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Wealthy millennials and Gen Z are redefining philanthropy
  + stars: | 2024-10-10 | by ( Robert Frank | ) www.cnbc.com   time to read: +3 min
Wealthy millennials and Gen Zers are redefining the world of charitable giving, seeing themselves more as activists than donors, according to a new study. Older donors give from of a sense of responsibility. Those over the age of 44 were more than twice as likely to give due to "obligation" than younger donors. Those under 43 were more likely to cite self-education and the influence of their social circle as drivers of their philanthropy. The younger wealthy are still building their fortunes and inheriting their wealth, so they're more likely to give their time and help fundraise.
Persons: Robert Frank, millennials, Zers, Gen Xers, Dianne Chipps Bailey, fundraise, Bailey, They're Organizations: Bank of America Private Bank
If you are willing to stomach significant short-term volatility for the chance at higher returns in the long run, you're generally considered an "aggressive" investor. Generally, aggressive investors hold larger portions of riskier assets, such as stocks, while conservatives prefer the safety and predictability of bonds. You'd think, then, that cryptocurrency, an extremely volatile asset, would be the exclusive territory of aggressive investors. So are young, wealthy investors changing the definitions of what it means to be aggressive or conservative? "We don't have an aggressive, momentum-style market in digital assets that typically attracts aggressive investors."
Persons: you've, , Myers, Briggs, that's, Stephane Ouellette, you'd Organizations: Bank of America Private Bank, FRNT
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRally in equities has a lot of momentum behind them, says Merrill and Bank of America's Chris HyzyChris Hyzy, Merrill & Bank of America Private Bank chief investment officer, joins 'Closing Bell' to discuss Hyzy's thoughts on equity markets, how sold investors are on the 'soft landing', and much more.
Persons: Merrill, Bank of America's Chris Hyzy Chris Hyzy Organizations: Bank of America's, Merrill & Bank of America Private Bank
Watch CNBC's full interview with Marci McGregor & Brian Levitt
  + stars: | 2024-09-20 | 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 Marci McGregor & Brian LevittMarci McGregor, Merrill & Bank of America Private Bank head of CIO portfolio strategy, and Brian Levitt, Invesco global market strategist, join CNBC's 'Closing Bell' to discuss reactions to the Fed's decision to cut rates by 50 basis-points, market outlooks, and more.
Persons: Marci McGregor, Brian Levitt Marci McGregor, Brian Levitt, CNBC's Organizations: Merrill & Bank of America Private Bank
If you're looking to build wealth, traditional forms of investment aren't going to get you there — at least according to young, rich people. For younger wealthy investors, though, stocks come in behind seven other types of investments, including real estate, cryptocurrency, private equity and direct investment into companies. Klontz says that younger wealthy investors may be falling victim to some of the same cognitive biases that regular investors do — and it may be holding them back from maximizing their returns. Young people have ignored traditional advice 'for thousands of years'In general, it's not surprising that younger investors, regardless of wealth level, want to chart a different path than older generations. DON'T MISS: How to master your money and grow your wealth Older investors tend to favor the returns offered by stocks, because that is what has historically delivered returns.
Persons: Brad Klontz, Klontz, it's, Everything's, They're Organizations: of America Private Bank, Wealthy, Creighton University
In today's big story, it's out with the old and in with the new CEO at Starbucks. Starbucks announced CEO Laxman Narasimhan was stepping down after less than two years on the job . Chipotle CEO Brian Niccol was tapped to lead Starbucks' turnaround efforts. In the release announcing the news , Howard Schultz, Starbucks' chairman emeritus and three-time CEO, made no mention of Narasimhan in his statement. At Starbucks, Niccol won't need to navigate a brand crisis like he did with Chipotle in the wake of its E. coli outbreak.
