Wealth Management and Private Banking Connecting with Clients and Reinventing the Value Proposition 2015 Contents
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Global Wealth Inequality
EC11CH05_Zucman ARjats.cls August 7, 2019 12:27 Annual Review of Economics Global Wealth Inequality Gabriel Zucman1,2 1Department of Economics, University of California, Berkeley, California 94720, USA; email: [email protected] 2National Bureau of Economic Research, Cambridge, MA 02138, USA Annu. Rev. Econ. 2019. 11:109–38 Keywords First published as a Review in Advance on inequality, wealth, tax havens May 13, 2019 The Annual Review of Economics is online at Abstract economics.annualreviews.org This article reviews the recent literature on the dynamics of global wealth https://doi.org/10.1146/annurev-economics- Annu. Rev. Econ. 2019.11:109-138. Downloaded from www.annualreviews.org inequality. I first reconcile available estimates of wealth inequality inthe 080218-025852 United States. Both surveys and tax data show that wealth inequality has in- Access provided by University of California - Berkeley on 08/26/19. For personal use only. Copyright © 2019 by Annual Reviews. creased dramatically since the 1980s, with a top 1% wealth share of approx- All rights reserved imately 40% in 2016 versus 25–30% in the 1980s. Second, I discuss the fast- JEL codes: D31, E21, H26 growing literature on wealth inequality across the world. Evidence points toward a rise in global wealth concentration: For China, Europe, and the United States combined, the top 1% wealth share has increased from 28% in 1980 to 33% today, while the bottom 75% share hovered around 10%. Recent studies, however, may underestimate the level and rise of inequal- ity, as financial globalization makes it increasingly hard to measure wealth at the top. -
Four Strategies for Becoming an Elite Financial Advisor
INVESTMENT PROFESSIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION. MANAGING YOUR PRACTICE: A DIMENSIONAL PODCAST SERIES Four Strategies for Becoming an Elite Financial Advisor Catherine Williams: Hi, everyone, and thank you for joining us today. I'm Catherine Williams, Head of Practice Management for Dimensional Fund Advisors. Today, I want to talk about what is probably the number one question me and my team receive as we engage with advisors around the world. How do I grow? And probably then shortly followed by the question of, what are faster growing advisors are doing? We see in our annual advisor benchmark study, which includes nearly a thousand advisors this year, that there are in fact some unique behaviors and characteristics these top advisors demonstrate both in their business and how they live their lives and certainly how they engage with clients. So that's what we're going to talk about today. And joining me to share his unique and expert perspective on this topic is John Bowen, founder and CEO of CEG Worldwide. Hi, John. Thanks for joining us today. John Bowen: Well, Catherine, thank you for having me. Catherine Williams: I want to give a little bit of a background for the few folks out there that may not know your name or be familiar with CEG, you founded CEG nearly 20 years ago and your organization, I will be so bold as to say, is absolutely one of the world's leading coaching firms when it comes to financial advisors. You focus on coaching elite advisors thinking about their business, their personal lives, their legacies, and you and your team have delivered hundreds of workshops and presentations to thousands of advisors around the world. -
Next-Gen Technology Transformation in Financial Services
April 2020 Next-gen Technology transformation in Financial Services Introduction Financial Services technology is currently in the midst of a profound transformation, as CIOs and their teams prepare to embrace the next major phase of digital transformation. The challenge they face is significant: in a competitive environment of rising cost pressures, where rapid action and response is imperative, financial institutions must modernize their technology function to support expanded digitization of both the front and back ends of their businesses. Furthermore, the current COVID-19 situation is putting immense pressure on technology capabilities (e.g., remote working, new cyber-security threats) and requires CIOs to anticipate and prepare for the “next normal” (e.g., accelerated shift to digital channels). Most major financial institutions are well aware of the imperative for action and have embarked on the necessary transformation. However, it is early days—based on our experience, most are only at the beginning of their journey. And in addition to the pressures mentioned above, many are facing challenges in terms of funding, complexity, and talent availability. This collection of articles—gathered from our recent publishing on the theme of financial services technology—is intended to serve as a roadmap for executives tasked with ramping up technology innovation, increasing tech productivity, and modernizing their platforms. The articles are organized into three major themes: 1. Reimagine the role of technology to be a business and innovation partner 2. Reinvent technology delivery to drive a step change in productivity and speed 3. Future-proof the foundation by building flexible and secure platforms The pace of change in financial services technology—as with technology more broadly—leaves very little time for leaders to respond. -
