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☆ The great wealth transfer has started — but millennials, Gen Z may not inherit as much as they anticipate
▼ + stars: | 2024-05-07 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

There's a massive wealth transfer underway. "It has started and it's only going to accelerate," said Liz Koehler, head of advisor engagement for BlackRock's wealth advisory business. And yet, some millennials and Generation Z may not be inheriting as much as they think. Recent reports show a growing disconnect between how much the next generation expects to receive in the "great wealth transfer" and how much their aging parents plan on leaving them. However, 55% of baby boomers who plan to leave behind an inheritance said they will pass on less than $250,000, Alliant found.

Persons: Liz Koehler, Gen Zers, Alliant, Isabel Barrow Organizations: Finance, Alliant Credit Union, Federal Reserve Bank of Boston, Edelman, Edelman Financial Locations: millennials

☆ The stock market is sending retirement account balances soaring. Here's why experts say retirees still need to tread carefully.
▼ + stars: | 2024-03-30 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +5 min

Stellar stock-market returns have boosted Americans' retirement account balances. The number of 401(k) millionaires is up and average account balances are the highest in two years. Markets are volatileInvesting experts also caution against the belief that the market will keep producing strong returns year after year. Markets are up big (+20%) or negative nearly two-thirds of the time whereas 'average' returns (0-20%) only happen about a third of the time," Anderson wrote. Future uncertainty often brings a "sequence of returns risk" that's overlooked by early retirees.

Persons: —, Brian Spinelli, Halbert Hargrove, Aaron Anderson, Spinelli, Stocks, Anderson, boomers Organizations: Service, Fidelity, Fisher Investments

☆ Activist Ancora may turn to a reliable tactic to enhance value at Norfolk Southern
▼ + stars: | 2024-02-10 | by ( Kenneth Squire | ) www.cnbc.com time to read: +5 min

When you see that in a railroad company, there is one key metric to look at, which drives railroad profitability and shareholder return: It's the operating ratio. The operating ratio is the company's operating expenses as a percentage of revenue. NSC's operating ratio is almost 69% and the right management team with the right strategy should easily be able to get the operating ratio down close to 60%. There is no need to reinvent the wheel here; the roadmap has already been drawn at Canadian Pacific and CSX. Inside the activist world, and among investors who were shareholders of Canadian Pacific and CSX, this is as sure of an activist strategy as there is.

Persons: Ancora, James Chadwick, Mantle, Hunter Harrison, Harrison, John Kasich, Sameh Fahmy, Jim Chadwick, Ken Squire Organizations: Norfolk Southern, Railroads, TCI, CSX, Pershing, Canadian Pacific, Canadian National, CP, PSR, Kansas City Southern, 13D Locations: United States, Ancora, Ohio

☆ ‘A slow fiscal death’ awaits some countries in this 'decade of debt,' says economist Art Laffer
▼ + stars: | 2024-02-07 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

"I predict that the next 10 years will be the Decade of Debt. It will not end well," Laffer, who is President at investment and wealth advisory Laffer Tengler Investments, told CNBC. As a share of the global gross domestic product, debt has risen to 336%. This compares to an average debt-to-GDP ratio of 110% in 2012 for advanced economies, and 35% for emerging economies. It was 334% in the fourth quarter of 2022, according to the most recent global debt monitor report by the Institute of International Finance.

Persons: it's, Arthur Laffer, Laffer Organizations: Investments, CNBC, Institute of International Finance

☆ Watch CNBC's full interview with Corient's Andy Kapyrin and UBS' Angie Newman
▼ + stars: | 2023-10-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Corient's Andy Kapyrin and UBS' Angie NewmanAndy Kapyin, partner at the wealth advisory firm Corient, and Angie Newman, portfolio manager at UBS Private Wealth Management, join 'The Exchange' to discuss the reversal in bond yields triggered by Bill Ackman's latest call, diversifying your portfolio with various maturities, and bonds outperforming equities in the next year.

Persons: Corient's Andy Kapyrin, Angie Newman Andy Kapyin, Angie Newman, Bill Ackman's Organizations: UBS, UBS Private Wealth Management

☆ Say goodbye to retirement? A 'soft saving' trend is emerging among young people
▼ + stars: | 2023-10-23 | by ( Quek Jie Ann | ) www.cnbc.com time to read: +7 min

But a "soft saving" trend is emerging among younger workers, challenging the traditional way of thinking. Soft saving refers to putting less money into the future, and using more of it for the present. "Soft saving is the soft life's answer to finances," said the report. In addition, Americans are "re-focused" on post-pandemic travel, a possible reason why there is a decrease in personal saving rates, said Fidelity's Viktorin. ""Soft saving is the soft life's answer to finances."

