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Natixis Global AM Strengthens its Ambitious Project in LatAm with Offices in Mexico and Future Presence in Uruguay and Colombia

Natixis Global AM arranca su ambicioso proyecto en LatAm con oficina en México y futura presencia en Uruguay y Colombia — Sophie del Campo, CEO at Natixis Global AM for Iberia, Latin America, and US Offshore. Natixis Global AM Strengthens its Ambitious Project in LatAm with Offices in Mexico and Future Presence in Uruguay and Colombia

When Natixis Global Asset Management decided in 2011 to open an office in Madrid, with Sophie del Campo at the helm, it wasn’t only seeking to expand its business in Iberia, but also thought of Spain as leverage to gain momentum toward Latin America. Del Campo, CEO at Natixis Global AM for Iberia, Latin America, and US Offshore, assumed the task and then began to explore the opportunities for, when the time was right, take the leap across the Atlantic. And that time has come: she has just opened an office in Mexico with Mauricio Giordano at the helm, the first part of an ambitious strategic project that within the next few months will have a physical presence in Uruguay, and Colombia, as points from which to cover the Spanish speaking region, and with which it aims to become one of the top management companies in the region.

“Latin America has all the components needed to build a lasting business: a growing market with great potential, very different customers with an appetite for diversification outside its borders, and financial needs for retirement,” says Del Campo during the first interview with the media for the advance of their plans in LatAm. The management company, which is increasingly aware of the need for international expansion, enters into the only greater geographic region, outside Africa, in which it did not have a presence, because their business is growing as much in the US as it is in Asia and Europe.

After studying the market for over two years, they finalized their plans late last year and are now already being implemented, with three key slogans: A long-term strategy, based on offering services for building lasting portfolios and target both institutional clients and distribution in the offshore world.

“Natixis Global AM’s philosophy of growth of is based on creating long term relationships, growing with the clients, and adding value, becoming their partners. We have no quantitative objectives in terms of volume but we intend to grow gradually to become one of the leading suppliers of these markets in line with the group’s philosophy”, he explains. Unlike Spain, the Latino market is not as saturated in terms of supply, and although there are challenges cropping up, such as competing with large, US management companies which are very popular in the region, Del Campo is optimistic, since she believes in the institution’s capacity to provide that added value and complementary and differentiated services based on a “multi-manager” business model, with a diverse and global supply and, rather than selling products, it aims to provide investment solutions through its portfolio construction services. “Simply selling funds would limit the value of the group. We are not only a seller of funds, we go much further”, she says.

In fact, this is the second key point of their proposal: “The motto is to help customers build lasting portfolios. The crisis has taught us the dangers of volatility and high correlations of assets and clients need to manage risks”, she explains. The management company has a center, Portfolio Research & Consulting Group, which offers research of portfolios in which they analyze, free of charge, and totally independently, the best combination of products for every client, whether funded by the Management Company or third parties. In LatAm, where each market has its own peculiarities, they will provide personalized service, “and not a ready-made fund package.”

Ambition in Hispanic Latin America

The aim is to reach Spanish-speaking Latin America, and all types of investors, both institutional and private banking distribution, during the first phase, leaving Brazil for a second time. In Mexico, the business will focus on institutions, since the Afores provide the opportunity, for which they are already designing portfolios. “The first focus is on pension funds but, according to the regulation, we will reach more market segments gradually”. Giordano, head of business and previously from Schroders, has extensive experience in institutional business.

In Colombia’s case, an office which could be opening sometime next year, and a market from which they will also cover Peru and Panama, there is a greater mix of clients, as in Peru, while in Uruguay (an office which they plan will be ready for opening anytime from the end of the year to early 2015) the focus is on large private banks and third party funds. Even in Chile, where more than just accessing often opportunistic pension funds, the core of their strategy is also based on growing with the fund managers and private bankers, facing their commitment to building a sustainable and lasting business. From here the expansion could reach more countries in the future, says Del Campo.

A Local and Global Team

To reach this market, Del Campo shall coordinate from Madrid all local commercial teams from Latin America (Mexico’s, and the future ones of Colombia and Uruguay) and US Offshore, where Ed Farrington is co-head for the Offshore market, also counting on marketing support, compliance and operations with the overall infrastructure of the group. Rodrigo Nunez Aguilar, director of Global Key Accounts for Latin America and the US offshore, will provide support from New York, as will the teams in Miami and Boston. All of it, in order to serve the region in a coordinated manner, and very important, for example, to plan the steps to be taken according to the regulatory characteristics of the various markets.

