Voted #6 on Top 100 Family Business Influencers, most influential expert on Wealth, Finance and Investments: Jacoline Loewen LinkedIn Profile
Showing posts with label advisor. Show all posts
Showing posts with label advisor. Show all posts

October 4, 2017

Billionaires share one characteristic: They were not born billionaires.

The following is an excerpt from the Bloomberg Markets article titled How UBS Became Home to Half the World’s Billionaires

By Elisa Martinuzzi and Joel Weber | October 3, 2017

BLOOMBERG MARKETS: Almost half the world’s billionaires bank with you. That’s a distinct set of clients. What have you learned from them?

SERGIO ERMOTTI, CEO of UBS Bank: It’s always fascinating to hear how they became so successful. When you look at billionaires, many of them share one characteristic: They were not born billionaires. I was in Asia recently, where I met a few, and they have quite impressive stories. It feels like the American dream, only it’s no longer just in America. The main lesson for me is that with passion, focus, vision, determination, you can do a lot.

BM Which trait most stands out?

SE You see a lot of passion for what they do. And the same level of focus. It’s quite clear that it’s not all about money. Of course some people care about that, but at the end of the day, they enjoy what they do.

BM How much time do you actually spend with clients?

SE Not as much as I would like. The most interesting discussions are actually when we are fortunate enough to bring them together. We organize events where our clients can get together. It’s also a way for them to foster a level of cooperation, of getting to know each other—which is important for business regardless of UBS being involved or not.

BM You’re like Tinder?

SE At these events we are a kind of sophisticated speed-­dating organizer, sure. It adds value for our clients. Take Art Basel. The idea is that people attend because they share a common interest, a passion. And while attending the events, maybe they start to talk about other issues or opportunities.

BM What did you think of UBS before you got here?

SE I thought it was an incredible franchise with almost 150 years of history that had survived a dramatic moment. My predecessors had stabilized things, but it was not clear yet what the path was going to look like going forward. I’ve always been impressed by the fact that, as bad as things got here, only 2 percent of clients closed their accounts. I figured the franchise and the quality of the people who are able to retain the clients during such a crisis must be extremely high. My view was, I want to be a part of this.
Bloomberg Markets: How would you describe your business today?

SE We are the undisputed global leader in wealth management. We think that this is a huge advantage. It’s a very fragmented market still. And if I look at our position and the growth expectations of wealth creation, which is expected to be twice as high as GDP, we should stay focused on doing this. Sell-side analysts, rating agencies, and the media still consider us an investment bank. I find it totally ridiculous. If you look at where our business comes from, we are basically the world’s most expensive investment bank and its cheapest asset manager.
BM What advice did you get when you arrived here?


Jacoline Loewen and team
SE Some competitors were telling me, “Shut down the investment bank; we’ll serve you.” They wanted to grab flows and build out their business. People also told me to sell Wealth Management Americas. My popularity would have soared, especially in Switzerland; UBS wouldn’t be where it is today; and I doubt I’d still be here. That was a defining moment—to say, These are businesses we can turn around. It was a good reminder that the consensus is not necessarily the right thing to do.

BM Was there a company, maybe even outside your industry, that you looked to for inspiration?

SE Not for strategy. But when I joined, I said I wanted UBS to be the Apple or the IBM of the financial-services industry: from glory, to near-death, and then back to glory.

Read Full article here
Follow on Twitter @Jacolineloewen

December 30, 2014

Wealthy families and their trusts

Trusts that use multiple advisers. 
Traditionally, the directed trust model called for electing a trustee and an investment adviser. Now, the wealthiest families are slicing and dicing trustee duties into many different functions
Directed trusts are showing up with as many as eight different roles, including a “special assets advisor,” a “distribution advisor” and a “trust protector.”

October 26, 2014

How do you select a financial planner when you sell your business?

When you sell your company and all of a sudden, you have millions to invest, it can make you quite giddy. All of a sudden, your long last relatives will appear on your doorstep asking for a loan or an investment. Your niece will want you invest in her new app which is "brilliant".  Suddenly, you can access wealth manages who need you to have more than $2million to open an account. These wealth managers are the elite of financial planners.
Financial planners advise clients on how best to save, invest, and grow their money. They can help you tackle a specific financial goal—such as giving you a macro view of your money and the interplay of your various assets. Some specialize in retirement or estate planning, while some others consult on a range of financial matters. At the very least, they should find out about your family.
Don’t confuse planners with stockbrokers — the market mavens people call to trade stocks. 
Financial planners also differ from accountants who can help you lower your tax bill, insurance agents who might lure you in with complicated life insurance policies, or the person at your local bank urging you to buy their off the shelf mutual funds.

Anyone can hang out a shingle as a financial planner, but that doesn’t make that person an expert. They may tack on an alphabet soup of letters after their names, but CFA (short for certified financial planner) is the most significant credential. A CFA has passed a rigorous test on the specifics of personal finance. CFAs must also commit to continuing education on financial matters and ethics classes to maintain their designation. The CFP credential is a good sign that a prospective planner will give sound financial advice. Still, even those who pass the exam may come up short on skills and credibility. As with all things pertaining to your money, be meticulous in choosing the right planner.
Their firm is important. Some small planner make you pay dearly. They are smart but you end up paying more as they still have to place orders for your portfolio and they will have to pay a fee and pass that along to you.