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100th birthday

The Wealthy Expect to Live to 100

The wealth expect to join the century club, due diligence teams want more resources and U.S. wealth firms will soon be subject to EU data rules.

More than half of wealthy investors worldwide expect to live to 100 years, according to UBS Investor Watch. The study, which surveyed more than 5,000 investors in Germany, Hong Kong, Italy, Mexico, Singapore, Switzerland, Taiwan, the United States, the United Kingdom and the United Arab Emirates, found that U.S. investors were the most skeptical of it happening. While 49 percent of U.S. investors want to live to at least aged 100, only 30 percent expect to. The main reason why: “I’m a realist” (93 percent). Other reasons for U.S. pessimism are the average life expectancy is 80 (77 percent), no one in their family has lived that long (66 percent) and healthcare won’t be advanced enough (53 percent). Healthcare is also the biggest concern among all global investors. Nine out of 10 believe health to be of paramount importance, surpassing even that of their wealth. Nearly all those surveyed said their wealth enables them to live a healthier life.

Due Diligence Folks Long for More


While due diligence and research teams in home offices wield more and more influence over the assets managers and funds that go on broker/dealers’ platforms, many of these professionals say their needs are unmet, according to a new study by DST’s Research, Analytics, and Consulting group. Specifically, these professionals long for asset managers to provide a robust digital experience. Nearly 81 percent of due diligence and research professionals use asset manager websites to research products, yet just under half say the sites don’t provide the information they need. More than half of these professionals are specialists, so DST suggests asset managers target them with content relevant to their expertise. “These professional buyers told us that they evaluate funds to add to the recommended list or models in the same way institutional buyers do, and they are not getting what they need in the process,” said Lee Kowarski, vice president of DST Research, Analytics, and Consulting.

Enhanced Data Protection Regulations Are Around the Corner

Copyright Hannelore Foerster, Getty Images

Wealth management firms with data linked to the European Union have just over a month to be in compliance with the EU’s new General Data Protection Regulation, which goes into effect on May 25, say researchers at MyPrivateBank. Financial service providers that handle EU-linked personal data will be subject to GDPR rules, which are designed to be broad and far-reaching, regardless of the provider’s physical location. Under the new rules, clients are allowed to access their data, request that it be shuttled between data controllers or even that it be “forgotten.” Adhering to those rules will be a change for many companies note the researchers, who point out that “banks and private wealth managers will no longer be able to rely on personal data as a means of locking in clients.” When it comes to data breaches, relevant authorities need to be notified within 72 hours of discovery, in some cases. “Financial institutions will no longer have the discretion to decide who they inform of a data breach and when that disclosure takes place,” according to the report. And the financial penalties for violations? Up to 4 percent of the previous year’s total annual global revenue.

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