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☆ Here are ways to adjust your portfolio as some experts predict a soft landing for the economy
▼ + stars: | 2023-08-10 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Morsa Images | E+ | Getty ImagesSome experts have reversed recession predictions and embraced a soft landing for the economy as the Federal Reserve continues to fight inflation. Increase bond allocations before interest rate cutsAs the Federal Reserve weighs an end to its rate-hiking cycle, some advisors are adjusting their clients' bond allocations. With expectations of future interest rate cuts, Atlanta-based CFP Ted Jenkin, founder of oXYGen Financial, has started shifting more money into bonds. watch nowTypically, market interest rates and bond values move in opposite directions. Consider extending bond durationWhen building a bond portfolio, advisors also consider so-called duration, which measures a bond's sensitivity to interest rate changes.

Persons: Barry Glassman, Glassman, Ted Jenkin, Jenkin, Douglas Boneparth Organizations: Federal Reserve, Wealth, CNBC's, CNBC's FA, Bone Locations: McLean , Virginia, Atlanta, CNBC's, New York

☆ Bank of America's Merrill names new leaders to head divisions
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

May 19 (Reuters) - Bank of America Corp's (BAC.N) investment and wealth management arm Merrill named insider Greg McGauley as the head of private wealth management, international and institutional, Merrill said on Friday. Merrill offers investment management services to its clients including, wealth planning, insurance, retirement and savings planning. McGauley joined Merrill in 1994 and has held several senior roles at the company, including leading private wealth services. Lydia DiClemente was also named as the head of Merrill Banking Enablement and Merrill Financial Solution Advisors. DiClemente, who has more than 20 years of experience in the wealth management industry, will also work in partnership with April Schneider, the head of wealth management banking and lending.

☆ How the president of Abbot Downing tried to save the Wells Fargo unit for the ultra-rich from being folded
▼ + stars: | 2023-05-16 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Wells Fargo folded Abbot Downing, which served the bank's wealthiest clients, in late 2020. In late 2020, Wells Fargo disbanded Abbot Downing, the unit that catered to the bank's wealthiest clients. Abbot Downing was folded into Wells Fargo's private bank, which also serves rich clients, but it wasn't a safe haven. Business Wire via APGinter left Wells Fargo in September 2021 to launch a new registered investment advisor the following March. Some ex-Abbot Downing employees refer to Callan the "new Abbot Downing" for its focus on the ultra-rich set.

☆ Abbot Downing's president pitched a buyout to save the Wells Fargo unit from being folded. The bank said no, and employees have fled.
▼ + stars: | 2023-05-11 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

☆ Meet the new co-heads of Merrill Lynch as Andy Sieg exits to jump-start Citi's wealth business
▼ + stars: | 2023-03-30 | by ( Hayley Cuccinello | Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

Merrill Lynch head Andy Sieg is leaving to lead rival Citi's wealth management business. Sieg is leaving for rival bank Citi, where he faces a big challenge when he starts in September: improving Citi's wealth business, which has lagged behind competitors like Merrill and Morgan Stanley Wealth Management. New battles await both Sieg at Citi, where he will be head of Citi Global Wealth, and his successors at Merrill. The move was made after the wealth business had missed revenue targets, the Wall Street Journal reported. Citi CEO Jane Fraser described the wealth management unit's performance as "disappointing" on a call to discuss earnings in January.

☆ 41% of adults are preparing for a recession. It's time to stress-test your income, advisors say
▼ + stars: | 2023-03-17 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Yet many Americans — 41% — have taken steps to prepare for a possible economic downturn, according to a survey by Morning Consult. Still, there are a few steps advisors say you should take now to make sure you are prepared to weather a downturn. Barry Glassman president of Glassman Wealth Services"Stress-test your income against your ongoing obligations," Glassman said. The upside for conservative investors is they are now able to get higher interest rates on their cash. Reduce your debtsHigher interest rates mean consumer debts are climbing higher.

☆ HSBC extends Chinese private banking network to lure new digital millionaires
▼ + stars: | 2022-10-11 | by ( Selena | ) www.reuters.com time to read: +2 min

FILE PHOTO: Pedestrians wearing face masks following the coronavirus disease (COVID-19) outbreak, walk past a HSBC bank branch in Hong Kong, China February 22, 2022. HSBC sees robust demand for wealth management in Chengdu, capital of the western province of Sichuan with more than 21 million people. The bank has already launched private bank services in Beijing, Shanghai, Guangzhou and Shenzhen. “As a new class of HNW and ultra HNW individuals emerges from the vigorous development of Hangzhou’s digital economy, demand for international wealth management has also grown significantly,” Jackie Mau, head of global private banking at HSBC China, said in a statement. Beijing launched in late 2020 a crackdown that effectively halted Ant’s initial public offering that could have created more millionaires keen for wealth services.

Get the latest tips you need to manage your money — delivered to you biweekly. Based on these stats, even those who fall into the 1% aren't necessarily wealthy enough to eschew budgeting and ignore the pitfalls of modern consumerism. Here are some budgeting tips for the highest earners (and everyone else, too) from the experts who help them manage their money:1. Fee-only financial adviser Ryan Inman of Physician Wealth Services and FinancialResidency.com says this is why the first step of budgeting is understanding your financial goals. That way, you can have a plan for the money you're bringing in without turning your budget into a part-time job.

AdvertisementThe online investment platform has created a tool that will be available to registered investment advisers, allying itself with Fidelity Institutional Wealth Services to promote and distribute the feature. The new product, called Betterment Institutional, allows a financial adviser to provide clients with a Betterment portfolio branded to their own practice, and then help manage that client's investments through the platform. He points out that Betterment Institutional should help advisers focus on their areas of expertise, while leaving the little stuff to Betterment. BettermentDavid Canter, executive vice president of practice management and consulting at Fidelity Institutional Wealth Services, has worked with Betterment on the launch. This article has been updated to clarify that Betterment Institutional will be available to financial advisers independent of Fidelity.

Persons: we've, Jon Stein, Stein, David Canter, they've, Canter, It's Organizations: Fidelity Institutional Wealth Services, Fidelity

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