As for their Luxembourg funds, they are operating in international platforms and currently there are no local records, but that’s a topic that depends on each market. Nevertheless, Del Campo assures that investors feel very comfortable with the UCITS brand because they seek the security offered by regulated products. Among her market preferences, and considering a tendency to a more risky character regarding local assets, she highlights both US and European equities and emerging fixed income. In these assets she highlights the offer which can be provided by management companies within the group, such as Loomis Sayles (expert in fixed and emerging market debt) or Harris Associates (US Equities).

Growth in their DNA

Natixis Global AM’s Latin expansion arrives at a time in which their assets globally are close to a trillion dollars, as currently it has 960 billion, and when it has already secured a place amongst the top 15 management groups worldwide, according to the Cerulli ranking. In recent years, while its competitors closed down offices, the company invested heavily, opening in markets like Spain and, since the year 2000, has hired 13 new sales managers. This strategy has allowed it to double its business during the past three years. Also, instead of investing in marketing in recent years, the Management Company has invested to enhance the group’s capabilities of analysis and research for building lasting portfolios.

In the US, it accumulates ten and a half consecutive years of positive inflows in its affiliated management companies in the country, whose assets have grown from 131 billion to 453 billion in 14 years.

FINRA Announces New Public Board Members

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The Financial Industry Regulatory Authority (FINRA) has named two new Public Governors—Joshua S. Levine and Robert W. Scully—to its Board of Governors.

Mr. Levine is a recognized leader in financial services technology. Earlier in his career, Mr. Levine served as Chief Technology and Operations Officer at E*TRADE, where he led an effort to re-architect their technologies by moving to open source. He also serves on the board of a number of non-profits, including DonorsChoose.org, which connects philanthropy and public education through technology, and NPower, which helps non-profits with affordable IT services. Mr. Levine is currently a Managing Director of Kita Capital Management.

Mr. Scully serves as an Independent Director on several boards, including Kohlberg Kravis Roberts & Co. L.P. and Zoetis Inc. Mr. Scully also serves as a Director of Ally Credit Canada Limited and New York City Teach for America, Inc. Mr. Scully served in several senior positions at Morgan Stanley from 1996 through 2007. Mr. Scully received an M.B.A. from Harvard Business School and a bachelor’s degree from Princeton University.

In August, FINRA announced that Elisse B. Walter, former Chairman of the Securities and Exchange Commission (SEC) and Susan Wolburgh Jenah, former President and Chief Executive Officer of the Investment Industry Regulatory Organization of Canada (IIROC) had been named to FINRA’s Board as Public Governors. Ms. Walter was sworn in as a Commissioner of the SEC in July 2008. She was later designated the 30th Chairman of the SEC, and she served as the SEC’s leader from December 2012 to April 2013. Ms. Wolburg Jenah recently retired as President and CEO of IIROC, a position she had held since the regulator was established in June of 2008.

“On behalf of the Board, I would like to extend a warm welcome to Josh and Bob. Their valuable expertise and depth of experience will help FINRA move forward in its mission to ensure the integrity of our markets and protect the investing public. With today’s announcement, as well as the recent appointment of Elisse Walter and Susan Wolburgh Jenah, FINRA’s Board has an outstanding new group of Public Governors dedicated to advancing FINRA’s mission,” said Richard Ketchum, FINRA’s Chairman and Chief Executive Officer.

FINRA is overseen by a 24-person Board of Governors, with 13 seats held by public Governors and 10 by industry Governors. FINRA’s CEO has the remaining seat. FINRA Governors are appointed or elected to three-year terms and may not serve more than two consecutive terms.

FINRA, the Financial Industry Regulatory Authority, is the largest independent regulator for all securities firms doing business in the United States. FINRA is dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services. FINRA touches virtually every aspect of the securities business – from registering and educating all industry participants to examining securities firms, writing rules, enforcing those rules and the federal securities laws, informing and educating the investing public, providing trade reporting and other industry utilities, and administering the largest dispute resolution forum for investors and firms.