Persons: Gen, Athima, —, Ryan Viktorin, Gen Z's —, Liz Koehler, Koehler, Viktorin, Andy Reed, X, Boomers, Z's, Z, Gen Z, Fidelity's Organizations: Intuit, Fidelity Investments, BlackRock's, Wealth Advisory, CNBC, U.S . Bureau, Trading Economics, Blackrock, Vanguard, Transamerican Center, Retirement Studies, Retirement

☆ The Fed has the bond market by the horns, says Corient's Andy Kapyin
▼ + stars: | 2023-10-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed has the bond market by the horns, says Corient's Andy KapyinAndy Kapyin, partner at the wealth advisory firm Corient, and Angie Newman, portfolio manager at UBS Private Wealth Management, join 'The Exchange' to discuss the reversal in bond yields triggered by Bill Ackman's latest call, diversifying your portfolio with various maturities, and bonds outperforming equities in the next year.

Persons: Andy Kapyin Andy Kapyin, Angie Newman, Bill Ackman's Organizations: UBS Private Wealth Management

Recent indicators show that women are increasingly eager to put their money to work outside of traditional portfolio offerings. For instance, women accounted for 31.2% of angel investors in the first two quarters of 2022, a slight increase from 30.3% in the same period in 2021, according to a report by Jeffrey E. Sohl at the Center for Venture Research at the University of New Hampshire. This is "an encouraging sign that women angels are an increasing active segment in the angel market," especially as women are predicted to control the majority of the net worth in the U.S., the report said. If you have the money and inclination, angel investing is "a window to innovation across the economy," Jo Ann Corkran, co-CEO and managing partner of Golden Seeds, said Thursday at CNBC's Financial Advisor Summit. It doesn't depend on the market cycle and innovation is always happening, she added.

Persons: Jeffrey E, Sohl, Jo Ann Corkran Organizations: Center for Venture Research, University of New, Golden, CNBC's Financial Locations: University of New Hampshire, U.S

That's almost half the nearly 6.7 million Latinas who live in those states, representing the largest group of women of color affected by the court's decision. Financially insecure women are more likely to be affected by state bans and restrictions, the report notes, because they are likely to lack funds to travel to another state for abortion care. Roughly 1.4 million Latinas in these 26 abortion-restricted states work in service occupations, according to the report. Twenty-six states have banned or further restricted abortion services by providers such as Planned Parenthood since the Supreme Court overturned the landmark Roe v. Wade case. Michael B. Thomas | Getty Images News | Getty ImagesAt large, Hispanic women or Latinas are over represented in low-wage occupations, such as servers and cleaners.

Persons: Roe, Wade, Lea, That's, Lupe M, Shaina Goodman, Michael B, Thomas, Dobbs, Candace Gibson, Goodman, Rachel Greszler Organizations: National Partnership for Women, National Latina Institute, Reproductive, Getty, U.S . Department of Labor, Heritage Foundation

Tim Robberts | Digitalvision | Getty ImagesWhen it comes to money, women tend to think of themselves as savers rather than investors. "The biggest risk to women's portfolios is that we don't take enough risk," said Nancy Tengler, CEO and chief investment officer of Laffler Tengler Investments in Scottsdale, Arizona. "Women make better investors than men," Tengler said, and are often less benchmark driven, willing to do more research and are open to changing their minds. Women investors tend to achieve positive returns and outperform men by 40 basis points, according to research from Fidelity Investments, based on an analysis of annual performance for 5.2 million accounts. There are reasons why women should stay actively involved in the management of their household finances, according to Tengler.

Persons: Tim Robberts, Nancy Tengler, Tengler, Edward Jones, Lena Haas Organizations: Digitalvision, Investments, Fidelity Investments, Boston Consulting Group, Microsoft, Apple Locations: Scottsdale , Arizona

It's worth being aware of those financial effects, experts say, because caregiving is an important touchstone in Latino culture. Latino caregivers have high financial strainFamily caregivers spend on average 26% of their annual income on caregiving activities, according to a 2021 report by AARP. The organization calls that measure "financial strain," and bases it on the caregiving expenses relative to a caregiver's annual income. Compared to other races and ethnicities, Hispanic and Latino caregivers have the highest financial strain, AARP found, with caregiving expenses that account for 47% of annual income. Explore claiming your family member as a dependentThere can be financial advantages to claiming a family member you are caring for as a dependent on your tax returns.

