A recent survey of high-net-worth individuals commissioned by Boston Private, a publicly traded wealth management and private banking firm that manages $7.8 billion in assets, found that generations define wealth quite differently. Many of the 300 participants, with between $1 million and $20 million in assets, defined wealth as a “peace of mind” (65 percent). While baby boomers (69 percent) and Gen X participants (68 percent) said wealth meant “peace of mind,” only 53 percent of millennials defined it as such. Many millennials defined wealth simply as “happiness.” Out of those who were business owners, 29 percent said material possessions are what changed their wealth priorities—a much higher percentage than other generations.
Social entrepreneurs are turning their focus to mental health in America, according to Worth, an area that’s been overlooked by the philanthropic community. Just 8 percent of U.S. charitable dollars went to mental health causes, said Giving USA in their 2017 review, despite statistics showing that roughly 20 percent of Americans will end up facing a mental illness in their lifetimes. Thirty-two percent of donations went to religious institutions and 15 percent went to education, noted the report. “Funding for mental health–related programs has struggled to keep up with the same growth trend as philanthropy generally,” said Worth, citing figures from an organization that tracks charitable giving. “In fact, it’s tapered off significantly since 2011. The reason is uncertain, but it may have something to do with the stigma still widely associated with mental health issues.“
Raymond James is partnering with financial planning firms in Bay City, Mich. and the Detroit suburb of Farmington Hills. The two new offices collectively will manage $760 million in client assets. The Bay City team, led by Craig Cooley, Lee Miller and Michael Wegener and operating as Water Street Wealth Management of Raymond James, were previously at Wells Fargo Advisors, where they managed more than $500 million in client assets. “Raymond James has that culture we were searching for,” said Miller of the move. The Farmington Hills firm, led by Tim Godin and operating as Godin Wealth Management of Raymond James, is also a Wells Fargo Advisors breakaway, previously responsible for managing $260 million in assets. Godin cited value alignment for his decision to join Raymond James.