Deutsche AWM Launches Actively-Managed Mutual Fund for European Equities

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Deutsche Asset & Wealth Management has announced he launch of the Deutsche European Equity Fund in the U.S. The Fund is an open-end mutual fund that seeks long-term capital appreciation by investing in companies headquartered in Europe across a range of countries, sectors and capitalizations.

“Deutsche Asset & Wealth Management is uniquely positioned to help investors capitalize on opportunities stemming from ongoing structural adjustments in the Eurozone,” said Jerry Miller, Head of Deutsche Asset & Wealth Management in the Americas. “With the launch of the Deutsche European Equity Fund, we are offering our global perspective and expansive regional expertise to US investors seeking European equity exposure.”

The Fund utilizes an active bottom-up investment approach which focuses on European companies with above-average earnings potential. The Fund management team is well resourced, comprised of over 30 dedicated portfolio managers with an average of 13 years of investment experience in all major European market segments. The portfolio management team is led by Britta Weidenbach, Gerd Kirsten, Mark Schumann and Christian Reuter.

“We are excited to bring to the US market a unique product that leverages our fundamental research and unparalleled investment experience in the European equity space,” said Britta Weidenbach, Head of Large Cap Equities for Deutsche Asset & Wealth Management.

“This addition to our mutual fund suite is yet another way Deutsche AWM is providing investors with significant investment opportunities in companies with strong balance sheets, durable business models and prudent management.”

Wells Fargo Launches ‘Wells Fargo Investment Institute’

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Wells Fargo’s Wealth, Brokerage and Retirement (WBR) division has announced the launch of Wells Fargo Investment Institute (WFII). WFII brings together the investment research, strategy, manager research and publications teams from WBR’s four lines of business to create a single group with a goal of providing world-class advice to the company’s financial and wealth advisors and clients.

WFII’s team of experienced analysts and strategists will seek to provide superior economic and market research and advice to help its advisors deepen client relationships and better achieve clients’ investment goals.

“WFII structures our investment team to deliver our best thinking, our best ideas and our best solutions for the benefit of our clients,” said David Carroll, head of Wells Fargo WBR. “Wells Fargo has a long history of putting clients’ needs first; this is one more way we will continue to do that.”

WFII will initially be comprised of the manager research, alternative investments and national investment strategy teams that were previously part of Abbot Downing (which serves ultra-high-net-worth clients), Institutional Retirement and Trust, Wells Fargo Advisors and Wells Fargo Private Bank.

The company has named Darrell Cronk WBR’s chief investment officer and president of WFII. The WBR CIO was previously held by Dean Junkans, who is retiring at the end of this year. Prior to his promotion, Cronk served as deputy chief investment officer for Wells Fargo Private Bank.

“Darrell has been a valued member of our investment team for more than two decades,” Carroll said. “He brings a well-rounded understanding of the investment business and a thoughtful approach to management. I’m confident in his ability to excel in this new role, and I’m excited about the launch of Wells Fargo Investment Institute and the value it will bring to our clients.”

Cronk has held a number of investment leadership positions with The Private Bank, including regional chief investment officer, senior director of investments, regional investment manager, portfolio manager and financial advisor across a number of regions within Wells Fargo. Cronk received a master’s degree in finance from Boston University and a bachelor’s degree in finance from Iowa State University. He was awarded the Chartered Financial Analyst® designation in 1997.

“WFII brings together a tremendous amount of investment expertise, talent and experience,” said Cronk. “I’m excited to lead this new group and enhance our efforts to deliver a consistent experience — and our best solutions — to our clients.”

Samba Slowdown as Brazil Loses its Rhythm

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In October, Brazilians rejected economic reform by re-electing Dilma Rousseff of the Workers’ Party (PT) as president. Following this, the Hermes Emerging Markets team visited the country to assess the economic outlook. In the November issue of Gemologist, Gary Greenberg Head of Hermes Emerging Markets and Lead Portfolio Manager, watches the last samba dancers leave the floor and asks whether Brazil’s lucky streak has run out.

“Brazil’s recent presidential elections represented a clear choice between reform and regression, and voters chose regression. Not that many voters, actually: of those who voted, 51% voted for the incumbent Dilma Rousseff and 49% for Aecio Neves, the reform candidate; 40%, however, didn’t vote at all. Measured by regional GDP, voters in regions representing a mere 20% of Brazil’s GDP voted for the PT candidate Rousseff.

