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Generation Y: The Untapped Market for Financial Advisors

As Millennials become more established in their careers, they are generally not on the radar of most financial advisors, reveals new research from the Principal Financial Group. According to The Principal Financial Well-Being Index: Advisors, a nationwide study of 614 financial advisors conducted online by Harris Poll for the Principal Financial Group in the second quarter of 2014, only 18 percent of financial advisors surveyed are targeting clients in Generation Y, and 57 percent of advisors prefer new clients with assets of more than $250,000.

The Principal Financial Well-Being Index: Advisors surveyed financial advisors nationwide including independent broker/dealers, wire house and regional brokerage firms, insurance agencies, independent wealth management firms, banks and independent asset management firms. The Index is part of a series of quarterly studies commissioned by The Principal Knowledge Center examining the financial well-being of American workers, business owners and advisor opinions and practice management.

According to the Index, at least three out of five financial advisors surveyed are targeting Baby Boomers (64 percent), affluent/high net worth individuals (64 percent), or business owners (62 percent). In fact, only 30 percent of American workers overall work with a financial advisor.

“This research illustrates the enormous opportunity for up-and-coming advisors to build relationships with underserved Millennials, who are in a growing phase of their careers and income potential,” said Tim Minard, Senior Vice President of Distribution at The Principal.

So what prevents Millennials and other workers from seeking the help of a financial advisor? The study found that 29 percent of advisors surveyed report that fees and costs are the biggest barrier, followed by fear (16 percent) and people thinking they can do it on their own (10 percent).

Many of these financial advisors reported that clients tend to live beyond their means (22 percent), don’t save enough (15 percent) and do not start to save early enough in their careers (11 percent). The majority of advisors (52 percent) indicate that no more than one in four of their clients begin saving early enough in their career to actually achieve the recommended level of retirement savings.

“One of the biggest challenges advisors face is helping clients try to catch up when they didn’t start saving for retirement in the early years of their careers,” Minard said. Financial professionals are able to easily demonstrate to clients the power of early savings and the impact it has on their retirement nest egg.”

Deregulation Unleashes Opportunities in China, but It May Pay to Wait a Bit

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Foto: Archer 10, Flickr, Creative Commons. Oportunidades en China

The dynamics of China’s asset management space have changed over the past 24 months, so much so that managers moving early may find themselves at a disadvantage as the regulatory landscape changes.

Deregulation has largely dictated some of the emerging trends, with new avenues such as the impending Hong Kong-China mutual recognition agreement (MRA) and Shanghai Free Trade Zone (FTZ) popping up as alternative ways to tap assets in China. Distribution bottlenecks have also been eased with a spate of easing measures since June last year.

At the same time, the Renminbi Qualified Foreign Institutional Investor (RQFII) space has seen substantial developments and it now appears to be a business that is not just exclusive to Chinese managers anymore.

“These avenues contrast sharply with the traditional route of establishing a joint venture fund management company (JV FMC) in China, which has lost some of its luster in recent months with the exit of BNY Mellon,” says Felix Ng, a senior analyst at Cerulli.

However, it is still early in the long-term development of China’s asset management industry, and it is not uncommon for firms to capitalize on regulatory loopholes. This was seen in the explosive growth of trust products set up by subsidiaries of mutual fund firms, now worth RMB1.6 trillion-500 times their registered capital.

But regulatory voids do not last long in China. For instance, the China Securities Regulatory Commission (CSRC) has announced plans to finalize and implement new regulations for the money market fund segment before year-end 2014.

“Any measures introduced by the CSRC may not be detrimental to foreign managers who are used to the much stricter due diligence processes required by their parents,” notes Yoon Ng, Asia research director at Cerulli.

Increased oversight reflects regulators’ intention to exercise more authority on the development of the asset management industry on the domestic front, she adds.

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Henderson Plans to Invest on Resources in Miami and Geneva to Support its International Retail Development

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Henderson Group published its Interim Results for the half year ended 30 June 2014 last week. The British asset manager continued delivering a strong performance, with 10% growth in AUM–up 10% to £74.7bn (US$125bn) and net inflows of £5.0bn (US$8.4bn), of which £4.7bn came from retail clients, broadening Henderson’s international footprint. In Europe, Henderson benefited from its global relationships whereas for Latin America the highest growth came from the offshore private banking channel.

To contribute into the SICAV retail development Henderson has announced it will invest in a resource in Miami to give support to the offshore channel in Latin America and another one in Geneva to support global distribution relationships. Moreover, Henderson is working on strategic relationships with IFA networks in Italy.

