Wealth Management News & Analysis
5 articles
Market Mood
F.N.B. Corporation Expands Wealth Services for UHNW Clients
F.N.B. Corporation has expanded its wealth management services specifically for ultra-high-net-worth (UHNW) clients with the launch of F.N.B. Private Family Wealth. This initiative includes specialized advisory capabilities aimed at long-term financial planning. The bank appointed Benjamin Ciocco as director and Frank Aloi as chief market strategist for this branch. The expansion is part of F.N.B.'s growth strategy and aligns with its total assets of $51 billion and over 355 banking offices, which can provide comprehensive financial solutions to clients.
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360 ONE WAM Targets 12-13% Ultra-Wealth Market Share Growth
360 ONE WAM aims to increase its market share in India's ultra-high-net-worth wealth segment from nearly 10% to 12-13% in the coming years. India has about 40,000 to 45,000 families with financial wealth exceeding Rs500m ($5.2m), and 360 ONE targets to engage approximately a quarter of these families as clients. The company issued 20.5 million warrants to UBS at Rs1,030 each, enhancing its partnerships. This expansion matters for investors as it indicates growth potential in the wealth management sector, particularly among high-net-worth individuals.
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MCM Partners (MCM) Launches Family Office Platform for Wealth Management
MCM Partners has established the MCM Family Office, which combines family office advice, wealth management, and wealth planning services. Christophe Page has been appointed head of this new platform, bringing 20 years of experience in private banking and alternative investments. This initiative aims to provide more comprehensive support for clients' evolving needs in wealth planning and asset allocation. MCM's CEO Dan Rose stated that this launch is a natural extension of the company’s partnership with its clients.
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Engagement Strategies for Advisors in UHNW Wealth Transfer
During the UHNW Summit at Wealth Management EDGE, RIA leaders emphasized the necessity for financial advisors to engage with clients’ second-generation family members. Cameron Rogers from Angeles Wealth Management highlighted that this engagement is essential for managing conversations about inheritance. Tiffany Tocco from Starkweather & Shepley Insurance suggested simplifying investment language for younger clients. Jason Borek of The Pinnacle Group noted that timely preparation for family discussions can determine the effectiveness of advisor-client relationships as family complexities grow, particularly concerning wealth transfer.
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Survey: 64.2% of Asian Wealthy Lack Succession Plans
A recent Lombard Odier survey involving over 390 high-net-worth individuals in the Asia-Pacific region revealed that 64.2% prioritize preserving family wealth across generations. However, only 26.9% have a comprehensive succession plan, while 39.4% lack any planning. This indicates an 'intention-implementation gap' among wealthy families, as many remain unprepared for the impending intergenerational wealth transfer. Concerns were raised about the long-term sustainability of wealth without effective governance and planning frameworks, especially in markets like Japan, the Philippines, Malaysia, and Hong Kong.
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