“Over the past thirty years, opportunities to shore up the economy were squandered as few Brazilians paid attention to the nation’s manufacturing base. High growth in wages and therefore benefits, a strong currency, and a lack of infrastructure development steadily eroded the country’s competitiveness. Manufacturing quietly decamped to Asia, where wages were low and benefits nonexistent. At first this seemed like a good thing: the infrastructure that Brazil should have been building was being developed by China, which imported unprecedented amounts of commodities. Iron ore rose from $30 a ton to, at one point, over $150 a ton. Brazil’s terms of trade rocketed…and then Chinese demand peaked out.

“And now, with commodity prices falling (though still higher than a decade ago), Brazil has a problem. Labour costs on the coast are high and benefits remain awesome, so manufacturers need to cut costs in order to be globally competitive. Relocation to low-cost areas, following the Chinese initiative to relocate manufacturing to the interior, is mandatory. But infrastructure is expensive now, since commodity costs have reset so much higher due to China’s rise. And because of droughts (as well as Chinese demand), energy costs are also much higher compared to a decade ago. Energy independence, apparently within sight when the ‘Lula’ oil deposit was discovered, remains a distant prospect.

“Brazil finds itself between a rock and a hard place. The economically illiterate majority of voters have chosen to continue to back handouts, although they are unaffordable in the long run. As the ruble’s recent skydive demonstrates, politics cannot remain divorced from the laws of economics for long. The sobering task of austerity, creating a pool of savings to fund a revival of competitiveness and to find a niche in value-added services and production (as opposed to commodity exports), was even going to be difficult for the reformist candidate Neves.

“At the end of November, Rousseff appointed Joaquim Levy, a hard-core orthodox economist from the Chicago School and former treasury secretary under Lula, as finance minister. Levy is a disciplined economist who should help Brazil avoid the otherwise imminent loss of its investment-grade rating on sovereign debt and, if he survives in his new role, could make the hard decisions needed to rebuild public finances. On November 21, when unconfirmed reports of his appointment broke, the Ibovespa rose 5% while the real strengthened 2.3% against the dollar. His long term survival however is not guaranteed.

“Even if Brazil’s party dies out completely, all is not lost. State-owned enterprises, constituting a large part of the benchmark, may languish, but private companies have been dealing with adverse conditions for decades and have the tools to cope. For example, Itaú Unibanco, one of Brazil’s largest and best-run private banks, has ‘de-marketed’ risky borrowers and is focusing on low-risk, high-return payroll lending.

“The politics look dark right now but the winds can shift – and Brazil is home to a few excellent companies. The samba can resume, but only after a lot of hard work. Its return will be found by listening for the faint but vibrant rhythms of commerce in the ruas of Brazil’s cities and favelas.”

Traditional Institutional Asset Management Industry Sees Net US$22.7bn Inflows in Third Quarter

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Coming back from $80 billion in outflows in the second quarter of this year, the global traditional institutional asset management industry saw net inflows of $22.7 billion in the third quarter of 2014, according to eVestment’s newest report covering global asset flows in the traditional, long-only institutional investor asset management industry.

International equity gained traction with investors resulting in inflows of $11.5 billion into EAFE and ACWI ex-U.S. strategies. U.S. equities continued to see significant redemptions in Q3, with net outflows totaling $36.7 billion. U.S. bonds reported outflows of $20.4 billion in Q3 despite inflows of $14 billion into U.S. core plus fixed income.

eVestment’s new quarterly Traditional Asset Flows Report highlights the flow of institutional funds invested in traditional, long-only investments across regions and countries, investment types, universes and products.

A few key points highlighting activity among various investor types include:

Africa/Middle East domiciled investors were net buyers in Q3 2014, with net inflows totaling $3.6 billion;
Australian investors saw net outflows of $5.2 billion in Q3, down from the $6.9 billion in outflows Australian investors saw in Q2;
Corporate pensions had net inflows of $12 billion in Q3, favoring emerging markets debt ($1.5 billion net inflows) and emerging markets equity ($4.2 billion net inflows);
Sovereign wealth funds were net sellers in Q3 2014, with outflows of $7.1 billion, following inflows of $8.6 billion in Q2.

The summary report can be downloaded here.

Depository Receipts on Market Vectors Unconventional Oil & Gas ETF available in Mexico

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Market Vectors agrega otro ETF a su listado disponible para inversionistas en México — . Depository Receipts on Market Vectors Unconventional Oil & Gas ETF available in Mexico

Market Vectors ETFs has added another NYSE Arca-traded ETF to the growing list of depository receipts based on Market Vectors ETFs currently available to Qualified Investors in Mexico.