Press Release: Global Finance Names the World's Best Private
Global Finance Names The World’s Best Private Banks 2019 NEW YORK, October 22, 2018 — Global Finance magazine has announced its fourth annual World’s Best Private Banks Awards for 2019. A full report on the selections will appear in the December issue of Global Finance, and winners will be honored at an Awards Dinner at the Harvard Club of New York City on February 5th, 2019. About Global Finance The winners are those banks that best serve the specialized needs of Global Finance, founded in 1987, has a circulation of high-net-worth individuals as they seek to enhance, preserve and pass 50,050 and readers in 188 on their wealth. The winners are not always the biggest institutions, but countries. Global Finance’s rather the best—those with qualities that individuals rate highly when audience includes senior corporate and financial choosing a provider. officers responsible for making investment and strategic Global Finance’s editorial board selected the winners for the Private Bank decisions at multinational companies and financial Awards with input from executives and industry insiders. The editors institutions. Its website — also use information from entries submitted by banks, in addition to GFMag.com — offers analysis independent research, to evaluate a series of objective and subjective and articles that are the legacy of 31 years of experience factors. This year’s ratings were based on performance during the period in international financial covering July 1, 2017 through June 30, 2018. markets. Global Finance is headquartered in New York, with offices around the world. “Recent decades have minted unprecedented new ranks of millionaires Global Finance regularly selects and billionaires around the world, and they bring a new set of beliefs and the top performers among attitudes toward wealth. -
J.P. Morgan Private Bank Privacy Notice for U.S. Clients
The Private Bank Respecting and protecting client privacy have always been vital to our relationships with clients. The attached Privacy Notice, in a format recommended by federal regulators, describes how J.P. Morgan Private Bank keeps client information private and secure and uses it to serve you better. As shown, the J.P. Morgan companies that provide private banking services do not use client information for purposes not related to the Private Bank. Additionally, we keep your information under physical, electronic and procedural controls, and authorize our agents and contractors to get information about you only when they need it to do their work for us. The Private Bank uses information we have about you in order to make private banking products and services available to you through the Private Bank, including loans, deposits and investments, to meet your private banking needs. Using your information in this way, through the authorization you provided as part of your private banking application, may qualify you for account upgrades, improved client services and new service offerings based on our more complete knowledge of your relationship with the Private Bank. The Private Bank is a part of J.P. Morgan Asset & Wealth Management (the brand name for the asset and wealth management businesses of JPMorgan Chase & Co.) and provides private banking services for Private Bank clients. The Private Bank includes those units of JPMorgan Chase Bank, N.A., J.P. Morgan Trust Company of Delaware and J.P. Morgan Securities LLC dedicated to the Private Bank, as well as alternative investment funds offered through the Private Bank. -
Leaving a Legacy: a Lasting Gift to Loved Ones Table of Contents
life stage series: end of life/legacy. Leaving a legacy: A lasting gift to loved ones Table of contents . 1. Background 3. Introduction 4 . What legacy means 10. Anticipating the end of life 14. Getting affairs in order 21. Personal action plan 22 Summary Leaving a legacy: A lasting gift to loved ones Background About Merrill Lynch Wealth Management About Age Wave Merrill Lynch Wealth Management is a leading Age Wave is the nation’s foremost thought leader provider of comprehensive wealth management and on population aging and its profound business, investment services for individuals and businesses social, financial, healthcare, workforce and cultural globally. With 14,690 financial advisors and $2.4 implications. Under the leadership of Founder/CEO trillion in client balances as of June 30, 2019, it is Ken Dychtwald, Ph.D., Age Wave has developed a among the largest businesses of its kind in the world. unique understanding of new generations of maturing Bank of America Corporation, through its subsidiaries, consumers and workers and their expectations, specializes in goals-based wealth management, attitudes, hopes and fears regarding their including planning for retirement, education, legacy, longer lives. Since its inception in 1986, the firm and other life goals through investment, cash and has provided breakthrough research, compelling credit management. Within this business, Merrill presentations, award-winning communications, Private Wealth Management focuses on the unique education and training systems, and results-driven and personalized needs of wealthy individuals, families marketing and consulting initiatives to over half and their businesses. These clients are served by the Fortune 500. For more information, please approximately 200 highly specialized private wealth visit www.agewave.com. -
