Ultra-high-net-worth clients own an average nine homes overseas, according to a new study by AIG Private Client Group, the division of AIG serves U.S. UHNW clients with considerable overseas assets. The group was defined as those who pay in excess of $250,000 in annual personal insurance premiums. The top five locations where these clients own homes include Mexico, the Bahamas, England, the Caribbean and France. These wealthy investors also own, on average, 19 regular-use vehicles, $1.7 million in insured jewelry and $19.6 million in insured fine art.
With the new year one month away and uncertainty rising with the incoming Trump presidency, Morningstar has provided a one-sheet of essential financial planning numbers for advisors to discuss with their clients, covering company retirement plans, IRAs, capital gains, Social Security, health savings accounts, education savings and estate and gift taxes. While many investors are concerned about a rise in inflation next year, actual inflation has been pretty modest overall, keeping measures keyed off of inflation rates, like Social Security and 401(k) contributions, in the low or nonexistant increase range.
NextCapital announced Thursday that Matt Clink would be taking over as the company’s new chief investment officer. A 17-year industry veteran, Clink previously oversaw $50 billion in assets under management as the North American CIO for Aon Hewitt Investment Services. As the chair of NextCapital’s Investment Committee, Clink will focus on enterprise partnerships and lead improvements in NextCapital’s own advice methodology. NextCapital’s CEO, John Patterson, said “[Clink’s] strong institutional background brings a deep understanding of our partners’ needs, and he also clearly sees a unique opportunity to work with those partners to extend the best quality advice to their end clients.”