Persons: , he's Benjamin Button'd, Chelsea Jia Feng, Laxman Narasimhan, Brian Niccol, it's, Grace Dean, Howard Schultz, Narasimhan, Ryan Miller, Rebecca Zisser, Alex Bitter, It's, we've, Katie Notopoulos, Tyler Le, Joe Quinlan, Berkshire Hathaway, Goldman Sachs, Greg Tuorto, Josh Edelson, Justin Sullivan, Timo Lenzen, Mercedes, unmotivated, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock Organizations: Service, Starbucks, Business, Elliott Management, Orange County Museum of Art, Taco Bell, Merrill, Bank of America Private Bank, Getty, BI, Benz, Mercedes, Dolce, Gabbana, Walmart, Walgreens, Cisco Systems, UBS Locations: Chelsea, Narasimhan, Mexican, Berkshire, AFP, Dubai, Miami, New York, London
Japan's low interest rates made its currency a cheap option to borrow and fund other trades in the US and worldwide. So there's $6 trillion sitting in money market funds that is being held hostage to politics, he added. Advertisement"We've had these episodes of market volatility in the past, and the only path was in and out of equities," Quinlan said. Remember, as interest rates come down, you lock in two-, five-, or 10-year yields. Those money market funds are going to come down as the interest rates come down."
Persons: , Joe Quinlan, Quinlan, it's, There's, You've, capex, Donald Trump, We've, Russell, We're Organizations: Service, Nasdaq, Dow, Merrill, Bank of America Private Bank, Business, Reserve, Big Tech, Labor Locations: China, Israel, Iran
Wealthy investors and family offices shied away from stocks leading up to market swings this week, but many saw the drop in prices as an opportunity for tax savings and estate planning, according to wealth advisors. When stocks tumbled Monday, with the S&P 500 and Nasdaq down 3%, wealthy investors neither panicked nor jumped in to buy, according to several advisors. The drop in prices last Friday and Monday also offered a chance for wealthy investors to take advantage of tax benefits and gift strategies. With the gift and estate exemption amount scheduled to expire at the end of next year, many wealthy investors are working to give away the maximum before the expiration. “Most family offices are so invested in alternatives, hedge funds, PE and real estate, that they aren’t moving their investments around anyway,” said Geoffrey von Kuhn, an advisor to several of the nation’s largest family offices.
Persons: , ’ ”, Sean Apgar, ” Apgar, BBR, , William Sinclair, ” Sinclair, , Jennifer Povlitz, Geoffrey von Kuhn, Richard Weintraub, ” Weintraub, Buffett, Michael Pelzar, ” Pelzar, , Jimmy Chang Organizations: UBS, Deloitte, Nasdaq, BBR Partners, Morgan Private Bank, Big Tech, , UBS Wealth Management, Americas, Citi Private Bank, Bank of America Private Bank, ” Advisors, Rockefeller Global Family Locations: U.S, J.P
Experts say those stock moves and shuffling sectors are common during a bull market. But Bank of America is calling today's conditions something else — a buffalo market — which is still in the bull family. But unlike the bull market, it may get tired after a strong runup. "It might roam, it might wander in the summer months," said Marci McGregor, head of portfolio strategy at Merrill and Bank of America Private Bank. The firm's outlook sees markets finishing higher this year, based on factors including earnings, the investment cycle, financial conditions, interest rates and generative artificial intelligence.
Persons: Marci McGregor, McGregor Organizations: Financial, Bank of America, Merrill, Bank of America Private Bank Locations: New York City
Young, wealthy investors don't want their parents' investments. Nearly one-third of young, wealthy investors' portfolios are in alternative assets like hedge funds, private equity, and crypto and digital assets, according to Mike Pelzar, head of investments at Bank of America Private Bank. Meanwhile, less than half of their portfolios are in traditional stocks and bonds. "The two different cohorts think very differently about what the greatest opportunities are for growth with their investments," Pelzar said. Younger investors' appetite for alternatives isn't expected to let up, with 93% indicating they plan to use more of those investments in the next few years, Bank of America's research found.
Persons: Young, Mike Pelzar, Pelzar Organizations: Bank of America, Bank of America Private Bank, Bank of
Read previewNearly 80% of wealthy art collectors want their masterpieces to stay in the family, according to a Bank of America survey. For instance, the survey found that collectors between 21 and 43 have a greater appreciation for sculptures and antiquities than older art aficionados. Rich art collectors are reluctant to address the issue, according to Rosemary Ringwald, head of art planning at Bank of America's private bank. Collectors are increasingly picking art executors or art trustees to oversee their possessions after they die, she said. The ideal executor does not have a financial interest in the art and isn't a prospective owner of it.
