The Spectrum Group's Millionaire Investor Confidence Index fell 11 points in August, to negative 18. This decline, its biggest since June 2009, brings the index to its lowest level since that date, when it fell a record 18 points, to negative 20. It also returns the index to mildly bearish territory after 12 straight months in neutral.
Tiburon's new advisor-focused draft report, "An Initial Overview of the Fee-Based Financial Advisors (RIAs) Market: The Fastest Growing Financial Services Market & Distribution Channel," offers a top-down view of the fee-based segment, which Tiburon says is often improperly defined and measured by others. This draft also enhances previous profiles of the three leading fee-based financial advisor custodians-The Charles Schwab Corporation, Fidelity Investments, & TD Ameritrade-as well as several smaller custodians, including Shareholder Services Group & Trust Company of America. For information on this or other Tiburon reports, go to www.tiburonresearchgroup.com or call 415.434.1700.
Nuveen Investments Inc., a Chicago-based provider of investment services to institutions and high-net-worth investors, in late July announced that U.S. Bancorp will receive a 9.5% stake in Nuveen Investments and cash considerations in exchange for the long-term asset business of U.S. Bancorp's FAF Advisors (FAF). FAF, which manages $25 billion of long-term assets and serves as the advisor of the First American Funds, will be combined with Nuveen Asset Management, which manages $75 billion in municipal fixed-income assets and serves as advisor of the Nuveen funds. Tom Schreier will become vice chairman, wealth management, of Nuveen Investments. Bill Huffman, current co-head and CEO of Nuveen Asset Management, will become the president of the combined Nuveen Asset Management businesses. The transaction is expected to close later this year.
Guggenheim Partners, Chicago and New York, in early July wrapped up its acquisition of privately-owned Security Benefit Corp., which will remain based in Topeka, Kansas. Todd Boehly assumed the position of board chair of Security and will retain his role as managing partner in the office of the CEO of Guggenheim. Howard Fricke assumed the position of vice board chairman and will continue as Security Benefit president and CEO. In Security Benefit Corp's stable is SGI|Security Global Investors, known as Rydex|SGI in the financial intermediary market-an asset management firm with approximately $20 billion in AUM.
Rogerscasey, a global investment firm based in Darien, Conn., that serves institutional and high-net-worth investors, reached $10 billion in discretionary assets under management as of June 30. The milestone reflects the growth the firm has realized in serving an increasing number of institutional investors who have decided to outsource their investment programs, explains Rogerscasey CEO Tim Barron. To further this growth, the firm recently hired Robert Zeidman, a former managing director at Wilshire Associates, as a dedicated business development director tasked with developing Rogercasey's multi-manager business with new institutional clients on a national scale.
The health care bill may have grabbed all the headlines, notes Anchin, the New York-based accounting and advisory firm, but don't overlook HIRE if you're considering new hires. The Hiring Incentives to Restore Employment Act offers payroll tax breaks for employers that hire unemployed workers, plus additional credits for qualified workers they retain for at least 52 consecutive weeks. It also extends the enhanced Section 179 expensing allowance and makes several other tax changes. If you hire qualified employees, you're exempt from the 6.2% Social Security portion of FICA taxes on wages you pay them for work performed after the HIRE Act was enacted (March 18) through the end of 2010. Based on the current Social Security taxable wage base of $106,800, the maximum tax benefit is $6,622 per qualified employee. There's a retention credit and other benefits. For information go to www.anchin.com.
An article posted on the Web site of ARIS, the underwriter of ATPIR art title insurance, cautions art collectors to be aware of title risks impacting art in the open market. Art ownership can be tainted by everything from criminal activity, such as historical theft and crooked art dealers, to civil disputes concerning marital property and artists' estates, even if collectors conduct due diligence and obtain warranties of clear title from sellers. In other words, the art works your clients cherish and think they own may not actually be theirs.
