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Asset managers may find high net worth clients more inclined to take advantage of robo-advisors
Speakers at a recent  NexChange Fintech O-2-O Meetup in Hong Kong argued that robo-advisors are at a nascent stage of development and that they will complement rather than displace human asset managers. Indeed, another expert consultant reckons the fund management industry is emphatically embracing robo-advisors as a necessary tool in order to retain clients. They can’t be ignored and it
Kim Kardashian has some financial advice for millennials
Originally known for her "home video," Kim Kardashian has now become an entrepreneur, complete with a new book, a mobile app, a clothing line, a new stepmom, and financial advice for millennials looking to build a future. In an exclusive interview with MarketWatch's Sally French, Kardashian-West recounts how she used to be on a tight budget, and how in order to
UK investors hold more than third of assets in cash
A survey conducted by Legg Mason among more than 5,000 investors has found UK-based high net worth investors are the most cautious in Europe, with more than a third of their portfolios invested in cash, writes FinBuzz. On average, older UK investors (aged 40-75) have cash weightings of more than 36% in their portfolios, in a bid to protect themselves
People moves: Vontobel adds senior banker in HK; Heritage Trust bolsters Singapore team
Vontobel adds senior banker in HK. Zurich-based Vontobel has reportedly added Christine Chen to its Asia-Pacific wealth management unit. Chen joins the Swiss firm from CTBC, where she was an associate director responsible for high net worth clients in China and Taiwan. Prior to that, she worked at DBS Bank, Citibank, and EFG. Chen will be based in Hong Kong
What advisors don't understand about millennials and their smartphones
About those millennials. The ones that always seem to have their noses in their smartphones. They are not a-social. Au contraire, says Michael Kitces, partner and director of Research, Pinnacle Advisory Group "Millennials are spending so much time with phones on social media because they are communicating with other human beings," Kitces told financial advisors at a CFA Institute wealth management
Fiduciary rule should include guidelines for referrals for financial advisors
Talk about rotten in Denmark! According to an informal study conducted by an investment advisor, advisors get their clients by one of eight pathways, all of which involve paying substantial amounts of money to those who recommend the advisor. These advisors, who have fiduciary duties to their clients, pay substantial amounts to third parties for sending them clients. And in
Hong Kong women save; Hong Kong men invest, according to survey
Hong Kong is made up of hard-nosed men set on the next business deal and capital accumulation, while its women like to shop, lunch and play mah-jong – isn’t it? Well, no. It’s time to discard that sexist cliché, according to a recent Global Investor Pulse Survey by Blackrock: Despite a general perception of women’s love of shopping and spendthrift
People moves: BNP Paribas names new HK team head; Cazenove appoints Singapore WM chief
BNP Paribas WM hires new HK team head. Louis Chan is set to join the French firm’s private banking unit as managing director and team head for Hong Kong. Chan joins BNP Paribas Wealth Management from Credit Suisse, where he was an executive director and team head. Prior to Credit Suisse, Chan was head of investment and corporate banking at
Singapore banks harvest bumper yields from Asia’s rich
Asia’s homegrown private banks are doing pretty well from the tremendous surge in regional wealth. The number of Singapore and Hong Kong people with investible assets of more than $1 million (so-called high net worth individuals or HNWI) rose 95% and 78%, respectively, between 2005 and 2015, according to the recent Knight Frank wealth report, (paywall) and is set to
The irrepressible rise of China’s super-rich; feeding the IPO market
The recent report that Beijing has overtaken New York as the city with the most billionaires reaffirms a striking trend. China, indeed Asia as a whole, has become the geographical kernel for wealth creation on a massive scale. Beijing added 32 new billionaires last year to reach a ton, compared with New York’s 95 – despite a 40% plunge in