GOLDMAN SACHS PRIVATE BANK SELECT a Digital Lending Solution
GOLDMAN SACHS PRIVATE BANK SELECT® A digital lending solution INTRODUCING GOLDMAN SACHS PRIVATE BANK SELECT Goldman Sachs Private Bank Select® (“GS Select”) is a securities-based lending solution that uses diversified, non- POTENTIAL USES retirement investment assets as collateral for your loan. Our digital platform allows you to quickly and seamlessly PERSONAL establish a revolving line of credit, providing easy access to liquidity. Our high-tech, high-touch servicing ensures easy Education mangement of your loan. Home renovations Tax obligations LOAN FEATURES BUSINESS SIZE: From $75,000 to $25 million, with an initial minimum loan advance requirement of $75,000 and subsequent drawdowns Acquisitions starting at $2,500 Liquidity USE: Any purpose other than purchasing or carrying margin stock Seed/startup capital TYPE: Revolving line of credit; you can borrow, repay, and re-borrow as needed BORROWER: Individuals and joint; irrevocable and revocable trusts POTENTIAL BENEFITS COLLATERAL: Non-retirement investment assets, including stocks, bonds, mutual funds, and exchange-traded funds Immediate and ongoing access to cash INTEREST RATE: 1-month LIBOR plus a spread determined by loan amount; LIBOR resets monthly Expedited loan processing, often within REPAYMENT: Interest only, payable monthly; principal can be 24 hours repaid at any time without penalty TERM: No maturity date; repayment can be demanded at any time High-tech, high-touch servicing and support by FEES: No application, origination, or annual fees phone, in person, and online DOCUMENTS: No personal financial statements, tax returns, paper applications, or other documents; trust documents not required in most states Securities-based loans may not be suitable for all borrowers/pledgors and carry a number of risks, including but not limited to the risk of a market downturn, tax implications if pledged securities are liquidated, and an increase in interest rates. -
Wmcp™ Wealth Management Certified Professional® the Modern Way to Manage Wealth
WMCP™ WEALTH MANAGEMENT CERTIFIED PROFESSIONAL® THE MODERN WAY TO MANAGE WEALTH. The WMCP™ delivers an advanced specialization in personal wealth and investment management unlike any other professional credential available today. Moving beyond simple investment management, the WMCP™ helps advisors transform modern investment theory into applied knowledge that brings a new level of value to client relationships. WMCP™ is designed for advisors serving a global marketplace where mass-affluent and high-net-worth individuals seek professionals with a true understanding of their unique needs and goals. DEEP KNOWLEDGE. GOAL-BASED. WEALTH MANAGEMENT REDEFINED. The WMCP™ program takes learners beyond selecting investments by taking a deep dive into the specialized knowledge needed to build a long-term wealth management plan through advanced strategies that effectively meet client financial goals. Advisors with WMCP™ have extensive knowledge of personal wealth and investment management, including portfolio theory, mastery of investment tools, and advanced wealth management strategies. Delivered through state-of-the-art digital coursework, the WMCP™ program curriculum leverages transformative educational design to cement learning for the long-term benefit of advisors. The education uses a competency-based approach to focus learning in areas where the student needs to build expertise, including tax rules, financial products, behavioral finance, household portfolio theory, and asset allocation. TM Who Should Enroll in WMCP ? The WMCP™ designation is intended for financial planning professionals who need to cultivate a deep knowledge of goal-based personal investment management. Mass-affluent and high-net-worth clients are likely to find the most value in a WMCP™ designee’s understanding of modern, goal-based investment theory. -
Loss and Inheritance Taking Charge of Both
Loss and inheritance Taking charge of both When a loved one dies, you may experience a flood of mixed emotions— combined with the uncertainty of inheriting an estate. This article will help you understand and take charge of this complex transition so that you can move forward with more confidence—and help ensure that you and your family are protected. The first piece of advice for those who have inherited significant wealth is “take your time.” Before making big decisions, you may need time to grieve for the loved one you have lost, sort through what has been left and assess your own perspectives on investments, spending and even gifting to others. In the meantime, you may consider parking any liquid assets in lower risk, The first piece of advice for accessible vehicles like a bank account, money market fund or short-term those who have inherited certificates of deposit. If you inherit stocks, bonds or mutual funds, a Financial significant wealth is “take Advisor can help you consider whether to simply maintain the existing investment plan until you’re ready to implement a plan of your own or your time.” determine if there are certain assets that warrant more immediate attention based on your risk tolerance. And, if you receive real estate or other physical assets, make sure that the home or other property is maintained and kept secure until you decide what to do with it. Understand what your additional wealth can mean for your life Depending on the amount you inherit, your new wealth may be life-changing. -