On the institutional side, Henderson obtained inflows of £0.3bn, reversing the outflows trend (£2.0bn) of the previous semester. Mandates in Global Equity helped outpace redemptions in the institutional space. There has also been a turnaround in the absolute return offshore fund flows. Henderson envisages a significant contribution in the institutional side in its five year plan, given the investment and turnaround in certain asset classes –Global Equity, Multi-Asset, Global Credit- that is expected to compensate for the annual £700mn in outflows that it has experienced in recent years.

Andrew Formica, Chief Executive of Henderson, said:   ”We have made great strides on a number of fronts in the first half of 2014 towards delivering on our strategy. We are starting to see early results from some of our previous investments, including mandate wins for our Global Equities strategy and excellent first year performance from our US high yield team. We continue to add resources in investment management and distribution and are enhancing our global platforms.

In it’s interim business update, Henderson also highlighted the strong investment performance of its products, where 86% of its funds outperformed relevant metrics over three years. Over the six month period Henderson hadpositive flows and investment performance in all five core capabilities – European Equities, Global Equities,  Global Fixed Income, Multi-Asset and Alternatives

On June 30, Henderson announced the acquisition of Geneva Capital Management, which will increase US AUM to c.15% of  the Group.

You may access the presentation of the interim results through this link.

Principal Financial Group Names New Chief Marketing Officer

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Principal Financial Group has announced that Elizabeth Brady has joined the company as senior vice president and chief marketing officer (CMO), effective September 2, 2014.

As CMO, Brady assumes overall responsibility for global marketing, including branding, advertising, media relations, digital marketing, sponsorships, data analytics, multi-cultural marketing, research and business intelligence. She will be based in Des Moines, Iowa. She replaces Mary O’Keefe, who retired from Principal in June 2014.

Most recently, Brady served as president of segmentation solutions at Nielsen Corporation, New York, N.Y. Prior to her current role, she was the global head of marketing effectiveness also at Nielsen.

“As one of the top 30 money managers in the world, The Principal is committed to continuing to build a global brand that champions financial security among businesses and individuals,” said Larry Zimpleman, chairman, president and chief executive officer – The Principal Financial Group. “A seasoned strategist with a proven track record in global marketing and branding, as well as a deep background in consumer research, Beth brings added strength to our existing management team. The breadth and depth of this team further positions The Principal as a powerful force in the global investment management marketplace,” said Zimpleman.

“I look forward to working with this talented team to build The Principal brand both in the U.S. and globally, and to expand its leadership position within the financial services sector,” said Brady.

Prior to her roles at Nielsen Corporation, Brady spent more than a decade at General Mills Inc. as an officer of the corporation and business unit leader with profit and loss responsibility over several packaged goods brands. Prior to General Mills, Brady held marketing roles at Wise Foods, Inc., Best Foods, Inc., and Port Authority of New York and New Jersey.

Brady earned a Bachelor of Arts degree in political science and economics from St. Lawrence University, Canton, N.Y., and a Master of Public Policy, Administration with a focus on International Trade from the School of International and Public Affairs, Columbia University.

Azimut Creates a Private Equity Platform Supported by the Acquisition of Futurimpresa

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Azimut, Italy’s leading independent asset manager, signed today an agreement to enter the share capital of Futurimpresa, an investment management company of the Chambers of Commerce of Milan, Bergamo, Brescia and Como.

The acquisition, subject to the approval of Bank of Italy, will be made through a dedicated capital increase for a total expected consideration of €2.5mn. At the end of the transaction, Azimut will own a 55% stake in Futurimpresa.

The transaction is designed to create a partnership aimed at developing entrepreneurial synergies on investments in small and medium enterprises, with the objective to support the promotion and development of the region in which they operate through the creation of a platform to support corporate excellences. Furthermore, Azimut will also integrate in this platform its Antares AZ I fund focused on mini bonds of small and medium enterprises in Italy.

Pietro Giuliani, Azimut’s Chairman and CEO, comments: “with this initiative Azimut intends to strengthen itself in the alternative products segment, with the creation of a platform dedicated to private equity. The partnership will enable us to increase the contacts with boutiques specialized in “niches” markets helping them in their growth, and furthermore is an example of cooperation between the public and private worlds which can contribute to the growth of the Sistema Italia. “

Carlo Sangalli, President of the Chamber of Commerce of Milan, comments “with this agreement with the Azimut Group, the Chamber of Commerce of Milan favors the inflows of resources destined to support small and medium enterprises of the region. In particular, we have envisaged in a short period of time to launch a fund investing in mini bonds that represents an important instrument that this partnership puts to the service of the entrepreneurial world, in line with the mission of the Chamber of Commerce”.

