Nigel Green, the founder and CEO of deVere Group, says President Trump is the greatest risk in the world for average investors after significant global market sell-offs were triggered by chaotic news coming from the administration. Despite Trump attracting praise for his first foreign trip as president, Green says other ongoing scandals are distracting from his agenda of tax cuts, deregulation, and infrastructure spending. He added that Trump will likely continue to create volatility, which is dangerous for unprepared, complacent or reactionary investors, but will generate opportunity for savvy and professional investors. “Investors should have longer-term horizons for the optimum results, as stock markets generally go up over time, but acknowledge that there will be ups and downs along the way,” Green said.
The head of U.S. private banking for Bank Leumi USA is leaving to join Dynasty Financial Partners. Mason Salit, who previously held positions at TD Wealth, HSCBC Private Bank and Citi, will be a senior vice president and the director of network development at Dynasty for both the Eastern and Midwest divisions. He will report directly to CEO Shirl Penney. A total of 43 advisory firms use Dynasty's Network Platform for RIAs and recent growth has driven the company to hire more investment and business development professionals as well as executives this year, according to a press release.
West Palm Beach, Fla.-based PDS Wealth Management has joined HighTower from Merrill Lynch. The team, led by Managing Director Tom Parker and Directors Patrick Dugan, Paul Spender and Tommy Parker, oversees about $160 million in assets. Tom Parker has more than 36 years of investment experience, including 18 years trading and underwriting U.S. Treasury and federal agency debt instruments prior to joining Merrill Lynch. The announcement comes in advance of HighTower's third Apex Summit, which kicks off Tuesday in San Francisco. It also comes a month after HighTower announced its biggest acquisition to date when it added WealthTrust, an RIA with $6.4 billion in assets.