More than 100 of America's wealthiest families and high-net-worth individuals will convene September 26-28 at the Montage Resort in Laguna Beach, Calif., for the 11th Annual Investor Family Office Wealth Conference. Sponsored by family-office firm Lido Consulting Inc. and Institutional Investor magazine, attendees, many of whom have a net-worth of $1 billion or more, will be discussing asset preservation, investment strategies, responding to the aftermath of the economic crisis and resulting meltdown of financial markets, and other topics. Speakers include Charles Wheelan, public policy professor at the University of Chicago and author of Naked Economic; Marcus Grubb, managing director of the World Gold Council; Bob Pisani, CNBC correspondent; and others. Pre-qualification for the conference is required. For more information visit www.lidoconsulting.com/consulting/familyconference.htm or call Alyssa Weinberger at (310) 278-8232 X 103.
Designed for executive-level clients, Tiburon's CEO Summit XIX will be held October 6-7 at the Ritz Carlton Hotel in San Francisco, Calif. Planned sessions include a keynote presentation by Tiburon's Managing Principal Chip Roame on the state of the financial services industry; and guest presentations by Jeff Maggioncalda (CEO, Financial Engines), Harold Evensky (president, Evensky & Katz), Judy Barber (CEO, Family Money Consultants), and others. For more information contact Sarah Sage at 415-789-2540 or SSage@TiburonAdvisors.com.
Join single family-office executives and family members from around the world for FRA's (Family Research Associates) 9th Annual Family Office Symposium, October 5-6 at The Turnberry Isle Resort, Aventura, Fla. The conference agenda will explore industry trends and a bit of everything, from estate planning to health care reform, with a focus on "unique opportunities for families of wealth in today's market." For more information contact Peter Horak at 831-465-2288 or email@example.com or go to www.frallc.com.
On The Move
Scout Investment Advisors Inc., based in Kansas City, Mo., and a wholly-owned subsidiary of UMB Financial Corp., on August 11 announced the appointment Andrew Iseman, former CEO for RK Capital Management in Denver, as CEO.
Independent DC-area wealth management firm Campbell Wealth Management on August 16 appointed Josh Goulding, formerly with AXA Advisors and the Guardian Agency of Advisors, to director of insurance.
WealthPoint LLC, in Phoenix, Ariz., and a provider of succession, legacy, and life insurance planning to high-net-worth and middle-market clients, along with family-owned and controlled companies, in early August opened an office in Phoenix at 3131 E. Camelback Rd., Suite 330.
New York-based Rockefeller Financial, a global wealth management firm serving high-net-worth individuals, families, family offices, trusts, foundations, and endowments, named Reuben Jeffery III, former senior adviser at the Center for Strategic & International Studies in Washington, D.C., as CEO on September 7.
Atlantic Trust beefed up its senior executive roster through the early-August appointments of Ryan McCleary to senior VP and senior relationship manager in Houston; Gordon A.M. Ross to VP and relationship manager in New York; and Mark E. Frazier as an associate VP and associate relationship manager in Austin.
Brinton Eaton, a boutique wealth advisory firm based in Madison, N.J., on August 3 promoted Marina Goodman to investment strategist, David Hill to financial advisor, and Abigail Scandlen to financial advisor. New hires, as financial analysts, were Janet Critchley and Matthew DiQuollo.
Eighty-year-old Silver Bridge Advisors, a Boston-based, owner-managed wealth advisory firm affiliated with the law firm Wilmer Cutler Pickering Hale and Dorr LLP, on July 28 appointed Kevin M. Fretz as client advisor in the firm's Mid-Atlantic office, located in Greenville, Del. Fretz joins the firm from Wilmington Family Office, the multi-family office subsidiary of Wilmington Trust Company.
U.S. Trust's Specialized Wealth Management Division on August 17 appointed three executives in New York City: Ray Schuville and George Jenckes as private client advisors, and Josh Glazer as a private client manager. The backgrounds of all three include Barclays Wealth; Schuville and Jenckes also worked at J.P. Morgan PrivateBank. In their new roles at U.S. Trust, all will report to Thomas R. Boehlke, Northeast Regional Executive for New York and North Carolina.
Joining BNY Mellon's expanding wealth management office in San Francisco, on August 24, were Robert Pitti, a former partner at Argus Capital Management, as senior director of portfolio management, and Leigh Wasson, a former regional managing director with Citi Private Bank, as senior director. Dustin Dippel, who has been with the company since 2007, was promoted to portfolio manager.