Paolo De Santis, President of the Chamber of Commerce of Como, comments “I am very satisfied with the agreement signed today, opening new prospects to the initiative launched by the four Chambers of Commerce. I like to highlight how the partnership we have signed will enable our enterprises to have access to new financial instruments to sustain their growth”.

Azimut is Italy’s leading independent asset manager (active since 1989). The Parent Company Azimut Holding is listed on the Italian stock exchange. The shareholder structure includes over 1,200 managers, employees and financial advisors, bound by a shareholders’ agreement that controls ca. 20% of the company. The remaining is free float. The Group comprises various companies active in the sale, management and distribution of financial and insurance products, with Registered Offices in Italy, Luxembourg, Ireland, China (Hong Kong and Shanghai), Monaco, Switzerland, Taiwan, Brazil, Singapore and Turkey.

Overseas main operations are AZ Fund (founded in Luxembourg in 1999), which manages the multi strategy fund AZ FUND1 and AZ Multi Asset, the Irish AZ Life Ltd, which offers life insurance products, and AZ Capital Management Ltd (hedge fund).

Capital Strategies Partners, a third party mutual fund distribution firm, holds the distribution of AZ Fund Management products in Latin America

Natixis Global Asset Management to Relocate Boston Headquarters to 888 Boylston

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Natixis Global Asset Management, one of the largest asset managers in the world, announced it will relocate its United States corporate headquarters to 888 Boylston Street in Boston as the anchor tenant in a new office building being developed by Boston Properties adjacent to the Prudential Center in Boston’s Back Bay neighborhood. Expecting to build upon its sustained pattern of growth, Natixis will occupy approximately 128,000 square feet in five stories with the option to expand onto a sixth floor. Construction of Natixis’ space is scheduled for completion in fall 2017.

“We are thrilled to be a part of this exciting project for the City of Boston and the region’s economy,” said John Hailer, President and CEO of Natixis Global Asset Management, Asia and the Americas. “Boston has always provided an excellent home for Natixis, and we feel fortunate to be able to grow and further expand in this great city.”

The 17-story, 425,000-square-foot 888 Boylston Street is designed to be Boston’s most sustainable office building, using 45 percent less energy and 37 percent less potable water than an average office building. Customers at 888 Boylston can leave the lights off 60 percent of the time, as the building features daylight penetration to 95 percent of the floor area. Designed to achieve LEED Platinum certification from the U.S. Green Building Council, additional sustainable features include a chilled beam HVAC system, on-site rooftop wind power generation that will power all exterior building and plaza lighting, and a rain harvesting and reuse system.

“The Prudential Center has helped define the skyline of Boston for more than half a century, and 888 Boylston Street represents a new definition in sustainable building design,” said Bryan Koop, Boston Properties Senior Vice President and Regional Manager. “Natixis Global Asset Management has been an important corporate presence in the Back Bay for many years, and we are honored to have them as the lead customer at this exciting project.”

With more than 3,400 employees worldwide, 1,400 of whom are located in Boston, Natixis has expanded significantly over the last 15 years, having successfully acquired more than 15 new investment management firms. As a testament to its strategic growth, Natixis was recognized as the #1 U.S. mutual fund familyby Barron’s this year.

Consistently voted one of Boston’s best places to work by the Boston Globe and voted a “Top Charitable Contributor” by the Boston Business Journal in 2013, Natixis employees receive paid time off for volunteering and participate in an employee match program in which employees donated nearly $400,000 to various charities in 2013.

Natixis continues to expand its presence in Boston, adding more than 200 jobs in the past five years and more than 500 over the past decade. 888 Boylston will provide the space Natixis needs to conduct business, welcome growth both locally and internationally, and continue to be one of the best and most innovative places to work in Boston.

John Barry and Michael Joyce of Transwestern | RBJ represented Natixis in this transaction.

ETFs and ETPs Gathered a Record US$160.5 Billion in Net New Assets in 2014

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ETFGI’s analysis finds ETFs and ETPs listed globally gathered US$33.8 Bn in net new assets in July, pushing YTD NNA to US$160.5 Bn, a new record level of NNA at this point in the year, outpacing the previous high of US$149.9 Bn set in 2013.

