The Asia-Pacific Wealth Report 2014 has confirmed what we all already know; Asia is minting millionaires. According to the report, by Capgemini and RBC Wealth Management, the region's number of high-net-worth investors (defined as those with investable assets of at least $1 million) grew 17 percent to 4.3 million, while their sum assets grew 18 percent to reach $14.2 trillion. Not surprisingly, Japan and China hold over two thirds of Asia-Pacific's high-net-worth population. Also in the report: Eighty-two percent of high-net-worth Individuals in Asia-Pacific expect most or all of their wealth management relationship to be conducted through digital channels in five years.
UBS Stays on Top in the Far East
While the region's high-net-worth population is growing, UBS remains the top firm managing most of that wealth. According to a report by London-based Private Banker International, UBS, the world leader in wealth management by AUM, boosted its holdings in Asia to $245 billion from $215 billion in 2012. Citigroup was second in the region with $238 billion AUM.
LPL in Trouble Again?
LPL Financial updated its earnings projections Tuesday, noting that its regulatory fines are going to be $18 million more than expected for the quarter. Previously the company estimated it would spend approximately $19 million on regulatory matters for the year, having on average $5 million in charges in the third and fourth quarters of 2014. Chairman and CEO Mark Casady said in the last weeks of the third quarter LPL made progress toward a resolution of regulatory matters relating primarily to issues involving LPL Financial's systems, policies and procedures. So keep your eyes peeled for settlements with regulators in the coming weeks.
The Stock Market, Explained.
Last week's stock market drop woke everyone up, including the mainstream media. Here then, is fivethirtyeight.com's not-so-brief, yet pretty fundemental explainer on what to pay attention to, and what to ignore, with the markets. Maybe something to share with clients?
Retire in Hawaii, Not Alaska
MoneyRates.com has released its annual list of the Best and Worst States for Retirement, and Hawaii earned the top spot, despite having a higher cost of living than any other state in the union. Alaska was named as the worst, namely due to its climate, the percentage of the population over 65 and its economy.
Your Clients Are Worried About Cyber Security
The Minneapolis/St. Paul Business Journal notes that 2 percent of mid-sized investment advisors in Minnesota have lost client data to hackers, double the national average.
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