Since the presidential election in November, sales of luxury cars – Ferraris, Bentleys, Rolls Royces, Maseratis, Porsches and the like – raised an average of 18 percent through January. Roll Royce alone, whose cars start at $250,000, saw a jump of 42 percent to nearly 300 cars, according to Investopedia. At the same time, U.S. auto sales were flat. So why the bump in luxury cars? Rolls Royce North America president Pedro Mota attributed it to the strong stock market, a phenomenon known by economists as the "wealth effect."
Group Managing $750M in Assets Joins Dynasty
Next Capital Management, an independent firm based in New York City, is the latest firm to join Dynasty Financial Partners network of advisors. Andrew Hart, who founded the firm in 1999 after serving as a vice president in the Private Client Services division of Goldman Sachs, said in a statement that the partnership will improve infrastructure, allow them to focus more on clients and grow their business. The team of 13 professionals at Next Capital Management oversees $750 million in client assets.
Morgan Stanley Advisors Leave for Ameriprise
A group of advisors based on Marco Island in Florida and a lone California-based advisor affliated with Morgan Stanley have all left the broker/dealer for Ameriprise Financial. The Marco Island Group, which oversaw $385 million in client assests at Morgan Stanley, is joining Ameriprise Financial's employee channel. Craig Parker of Roseville, California, is also joining Ameriprise Financial's employee channel. Parker (who is unaffiliated with the Marco Island Group) was managing $138 million in client assets, according to a statement from Ameriprise Financial.