Assets declined slightly (0.4%) from their record high of US$2.64 Tn in June to US$2.62 Tn at the end of July. The global ETF/ETP industry now has 5,410 ETFs/ETPs, with 10,477 listings, from 222 providers listed on 60 exchanges, according to preliminary data from ETFGI’s end July 2014 Global ETF and ETP industry insights report.

The ETF/ETP industries in Europe and Japan have gathered record levels of YTD NNA at US$42.7 Bn and US$14.9 Bn, respectively. New record highs in assets were reached at the end of July by ETF/ETP industries in Canada with US$66 Bn, Asia Pacific (ex-Japan) with US$103 Bn, and Japan with US$91.5 Bn.

“In July investors invested almost all net new money into equity exposures as investor confidence was positive through most of month. The S&P 500 hit an all-time high during July, but ended the month down 1% as markets were rattled at the very end of the month by the situations in the Ukraine and Gaza and a poor start to the U.S. earnings season. Developed markets outside the US ended the month down 2%, while emerging markets gained 2%, Asia was up 5% and frontier markets were up 4% in July,” according to Deborah Fuhr, Managing Partner at ETFGI.

In July 2014, ETFs/ETPs saw net inflows of US$33.83 Bn. Equity ETFs/ETPs gathered the largest net inflows with US$27.7 Bn, followed by fixed income with US$3.2 Bn, and commodity ETFs/ETPs with US$1.7 Bn in net inflows.

Vanguard gathered the largest net ETF/ETP inflows in July with US$7.69 Bn, followed by iShares with US$6.82 Bn, SPDR ETFs with US$4.24 Bn, DB x-trackers with US$1.97 Bn and PowerShares with US$1.79 Bn in net inflows.

Henderson Adds Director to its US$10.3bn Multi-Asset Team

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Henderson Global Investors has announced the appointment of John Harrison to the position of Director, Multi-Asset. John joins in August and will be responsible for representing the multi-asset team in the retail and institutional channels. He will work closely with the team to expand the existing business and broaden its geographical footprint.

Bill McQuaker, co-head of multi-asset adds, “John’s blend of investment and client management skills is a great addition to the team. Most recently John’s experience has been in managing clients relationships in the multi-asset and advisory market. In addition to the wealth of investment experience he has built during his career, this will be of enormous benefit to us.”

John has considerable knowledge of asset allocation-led investment strategies and experience in developing a global multi-asset platform. He joins Henderson in August from AllenbridgeEpic where he acted as a senior adviser to four local government pension schemes with combined assets in excess of £8bn. Prior to this he worked at UBS for 16 years’ latterly as UK chief investment officer & head of UK institutional advisory solutions.

The multi-asset team run a total of £6.3bn (US$10.3bn) as at 30th April 2014.

Wealth Managers Who Ask For Referrals Double Their Chance Of Being Recommended By Clients

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Very few of the world’s up-and-coming wealthy are uncomfortable providing friends, family, or colleagues with referrals to a wealth manager, however the majority of wealth managers are missing out on the opportunity to acquire clients through this valuable channel, says a new global study released today by SEI, Scorpio Partnership, and NPG Wealth Management. The study, “The Futurewealth Report 2014: The Advocacy Impact,” reveals that advisors double their chances of receiving a referral by simply asking for one – as 47 percent of respondents said they would actively refer, without being prompted, and an additional 47 percent reported they would refer, but only if asked to do so. However, only 3 in 10 of the 3,025 global respondents with an average net worth of $2.9 million reported being asked for referrals by their wealth managers at least once a quarter.

The report, which also examined the drivers that compel the global wealthy to advocate for their wealth managers, further unveiled that the propensity to recommend does not translate into actual referrals. On the contrary, referrals are triggered by a complex blend of circumstances and financial behaviors and are heavily influenced by a client’s age and geographic background.

“This year’s Futurewealth series has provided valuable insights on investors’ digital habits, their purchasing drivers, investor loyalty, and, now, what it takes to spark client advocacy,” said Alfred P. West, Jr., Chairman and Chief Executive Officer of SEI. “It’s well known that a referral is one of the strongest tools in an advisor’s marketing arsenal, and what we’ve learned is that there is no exact science to winning client referrals. Client behavior and confidence in advisors varies based on personality, age, and location, and, thus, is unpredictable. However, by taking action wealth managers increase their likelihood of organically growing their business.”