Persons: , Rich, Rosemary Ringwald, Ringwald Organizations: Service, Bank of America, Business, Bank of, IRS, Bank Locations: Aspen
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., May 8, 2024. U.S. stock futures were little changed on Thursday night after the Dow Jones Industrial Average posted its longest win streak going back to December. S&P 500 futures climbed 0.09%, while Nasdaq 100 futures gained 0.1%. The S&P 500 gained 0.51%, closing above 5,200 for the first time since early April. The S&P 500 and the Nasdaq Composite were higher by 1.7% and 1.2%, respectively.
Persons: Dow, Chris Hyzy, Stocks, Lorie Logan, Neel Kashkari, Michelle Bowman Organizations: New York Stock Exchange, Dow Jones, Nasdaq, Dow, Federal Reserve, Merrill, Bank of America Private Bank, Fed Locations: New York City, U.S, Dallas, Minneapolis, Chicago
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEarnings to be a key driver of equities this year: Merrill's Marci McGregorLauren Goodwin, New York Life Investments economist, and Marci McGregor, senior investment strategist for the chief investment office at Merrill and Bank of America Private Bank, join 'Closing Bell' to discuss markets, the Fed, and the potential of the rally resuming.
Persons: Merrill's Marci McGregor Lauren Goodwin, Marci McGregor Organizations: New York Life Investments, Bank of America Private Bank Locations: New York, Merrill
Of all the ways the baby boomer wealth transfer is expected to reshape everything from housing to the stock market, it could have another big impact: making women a lot wealthier. According to Ellevest, which focuses on wealth management and financial planning for women, a lot of it is going to be inherited by women in a shift the firm is calling the "feminization of wealth." For one, as women live longer than men, there's a shuffling of wealth from boomer husbands to their wives. In total, about $84 trillion is expected to be passed down to younger generations in the Great Wealth Transfer by 2045. As women control more wealth, those corners of the economy will adapt to their needs.
Persons: , Sallie Krawcheck, Krawcheck, Tracy Bell, Bell, It's, Gen Organizations: Service, Boomers, Business, Bank of America, Contemporary, First Horizon, Bank of America Private Bank Locations: America
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSmall and mid cap stocks are on our watch list, says Merrill & BofA's Chris HyzyChris Hyzy, Merrill & Bank of America Private Bank CIO, joins 'Closing Bell' to talk the day's market action.
Persons: Merrill, Chris Hyzy Chris Hyzy Organizations: Merrill & Bank of America Private Bank CIO
Read previewWhen the rich give to charity, they find a way to get the most bang for their buck. If the trust assets are invested and achieve an annual rate of return of 9% a year, the CLT's remainder will be $2.1 million. Advertisement"It's a fantastic low interest rate play," said Renn. "The problem now is rates have really risen and it's to the point where some investments clearly can outperform a 4% or 5% interest rate, but others might struggle." In this interest rate environment, charitable remainder trusts (CRTs) have better odds.
Persons: , Jacqueline Kennedy Onassis, Walton, Lance Morgan, Ed Renn, I've, Renn, Dan Griffith, Griffith, CLTs, Onassis, CLATs, Alice, Jim Walton, Rick T, Jennifer Galvagna, Michael Prinzo, they're Organizations: Service, Tax, Business, Bloomberg, Huntington Private Bank, Walmart, Bank of America Private Bank Locations: Withersworldwide, CLTs, Fayetteville , Arkansas, Israel, Palestine
If the calculations predict that the trust's remainder interest is zero, the beneficiaries are exempt from estate tax even if the assets actually appreciate by a greater amount. If the trust assets are invested and achieve an annual rate of return of 9% a year, the CLT's remainder will be $2.1 million. Advertisement"It's a fantastic low interest rate play," said Renn. "The problem now is rates have really risen and it's to the point where some investments clearly can outperform a 4% or 5% interest rate, but others might struggle." In this interest rate environment, charitable remainder trusts (CRTs) have better odds.
Persons: , Jacqueline Kennedy Onassis, Walton, Lance Morgan, Ed Renn, I've, Renn, Dan Griffith, Griffith, CLTs, Onassis, Jennifer Galvagna, Michael Prinzo, they're Organizations: Service, Tax, Business, Bloomberg, Huntington Private Bank, Bank of America Private Bank Locations: Withersworldwide, CLTs, Israel, Palestine
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed will not be a scapegoat for a recession, says Merrill’s Matthew DiczokMatt Miskin, John Hancock Investment Management co-chief investment strategist, and Matt Diczok, Merrill and Bank of America Private Bank head of fixed income strategy, join 'Squawk Box' to discuss the latest market trends, the Fed's rate path decision, 2024 outlook, and more.