Deutsche Securities Casa de Bolsa in Mexico will act as local sponsor and filing agent for depository receipts on the following ETF: Market Vectors Unconventional Oil & Gas ETF, with assets under managementof USD 72.1 M and a 30-day average daily trading volumenof 52,387 thousand shares.

FRAK, the Market Vectors ETF underlying such depository receipts, seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of a corresponding rules-based index. The underlying index, the Market Vectors Global Unconventional Oil & Gas Index (MVFRAKTR), is a rules-based index intended to track the overall performance of the unconventional oil and gas segment, defined as: coalbed methane (CBM), coal seam gas (CSG), shale oil, shale gas, tight natural gas, tight oil and tight sands.

United States UHNWI Map State by State

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California is the state with the highest number of ultra wealthy individuals in the United States, according to the Wealth-X Special Report on America’s Ultra Wealthy Population. New York City maintained its status as the city with the largest ultra wealthy population in the United States – and in the world.

There are 13,445 ultra high net worth (UHNW) individuals – defined as those with US$30 million and above in net assets – based in California. These individuals are mostly located in San Francisco (5,460) and Los Angeles (5,135). California’s UHNW population is larger than the UHNW population of the United Kingdom (11,510).

The state of New York ranks second in the United States with 9,530 UHNW individuals, 8,655 or 91% of whom are based in New York City.

Below are other highlights from the special report:

The United States is home to the world’s largest population of billionaires (571).
There are more UHNW individuals worth US$30 – US$49 million in the United States than there are UHNW individuals of all wealth tiers combined in any other single country.
There are more UHNW individuals in Texas, the United States’ third largest state, than in all of Canada.
California and New York added 865 and 585 UHNW individuals respectively to their populations in 2014, the largest increase in UHNW population size among US states.
North Dakota’s UHNW population grew 14.3%, making it the state with the fastest growing UHNW population.
Florida’s UHNW population increased by more than 10%, adding almost 500 new individuals over the past year, due to strong growth in the state’s financial and real estate sectors.
Michigan added almost 200 new UHNW individuals in 2014 due to rising confidence in the state’s economic outlook.

Wealth-X uses the individual’s primary business address as a determinant of his or her location.

Download the special report, including the United States UHNW population map at this link.

Evercore Wealth Management Names Stephanie Hackett Managing Director, Portfolio Manager

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Evercore Wealth Management LLC has announced the appointment of Stephanie Hackett as a Managing Director and Portfolio Manager.

Ms. Hackett joins Evercore Wealth Management from Brandywine Group Advisors, a multifamily office, where she worked for eight years as an investment director. Previously, she worked for seven years at JP Morgan, where she focused on alternative asset management and private banking.

She has significant experience in managing portfolios for high net worth individuals and families that invest in both alternative and traditional asset classes, including public equity, fixed income, hedge funds and private equity strategies.

“We are pleased to welcome Stephanie to our firm,” said Evercore Wealth Management Chief Executive Officer Jeff Maurer. “Her experience in portfolio management and alternative assets in particular will further strengthen our investment management capabilities and support our growing national practice.”

Ms. Hackett reports to Jay Springer, a Partner and Portfolio Manager at Evercore Wealth Management, and is based in New York City. She is a member of the firm’s Manager Selection Committee, which is responsible for the selection, due diligence and on-going monitoring of all third-party investment managers.

She received her Masters of Business Administration from Rice University’s Jones Graduate School of Business and her Bachelor of Arts from the University of Colorado. Stephanie holds the Chartered Financial Analyst designation.

Latin Americans Save Far Less than What They Will Likely Need for Retirement

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Latin Americans are far more optimistic and confident than the world generally when it comes to their financial future as well as their savings and investment decision-making, according to results of the latest BlackRock Global Investor Pulse survey. Yet, Latin Americans have a critical challenge: In general, they have saved far less than they will likely need to sustain themselves financially in retirement.

The BlackRock survey, one of the largest of its kind globally, is conducted annually on a broad range of financial and investment management topics. This year BlackRock polled 27,500 individuals in 20 nations including, for the first time, 4,000 Latin Americans — 1,000 each from Brazil, Chile, Colombia and Mexico.