Persons: Jose Luis Pelaez, —, Lea, It's, it's, Marianela, Collado, Roberto, Amanda Corral, Roberto Corral Organizations: Inc, Getty, CFP Louis Barajas, International Private Wealth, AARP, Latina, U.S, CNBC FA, Financial, caregiving, Medicaid Locations: , Florida, Irvine , California, U.S, Mexico, Canada, Barajas, Amanda Corral of California, California

Girls and young women want to be homeowners by the time they're 30 — a higher priority even than getting married or earning a lot of money. About half, 52%, of young women ages 7 to 21 want a house by 30, the most of any goal, according to Girlguiding's Girls' Attitude Survey 2023 . To compare, 48% want to be married by age 30, and 39% said it's a goal to earn a lot of money. The organization polled 2,614 girls and young women in the U.K. between the ages of 7 and 21 earlier this year. Lenders look at your debt-to-income ratio to figure out how much mortgage debt you can take on.

Persons: Fannie Mae, it's, Melissa Cohn, William Raveis, Kamila Elliott, Cohn, Jessica Lautz, Elliott, Roth, Lazetta Rainey Braxton, Braxton Organizations: Fannie, William Raveis Mortgage, Federal Reserve, Wealth Partners, National Association of Realtors, CNBC, Partners, IRA, CNBC FA Council, CNBC FA Locations: New York, Atlanta

Marco Vdm | E+ | Getty ImagesThe wage gap costs women in the U.S. about $1.6 trillion a year, a new report finds. Women earned 78 cents for every dollar that men made in 2022, according to National Partnership for Women and Families. Forty-two percent of the wage gap is the result of occupational segregation, which was exacerbated by the pandemic, the U.S. Department of Labor has found. To that point, half of U.S. adults said women being treated differently by employers contributes to the pay gap, the Pew Research Center found. That pay scale worsens for each major racial or ethnic group in the country, with white female workers paid 74 cents to the dollar; Black female workers, 66 cents; and Latina female workers, 52 cents.

Persons: Marco Vdm, We've, Jocelyn Frye, Mandi Woodruff, Santos, Frye, Woodruff, Jose Luis Pelaez Organizations: National Partnership for Women, U.S . Census Bureau, U.S . Department of Labor, Pew Research Center, Latina, MandiMoney, Jose Luis Pelaez Inc, Getty Locations: U.S

"I'm bad with money." As a wealth advisor, I hear statements like this all the time from women, regardless of their age. So why do so many women grow up believing that they're bad at math and, later, bad with money? How can women develop skills and the confidence needed to manage their money effectively, if it isn't even considered to be theirs? Today, we still have a gender pay gap, which can negatively affect women's confidence with money.

Persons: we're, it's, Wells, Janet Hyde, Jane Austen Organizations: Finance, Bank of America, repays Locations: England, U.S

People walk in the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. Goldman's private wealth arm oversees $1 trillion in assets for ultra-high net worth clients, who have $60 million or more in investable assets. The bank can serve high net worth investors through RIA and other wealth management clients, such as Creative Planning, Goldman said. Shares of Goldman Sachs were up 1.8% in afternoon trade. Goldman Sachs & Co LLC is serving as financial advisor and Weil, Gotshal & Manages LLP is serving as legal counsel to Goldman Sachs.

Persons: Goldman Sachs, Andrew Kelly, David Solomon, Goldman, Marc Nachmann, Nachmann, Daniel Fannon, Weil, Saeed Azhar, Manya, Marguerita Choy, Megan Davies Organizations: REUTERS, Creative Planning, United Capital Financial Partners, Wealth Management, Reuters, Jefferies, Co, Gotshal, Manya Saini, Thomson Locations: Manhattan , New York, U.S, New York, Bengaluru

☆ Goldman Sachs to sell wealth advisory unit to Creative Planning
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly//File Photo Acquire Licensing RightsAug 28 (Reuters) - Goldman Sachs (GS.N) on Monday said it has struck a deal to sell an investment advisory business to wealth management firm Creative Planning LLC. Creative Planning is an independent wealth management firm with more than 2,100 employees across its affiliates and $245 billion in combined assets under management and advisory. "It is margin accretive to Asset & Wealth Management and allows us to focus on the execution of our premier ultra-high net worth wealth management and workplace growth strategy," said Marc Nachmann, Goldman Sachs global head of Asset & Wealth Management in a statement. The bank can serve high net worth investors through RIA and other wealth management clients, such as Creative Planning, he said. Goldman Sachs & Co LLC is serving as financial advisor and Weil, Gotshal & Manages LLP is serving as legal counsel to Goldman Sachs.