The Voice of the Private Banks
The voice of the private banks The Association of German Banks Banking world in figures €70,200,000,000,000 €70.2 trillion turnover in cashless payments in 2012 Number of online accounts million at private banks in 2012 18.4 80% million Private banks’ share securities accounts at of total export finance 10.6 private banks in 2010 million Number of bank cards 26.2 at private banks in 2011 Number of persons employed at the Association of German 176,000 Banks’ member banks in 2012 € billion Financial assets of private 4,939 households in 2012 Banking world in figures €2,012,329,000,000 Total assets of the Association of German Banks’ largest member bank in 2012: €2 trillion € million Total assets of the Association of 10 German Banks’ smallest member banks €1,044.9 billion German bank loans to private individuals in 2012 €1,377.6 billion German bank loans to businesses and self-employed persons in 2012 Over complaints handled since the launch of the 70,000 Ombudsman Scheme in 1992 participants in the Association of German Banks’ Schul|Banker 60,000 bank management game since 1998 Number of mentions of the Association of German Banks in the media in 2012 2,045 Number of participants in the Association of German Banks’ “Jugend und Wirtschaft” competition since it was launched in 2000 18,000 100.4 million bank customer cards in Germany in 2012 billion cashless payment 18.2 transactions in 2012 9,905 domestic branches of private banks in 2012 2,232 information notices to member banks in 2012 branches of private banks 388 abroad in 2012 Number of current accounts million at private banks in 2012 26.9 Market share of private banks, measured in terms 38% of the total volume of banking business in Germany The voice of the private banks The Association of German Banks 6 The voice of the private banks bankenverband Foreword Responsible lobbyist prosperity in Germany. -
RMB Private Bank Pricing Guide 2017
HOME Introduction PRICING GUIDE Ways to bank 1 July 2017 – 30 June 2018 eBucks Rewards and benefits RMB Private Bank accounts RMB Private Bank Fusion Account Cheque Account & Single Facility RMB Private Bank Credit Card Offshore Banking & Global Accounts Foreign Exchange Private Business Account Single Fee Pricing Option Pay-As-You-Use Pricing Option Cash Bundle Home Loan, Structured Loan, Securities Based Loan and Single Credit Facility Important information Standard Terminology Contact us RMB Private Bank - a division of FirstRand Bank Limited. Authorised Financial Services and Credit Provider (NCRCP20). Reg. No. 1929/001225/06. Home INTRODUCTION INTRODUCTION YOUR PARTNER ON YOUR WEALTH AND solutions and advice for you. We understand Ways to bank LEGACY MANAGEMENT JOURNEY the intricacies of wealth and will help guide you through the complexities of today’s financial world while complementing your eBucks Rewards and benefits This pricing guide will assist you in At RMB Private Bank we aim to give you an lifestyle through our award-winning eBucks understanding your bank charges and help expert view of your finances coupled with Rewards programme so that you can enjoy, RMB Private Bank accounts you make banking choices that enable you to insightful, advice-led solutions for you and manage, protect and grow your wealth for get the most out of banking with us. your family. At the heart our engagement RMB Private Bank Fusion Account future generations. All fees quoted are VAT inclusive and are model is your Private Banker, together with effective -
Postal Banking: How the United States Postal Service Can Partner on Public Options
POSTAL BANKING: HOW THE UNITED STATES POSTAL MAY 2021 SERVICE CAN PARTNER ON PUBLIC OPTIONS By Terri Friedline1 2, Xanthippe Wedel3, Natalie Peterson2, and Ameya Pawar4 5 6 INTRODUCTION In March 2020, the United States Congress passed the Postal banking is a public option for expanding access to free, Coronavirus Aid, Relief, and Economic Security (CARES) Act no-fee bank accounts that can be used to receive money, make to respond to the growing economic turmoil of the COVID-19 payments, and withdraw cash.12 Postal banking is popular in pandemic. Along with several interventions including supports countries around the world and, in the US, the United States to small businesses and expanded unemployment benefits, Postal Service’s (USPS) 30,000+ retail locations are located the CARES Act sent $1,200 stimulus payments to eligible in communities that are now “banking deserts” after one adults. Unfortunately, many people’s payments were delayed in seven bank branches has closed since 2008.13 Given this, and relief was undermined by uneven access within the advocates contend that the USPS is well-positioned to offer United States’ profit-driven banking industry. Approximately basic retail financial services to the 20 million people who 20 million people received paper checks by mail instead of received stimulus checks by mail and the 33 million people direct deposit,7 perhaps indicating their limited access to a that banks routinely exclude each year by charging high costs bank account for receiving money or at least not having their and fees.14 deposit information on file with the Internal Revenue Service 15 (IRS).