“The Global Investor Pulse survey clearly shows that Latin Americans are strongly motivated to be successful savers and investors, yet have fallen behind in some key planning areas, especially retirement,” said Armando Senra, Head of BlackRock’s Latin America & Iberia Region. “Across the region, individuals urgently need to strengthen their knowledge of effective financial behaviors, and take steps to ensure that they are deploying their money in ways best suited to meet their important long-term goals.”

Nearly three-quarters of Latin Americans (74%) have a positive view of their financial future, particularly Colombians (84%), compared with 56% of respondents globally, the poll indicates. Nearly seven of 10 (68%) Latin Americans are confident that they are making the right savings and investment decisions.

Latin Americans do see risks to their financial futures, in particular, their national economy (58%) and the high cost of living (54%). Many Latin Americans also see worsening conditions in both their national economy (44%) and job market (46%).

Retirement: Knowing What You Want Doesn’t Make It Happen

Latin Americans seem to have the best intentions regarding retirement planning. They are more likely than global investors to have begun saving for retirement (67% vs. 62%), and nearly two-thirds (63%) say they understand how much they need to save for retirement (vs. 50% globally).

Yet, good intentions don’t necessarily translate into effective action. Across the region, the total amounts that Latin Americans have saved for retirement typically equal just one to two years of their desired annual retirement income.

For example, Colombians have saved on average $13.3m COP for retirement – but estimate that they will need $14.9m COP in annual retirement income. The gap between expectation and reality is even wider for Brazilians, who have $10,069 BRL in retirement savings on average, but say they will need $47,500 BRL annually in retirement.

Balancing Retirement Saving with Daily Obligations

Many Latin Americans report being challenged to maintain a focus on retirement saving. Among those not yet fully retired, eight in 10 say that they find it hard to keep up with their bills and save for retirement at the same time. Among Latin Americans who have not started saving for retirement, half cite “not having enough money” as a serious impediment.

Yet, as with their financial lives generally, Latin Americans are highly confident about their retirement prospects. Though many are concerned that they will not be able to live comfortably in retirement, 85% of Latin Americans who have prioritized this goal are confident that they will get there.

“Making retirement a financial priority is essential, but Latin Americans need to make this commitment real by strengthening their savings and investing efforts,” said Senra. “Increasing longevity – the prospect of spending as much as two or three decades in retirement – has made it more vital than ever for individuals globally to plan, save and invest throughout their working years toward the goal of a financially secure retirement.”

Cash Is Favored, But Many Interested in Other Opportunities

Saving money is important to Latin Americans, but they are not necessarily putting their money in the best places now to achieve their long term financial goals.

For Latin Americans, day to day living expenses, including routine bills such as mortgages, rent and utilizes, consume a smaller percentage of monthly household income than across the world generally (27% vs. 32 %). As a result, Latin Americans are able to save (21% vs. 20%) and invest (22% vs.17%), slightly more than the global average.

Yet, Latin Americans, like global investors, have 59% of their investable assets in cash — more than double what they think they should be holding. Four in 10 say they hold cash because it “makes them feel safe.”

The BlackRock poll indicates that many Latin Americans do want their money to work harder for them. Latin Americans are more willing than global investors to take on higher investment risks to achieve higher returns (43% vs. 32%), and many are more interested in stocks today than they were five years ago (44% vs. 27% globally).

And even though only 13% of Latin American investors hold investments outside their home country, 56% say they would like to be able to invest in different countries and stock markets.

Effective Investors Do the Right Things

About one-quarter of Latin Americans (27%) are taking the right steps to manage their finances. These “highly effective” investors live within their means, manage their spending, limit their debt and make a greater commitment to growing their savings and investments. These good “financial behaviors” yield benefits both for the retirement planning process and the investors’ overall positive outlook on their financial futures.

Highly effective investors are often among the Millennial Generation (40%) and Generation X (33%), with a near equal balance of men and women (55% men vs. 45% women). These investors are also likely to be married (55%) and typically with dependent children (70%).

A defining characteristic of highly effective investors is that they find a way to juggle life’s immediate costs ─ such as monthly expenses, education costs, mortgage payments ─ and still plan for long-term goals such as retirement. They are action-oriented when it comes to encountering both planned and unplanned life events rather than letting things just happen, and therefore are less likely to get pushed off track by life’s immediate pressures.