Greece's default will be managed in an organized manner and the European Union will survive intact, Peterson notes in a report for Ballentine. Ballentine is a multifamily office and investment advisory firm based in Waltham, Mass., serving families with assets of $20 million or more.
Peterson believes Portugal's fiscal problems will not reach the level of those in Greece and Ireland and that the country will be able to repair itself.
"We expect an extended period of global deleveraging and low growth, accompanied by heightened market volatility and higher correlations," Peterson says. However, the situation will not mimic 2008. "Investors may be well-advised to rebalance to the same equity targets held in early September but to wait for a better tactical entry point to make equity purchases."
In the U.S., a double-dip recession should be avoidable, but global markets could still be seriously disrupted by policy errors, such as not passing the recommendations submitted by the Joint Select Committee on Deficit Reduction, Peterson says.
"The situation in China is like that in the U.S. in that policy errors could create problems," Peterson says. "Slower global growth, a burgeoning real estate bubble, and a potential trade war with the U.S. could hinder China's progress."
A global credit crunch should be avoidable, Peterson says.
Bank Of The West Expands HNW Services
High-net-worth clients will have more services available for their specific needs at Bank of the West Wealth Management, based in San Francisco, according to the firm.
Bank of the West is adding more private client advisors, personal trust administrators and investment portfolio managers for its affluent and high-net-worth clients in the 19 states where it operates. The firm says its goal will be to establish individual relationships with high net worth clients, said John Bahnken, head of Bank of the West Wealth Management.
The private client advisors will act as lead relationship managers to coordinate banking and investment services. The bank will form a specialized team focused on residential real estate financing for affluent and high-net-worth individuals.
Bank of the West Wealth Management also says it is creating dedicated wealth management client centers, with five set to open by the end of the year.