Persons: Matthew Diczok Matt Miskin, John, Matt Diczok Organizations: John Hancock Investment Management, Bank of America Private Bank Locations: Merrill
And as the mountain of debt keeps piling up, and the government’s budget deficit remains massive, some bond traders are now joining politicians in decrying the government’s ever-growing financial obligation. Those bond traders are seemingly up in arms over the government’s gaping budget deficit — something that occurs when the government’s spending outstrips revenues — which currently stands at roughly $67 billion so far for the current fiscal year. For the full 2023 budget year, the Congressional Budget Office estimated that the deficit stood at a staggering $1.5 trillion. How do we manage the budget deficit? Our interest rate team is looking at the 10-year (US Treasury) yield to be closer to 4% than 5% next year.
Persons: , Jerome Powell, Bell, Joe Quinlan, It’s, it’s, what’s, You’d, Powell, ” Powell, they’re Organizations: CNN Business, Bell, DC CNN, Treasury Department, Congressional, Office, Federal, Merrill, Bank of America Private Bank, Treasury, Spelman College, US Labor Department, Institute for Supply Management, US Commerce Department, University of Michigan Locations: Washington, Atlanta
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors looking to tech earnings to drive stock market momentum, says Chris HyzyChris Hyzy, CIO of Merrill and Bank of America Private Bank, joins 'Closing Bell' to discuss market action during earnings season, the potential for profits to accelerate in 2024, and yield curve conditions beginning to correct.
Persons: Chris Hyzy Chris Hyzy Organizations: Investors, Merrill, Bank of America Private Bank
Each "higher for longer" item carries investment implications. Here's a look at how each category breaks down: Interest rates "I do subscribe to the new moniker, 'higher for longer.' That statement came from someone who nevertheless thinks the central bank doesn't have to take rates any higher than where they are now. Defense spending Geopolitical tensions, such as the wars in Ukraine and Israel, as well as the "cold war in Asia," should lead to an increase in defense spending around the world. In 2022, global defense spending hit a record $2.2 trillion, Quinlan said, citing Stockholm International Peace Institute data.
Persons: Joseph Quinlan, Merrill Lynch, Quinlan, Patrick Harker Organizations: Federal Reserve, Bank of America Private Bank, Philadelphia Fed, Investors, Defense, Stockholm International Peace Institute Locations: Israel, U.S, Ukraine, Asia, Stockholm, Washington
Watch CNBC's full interview with BofA Private Bank's Chris Hyzy
  + stars: | 2023-09-19 | 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 BofA Private Bank's Chris HyzyChris Hyzy, Merrill and Bank of America Private Bank chief investment officer, joins 'Closing Bell' to discuss the Fed's rate hikes, market choppiness, and where investors can find opportunities.
Persons: Chris Hyzy Chris Hyzy Organizations: BofA, Bank of America Private Bank Locations: Merrill
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarket timing doesn't work, it's time in the market, says Merrill's Chris HyzyChris Hyzy, Merrill and Bank of America Private Bank chief investment officer, joins 'Closing Bell' to discuss yields and market correction.
Persons: Chris Hyzy Chris Hyzy Organizations: Bank of America Private Bank Locations: Merrill
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOur belief is there are two more rate hikes from here, says Merrill's Matthew DiczokMatthew Diczok, head of fixed income strategy for the chief investment office at Merrill and Bank of America Private Bank, joins 'Squawk Box' to discuss the Fed's rate hike campaign, inflation, and more.
Persons: Matthew Diczok Matthew Diczok Organizations: Bank of America Private Bank Locations: Merrill
They can stay in the home during the trust, and any appreciation is exempt from gift and estate tax. The federal estate tax exemption, however, will be cut in half at the end of 2025, barring further legislation. This rent allows parents to transfer more wealth to their heirs free of gift tax. In short, the grantor was able to give a property worth $1.8 million, but only pay gift tax on $422,600. The rental payments are not subject to gift tax.
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