According to the report, respondents from the West (the Americas and Europe) are more likely to recommend wealth managers if they demonstrate stability, good performance, personal service, and integrity. In the Americas specifically, nearly two-thirds of up-and-coming wealthy would recommend a stable firm (58 percent of respondents), followed closely by strong performance (54 percent). With the quality of the “salesperson” (15 percent) and “periodic contact” and “information about new products and services” (14 percent) ranking as the most important elements in a wealth manager’s ability to deliver a great experience (compared to staff efficiency and order processing in the 2011 survey), the study has uncovered that today’s high-net-worth investors increasingly desire a strong relationship with their wealth advisors.

“This year’s Futurewealth research confirms that the high-net-worth global investor base cannot be lumped into one single category. Rather, this group is incredibly diverse, and we’ve discovered that depending on lifecycles and net worth, high-net-worth investors select, stay with, and ultimately refer wealth managers for disparate reasons,” said Ryan Hicke, Senior Vice President, SEI Wealth Platform. “That said, above all this group is looking for stable, trustworthy, and engaged relationships with wealth managers. This finding should not be taken lightly. The relationship side of the business is ever-important, and managers must take the time to implement strategies that allow them to focus more heavily on personal interaction, without sacrificing quality.”

Further, while those in the Americas are most positive about their advisors, this group of up-and-coming-wealthy have referred the fewest clients to their firm (five) when compared to their European and Asian Pacific counterparts, seven and eight referrals respectively. In examining age, the study found that the respondents under 40 (4 in 10 of whom are asked by their wealth manager every quarter for referrals) referred the most clients (nine). By contrast, the oldest group polled (over 60), who are asked quarterly for referrals only 8 percent of the time, referred the least (four). In Asia Pacific, the region with the highest average number of recommendations, nearly 45 percent of clients are asked for referrals quarterly.

“Yes, many factors contribute to investors providing referrals, but one element of the referral game is undeniable: wealth managers who directly ask for referrals on a consistent basis are the most likely to get them,” said Kevin Crowe, Head of Solutions, SEI Advisor Network. “Furthermore, the more successful advisors we work with have found that facilitating actual ‘introductions’ as part of the referral process increases the likelihood the referral will actually become a client.”

This is the fourth paper in a four-part series delving into the findings of the Futurewealth Project, which maps the journey of the world’s up-and-coming wealthy with their wealth manager. The first paper examined the qualities impacting the decision-making process of selecting a new financial provider. The second paper studied the factors critical to high-net-worth individuals when making a transaction with a firm and the role of digital technology. The third paper looked into the factors that contribute to customer loyalty.

As Overweight as Possible in Oil Based Energy

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In the following Question and Answer session, David Donora, Head of Commodities at Threadneedle Investments, addresses some of the key concerns currently facing investors in commodity markets, and explains his view of the outlook for the market.

What is your outlook for commodities for the remainder of 2014?

David: We are bullish on the macro outlook for the rest of 2014. The OECD countries and in particular North America, the region where economic growth is currently the strongest, and where growth is accelerating, will drive the expansion. Unless there is a significant escalation of geopolitical events we expect global growth to improve. Given that the developed world is leading the global economy, we anticipate that the expansion will be more energy intensive, and less intensive in terms of its consumption of industrial-type commodities, than if it were led by the emerging economies.

Could you elaborate on developments in the energy complex, including how the Iraqi conflict is affecting oil?

David: We anticipate that the price of Brent will remain high at about US$110 to US$115 a barrel by the year end. We also foresee a continuing dislocation between Brent and WTI with the latter continuing to trade at a discount of around US$7-15 a barrel to Brent.

In terms of curves this means that we expect Brent to remain in backwardation, that is to say that the prices for immediate delivery will be higher than the prices for oil five to ten years ahead, and similarly in the short term we recognize that prices for WTI will also be in backwardation.

But as oil production continues to increase in North America, we would expect to see that curve eventually flatten out.

What is your view of base, industrial and precious metals?

David: At the sector level we are positioned in line in base metals, as opposed to oil-based energy where we are as overweight as possible. Although we have a market weighting overall in base metals, we are significantly overweight lead and nickel and underweight copper and aluminum.

In precious metals, we have an underweight stance towards gold and are market weight in silver. Our underweight in gold is not so much a reflection of a bearish view on the precious metal itself but more because we are increasingly bullish on the broader range of commodities and because we would expect gold to lag commodities in general in the current environment. Gold does best when, not only is there geopolitical risk, but also when we have questions about whether the US dollar is functioning as a credible reserve currency. At present it is, given that the US is enjoying relatively strong growth and investment is flowing into the country to fund growing manufacturing and energy production. Thus in 2013, US$200bn of investment flowed into oil production in the US alone.

You may download the complete report through the pdf file attached.