Persons: Goldman Sachs, Andrew Kelly, David Solomon, Goldman, Marc Nachmann, Weil, Manya Saini, Saeed Azhar, Marguerita Choy Organizations: New York Stock Exchange, REUTERS, Creative Planning, United Capital Financial Partners, Creative, Wealth Management, Co, Gotshal, Thomson Locations: New York City , New York, U.S, Bengaluru, New York

☆ Here's why trillions of dollars in money market funds may not restart the stock market rally
▼ + stars: | 2023-08-25 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +6 min

The 2023 stock market rally caught many investors off guard, with mountains of excess cash sitting in money market funds. "Money market balances are building up, which is unusual given how much the stock market has rallied recently. And history suggests that money market funds are not always fuel for a buy-the-dip trend to support a late-stage rally. Through that lens, the growth of money market funds in 2023 can also be linked to the regional bank crisis earlier this year. Clissold said discussions with wealth advisory clients suggest that "some of that money market fund money does leak into the stock market," albeit over time.

Persons: Emmanuel Cau, Callie Cox, Cox, Todd Sohn, Sohn, Ed Clissold, Ned Davis, Clissold, John Tobin, Dreyfus, I'm, corporates, Tobin Organizations: Bank of America, EPFR, Investment Company Institute, Nasdaq, Barclays, Money, Federal Reserve, Ned, Ned Davis Research, BNY Mellon Investment Management, CIO Locations: U.S

Megacap technology-related growth stocks dipped, with Alphabet (GOOGL.O) and Tesla (TSLA.O) falling, as investors fretted that interest rates could stay higher for longer. The tech-heavy Nasdaq (.IXIC) posted the biggest weekly decline of the three major indices. The Dow Jones Industrial Average (.DJI) rose 34.29 points, or 0.10%, to 34,510.38. The S&P 500 energy index (.SPNY) rose, with Exxon Mobil (XOM.N) among leading gainers. Shares of cryptocurrency firm Coinbase Global (COIN.O) fell and Riot Platform (RIOT.O) tumbled as bitcoin hit a two-month low.

Persons: Jason Reed, Estee Lauder, Jerome Powell, Nvidia's, Michael Reynolds, Amruta Khandekar, Saeed Azhar, Maju Samuel, David Gregorio Our Organizations: U.S . Federal, REUTERS, Federal, Nasdaq, Nvidia, Dow Jones, Walmart, Exxon Mobil, Treasury, Thursday, Hawaiian, Coinbase, Thomson Locations: Washington, Bengaluru, New York

☆ NB Renaissance invests in app developer Bending Spoons, eyes IPO
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

MILAN, Aug 3 (Reuters) - NB Renaissance has invested in Milan-based mobile app developer Bending Spoons to help the company expand in a fast-growing market, including through merger and acquisition deals, the private equity firm said on Thursday. Bending Spoons is one of the world's top app providers with 500 million downloads and 100 million active users a month. "In securing the deal, NB Renaissance leveraged its strong relationship with Bending Spoons' founding team," it said, adding they had first worked together in 2019 on a potential U.S. acquisition deal. NB Renaissance did not disclose the size of the investment, saying only it had taken a minority stake, with NBR's senior partner Stefano Bontempelli appointed as member of the board. NB Renaissance is part of Neuberger Berman, a private, independent and employee-owned investment manager with $443 billion of assets under management.

Persons: NBR's, Stefano Bontempelli, Cherry, Neuberger Berman, Valentina Za, Kirsten Donovan Organizations: MILAN, Cherry, Cherry Bay Capital Group, Banco, Engineering, Thomson Locations: Milan, Cherry Bay, Inetum

☆ Wall Street wealth helps boost endowments at posh New York City private schools
▼ + stars: | 2023-07-05 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

The tuition to attend private day schools in New York City can range from $58,000 to about $65,000 per year. Roughly 20% of school children attend private schools in New York City, according to think tank Manhattan Institute. With larger endowments and higher income from tuition, New York City private schools have bigger investment portfolios as well, which include long-term investments. New York City private schools have yet to report figures for 2022, when the S&P 500 fell 19%. Tuitions at New York City private schools are also outpacing those of their counterparts around the country.

