Most high net worth and ultra high net worth investors have grown up or worked in the digital age, says a new survey from FactSet and Scorpio Partnership, and that means several things for wealth managers. For one, the high net worth community expects to receive information from wealth managers frequently and in digital form. Of the over 1,000 investors surveyed across Singapore, Switzerland, the United Kingdom and the United States, only 20 percent responded they want to communicate with their advisor in person. Moreover, younger high net worth investors care more about socially responsible investing than older investors. Over the course of the next five years, 45 percent of high net worth investors under the age of 35 want to see their portfolios include more socially responsible investments. Other key takeaways from the survey include the significant value high net worth investors place on advisors who are both both honest and innovative with their practice, and respondents also indicated that the wealth business model of the future will deliver predictive information to clients as well as intelligently apply user data.
Oppenheimer Funds announced the launch of its CEO Advisor Institute iPad app, which will allow users to access CEO Advisor Institute programs, including Compelling Conversations, Professional Practice, and Constructing and Managing a Synergistic Team. The suite of programs is designed to help advisors tinker with the structure of their practice, lead a team of professionals, create a service model and keep clients on track with their investment goals. "Recognizing the complexity that advisors face today, we designed the CEO Advisor Institute curriculum to help clients manage their sophisticated practices and deliver meaningful advice and extraordinary service," said John McDonough, head of distribution for Oppenheimer Funds. The free iPad app is available for download in the App Store.
For those clients looking for a getaway from the hubub of their day jobs or are on the verge of retirement and looking for a not-too-expensive place on the beach, MarketWatch has listed RealtyTrac's top 10 beach towns where real estate is a bargain. Among the cities listed are Keansburg, N.J. and Mastic Beach, N.Y., both within short drives or via mass transit from New York City, as well as Palm Beach, Fla. While Palm Beach may be known for the ultra rich, the median price in the area is under $500,000. Might be a bargain for some, not so for others. (Remember, no state income tax in Florida.) Another thing to keep in mind: Owning a home in beach town also means potentially higher insurance costs due to hurricane or flood damage.