Comments

Wealth Management Tools for the Not-So-Wealthy

“Investing is too stressful.” 

“I don’t need a budget.” 

“What’s the point of only saving a few dollars here and there?” 

Don’t be that person. 

Even the not-so-wealthy person can find opportunities to harness the power of compound interest and create a healthy, substantial portfolio. But building wealth takes time, diligence and one part understanding how to budget and one part knowing where to invest. The tools below can help make this process easy for any rookie or seasoned financial veteran. 

Stay on Top of Your Money

Step one to building wealth: Understand the inflow and outflow of money. Or to use the proper word: budget. 

Budgeting reduces anxiety and increases wealth. By simply understanding how much money comes in, exactly where it needs to be allotted and sticking to those parameters, even those with debt or low salaries can begin to slowly build wealth. 

A variety of budgeting tools exist to help kick-start a budget, including Mint, You Need a Budget, BudgetTracker or just a spreadsheet or Google doc. 

Get Investing

Step two, investing, is an essential part of building wealth. Saving money is important, but keeping those hard-earned dollars under the mattress or in a 0.01 percent savings account isn’t going to beat inflation. Without the help of the stock market, money will quickly lose value. 

Millennials may shy away from the market based on the false assumption they don’t have enough money saved to invest – or due to fear. 

Fortunately, some investing companies and brokerages make it possible to dabble in the market without needing tens of thousands of dollars. Saving $84 to $200 a month could get anyone started in the market. One option even allows you to start with no minimum. Here are three to consider:

The New Players

Betterment

Betterment may be the new kid on the block, but the company’s mission aligns directly with the struggle many millennials (and all generations) face: There just isn’t enough money to pay bills, save for emergencies and invest. 

Instead of setting strict minimums, Betterment offers the ability to contribute only a few dollars a month. However, if a person contributes less than $100 a month, there will be a $3 flat fee. A $100 a month minimum will result in a fee of 0.35 percent of an investor’s average annual balance. A $10,000 minimum balance will be charged 0.25 percent, and a $100,000 minimum balance comes with a 0.15 fee. 

Wealthfront

Unlike Betterment, Wealthfront has a relatively steep minimum for many younger investors. But the company flips the service fees around to benefit those who can only afford to deposit $5,000. 

“We believe everyone deserves sophisticated financial advice. That’s why our minimum account size is only $5,000,” the Wealthfront website states. “We manage your first $10,000 for free and the rest for only 0.25 percent per year. There are no additional fees for our service. No trading commissions. Everything is included in our simple low advisory fee.” 

Acorns

Acorns offers a unique solution to overcoming the mental barrier: “I just don’t have enough money to be investing.” 

Acorns is a smartphone app that helps automate investing. A user links the app to a credit or debit card. The app then rounds up transactions and invests the difference. For example, if you buy a gallon of milk at the grocery store for $3.57, Acorns will round up the transaction to $4 and invest the 43 cents. This process can be set to automate or done by hand. The money will be invested into low-cost exchange-traded funds

Acorns charges $1 a month on accounts under $5,000 and 0.25 percent a year for accounts above $5,000. There are no penalties or fees to withdraw money and no minimum account balance fees. 

The Old Guard

Vanguard, Fidelity and Charles Schwab are well-known and long-standing brokerage firms with strong reputations, low-fees and accounts with low minimum deposits. Here are a few options and their minimum investment requirements:

Vanguard

Target Retirement Fund – $1,000

Vanguard 500 Index Fund Investor Shares (VFINX) – $3,000

Fidelity

Spartan 500 index Fund – Investor Class (FUSEX) – $2,500 

*There is an option for investors without $2,500 to fund the account based on automatic monthly payments. 

Charles Schwab 

Schwab SP 500 Index Fund (SWPPX) – $1,000 (or $100 a month automatic deposit)

Traditional or Roth IRA – $1,000 

Just Get Started

The biggest hurdle to building wealth is inertia. Without budgeting, investing, and using the right financial products, hard-earned money will leak out of bank accounts and lose value due to inflation. Instead, take action and start building wealth today.

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Friday, December 26th, 2014 EN No Comments