Persons: outsized, Horace Mann, Walter Dillingham, Dillingham, Myra McGovern, McGovern, Gertrude Chavez, Dreyfuss, Alden Bentley, Mark Porter Organizations: YORK, Manhattan Institute, Wilmington Trust, National Association of Independent Schools, New York, New, Internal Revenue Service, Horace, Brearley School, Prep Day School, Little Red School House, Harlem Academy, Tuitions, Thomson Locations: New York, New York City, Wilmington, Bronx, Brooklyn, Manhattan, NAIS, Washington, Kansas City

☆ When to teach kids about money, according to the experts — and how to do it
▼ + stars: | 2023-06-02 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +4 min

Knowing how and when to start teaching to kids about money and identifying what money skills they need can be tricky, but experts say it is crucial for their futures. MoMo ProductionsKnowing how and when to start teaching kids about money and identifying what skills they need can be tricky. Ultimately, boosting your kid's financial confidence is crucial, experts say. When to teach money skills to kidsIt's clear how important the conversation about money truly is. Wunder said six is the age where kids start being able to grasp some money concepts.

Persons: Susan Hirshman, Hirshman, Seth Wunder, Eric Landolt, Wunder, it's, Landolt Organizations: Schwab Wealth Advisory, CNBC, Employers, UBS Global Wealth Management

☆ BlackRock is wrestling with who could succeed Larry Fink. Here's who's now in the running.
▼ + stars: | 2023-05-12 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +8 min

Investment giant BlackRock has been planning for CEO Larry Fink's succession for years. Leadership has discussed BlackRock cofounder Susan Wagner as someone who could succeed Fink if the board does not have a clear candidate. For years, BlackRock has been planning for Chief Executive Larry Fink's succession, a torch-passing the industry has long speculated over. BlackRock has become shorthand for the intense backlash from primarily Republican lawmakers over sustainable investment strategies that Fink has championed as CEO. Goldstein, 49, is a BlackRock lifer and has been chief operating officer for nearly a decade.

☆ Don't let the patriotic talk fool you. Here are 5 ways JPMorgan stands to win from buying First Republic Bank.
▼ + stars: | 2023-05-01 | by ( Emmalyse Brownstein | Carter Johnson | ) www.businessinsider.com time to read: +8 min

JPMorgan on Monday morning emerged as the white-knight buyer of First Republic Bank. More wealth advisors for high-net-worth clientsJPMorgan's wealth management ambitions will also get a boost from its purchase of First Republic. The smaller bank has about 150 high-end advisors who will join JPMorgan's brokerage business unit, JPMorgan Advisors. "If they can retain the wealth advisors and not lose too many more, I think it will be very advantageous. "This helps bring the bank crisis phase to the home stretch in our view," wrote Wells Fargo's Mayo.

☆ Larry Fink has a new chief of staff, an under-the-radar position that's become a powerful post at BlackRock
▼ + stars: | 2023-02-14 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +5 min

BlackRock CEO Larry Fink has named executive Willie Alford as his new chief of staff. Sarah Schaffer, an executive and Fink's prior chief of staff, will take on a new role at BlackRock. This may be especially true if you worked directly with Larry Fink, the firm's chief executive and among the most powerful people on Wall Street. Fink's chief of staff position has vaulted executives into new heights. A more common C-suite roleThe chief of staff role has taken off across corporations and beyond the position's roots in government and military operations.

☆ Boomers have more wealth ‘than any other generation,’ but millennials may not inherit as much as they hope
▼ + stars: | 2022-12-09 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

On the cusp of the greatest generational wealth transfer in history, baby boomers are set to pass more than $68 trillion on to their children. "It's a generation that has accumulated a greater percentage of wealth than any other generation ever has," said Mark Mirsberger, a certified public accountant and CEO of Dana Investment Advisors, referring to boomers. Studies show a growing disconnect between how much millennials expect to inherit in the "great wealth transfer" and how much aging boomers plan on leaving them. But 55% of baby boomers who plan to leave behind an inheritance said they will pass on less than $250,000. Tack on inflation, geopolitical uncertainty and fears of a recession, and boomers suddenly may be feeling less secure about their financial standing — and less generous when it comes to giving money away.

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