Latest news with #HNW
Zawya
a day ago
- Business
- Zawya
Transamerica Life Bermuda launches in DIFC to boost global expansion
UAE - Transamerica Life Bermuda, the global high-net-worth (HNW) life insurer, is set to launch business in Dubai International Financial Centre (DIFC), according to a press release. The Dubai Financial Services Authority (DFSA) has granted Transamerica Life Bermuda a license to start operating in the DIFC. Adnan Ladki has been appointed as Head of DIFC for Transamerica Life Bermuda. He will work closely with the leadership team to achieve the companies' goals for the region. Kristine Ung, CEO at Transamerica Life Bermuda, stated: 'Our entry into DIFC marks a significant milestone in our global growth strategy. Securing this license will allow us to support our distribution partners in the Middle East, which is becoming a vital international financial and wealth management hub.' Salmaan Jaffery, Chief Business Development Officer at DIFC Authority, commented: 'Our progressive and pioneering laws and regulations continue to attract leading industry names to DIFC, which includes more than 125 insurance related entities.' Having been operating for 180 years through Aegon and Transamerica, Transamerica Life Bermuda brings significant experience in large sums assured and managing complex customer scenarios to the Middle East. DIFC is home to major insurance brokers, five of whom are among the top ranked entities by AM Best. The center unveiled record-breaking growth in 2024 with a total of 6,920 active companies, with strong financial performance.
Yahoo
4 days ago
- Business
- Yahoo
There's Almost 600K More Millionaires. That's Not Necessarily a Good Thing
If you love something, let it go, the old saying goes … but an advisor probably didn't come up with that. The Great Wealth Transfer is already upon us, and while it's debatable exactly how much money will change hands over the next quarter of a century, most agree it is at least in the tens of trillions. Market researcher Capgemini estimates that $84 trillion will transfer to inheritors over the next 23 years. Additionally, the world's millionaire population increased by 600,000 last year — 94% of whom were in the US. That's good news for older clients' children, but the concern for advisors is that the vast majority of next-gen high net worth clients — 81% — will switch from their parents' wealth manager within two years after receiving their inheritance, according to Capgemini's latest World Wealth Report. Advisors are recognizing that what worked for a client might not work for their kids, who often want more aggressive investment strategies in their portfolios and access to digital interfaces with their wealth managers. 'The attrition rate should be a wake-up call for the industry,' said Kyle DePaolo, co-founder of DePaolo & May Strategic Wealth. 'Too many advisors focus solely on the primary wealth holder and neglect building trust and relevance with the next generation.' READ ALSO: Goldman, Morgan Stanley, JPMorgan Layoffs to Hit Northeast and Wedbush and Dan Ives Launch AI Revolution ETF While 81% does sound like a lot, it's not surprising that clients and their younger children would have different financial concerns and goals. While baby boomers are focused on wealth preservation, next-gen HNW clients are predominantly risk-takers, interested in assets such as private equity and cryptocurrency, the report found: Next-gen HNW clients look for comprehensive financial planning, or concierge service, and they seek out wealth managers who can advise on everything from portfolio management, to travel, to education, the report found. Younger clients also want an advisor they can seamlessly communicate with via multiple channels including phone calls, emails, and digital platforms. They have a strong preference for video calls. 'Firms that can successfully integrate digital-first services and enhance omnichannel experiences will have the upper hand in retaining, attracting, and delighting this population,' according to Capgemini. What Women Want. One thing to keep in mind is that before clients' children receive their inheritances, assets are often transferred to wives first as women tend to live longer than men. 'They also are likely to make a change in advisors if the current advisor has not been engaging and addressing her,' said Lisa Kirchenbauer, senior advisor at Omega Wealth Management. This post first appeared on The Daily Upside. To receive financial advisor news, market insights, and practice management essentials, subscribe to our free Advisor Upside newsletter. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
The U.S. minted more than 560,000 new millionaires in 2024, far outpacing other countries
Last year was a banner year for the rich—at least for those based in the U.S. Thanks to a favorable interest rate environment and booming domestic stock market, the population of high-net-worth, or HNW, individuals grew significantly in North America in 2024, while the same population fell across Europe, Latin America, and the Middle East. That's according to the Capgemini Research Institute's World Wealth Report 2025, published Wednesday. The global population of HNW individuals—those with at least $1 million in investable assets outside of their primary residences—rose by 2.6% last year, while the number of ultra-high-net-worth, UHNW, individuals—those with at least $30 million liquid—grew by 6.2%. In the U.S., the HNW population rose almost triple that amount, by 7.6%, and 562,000 new millionaires were minted in 2024. The surge is thanks largely to 2024's strong stock market returns, which was powered in particular by optimism over artificial intelligence stocks, according to the report. Asian countries including India and Japan also had standout years, with their HNW populations each growing by 5.6%. Europe, meanwhile saw its HNW population decline by just over 2% due to economic stagnation. But even that doesn't tell the whole story. While countries like the United Kingdom, France, and Germany lost tens of thousands of millionaires each, they also saw their UHNW population surge 3.5%. That reflects the increasing concentration of wealth countries around the world around experiencing. Alternative investments including private equity and cryptocurrencies are an 'established presence' in HNWI portfolios, according to the report, comprising 15% of holdings. Things could look a little different this year, thanks to a volatile stock market stemming from President Donald Trump's shifting trade policies. While wealthy investors often have the cash on hand to ride out any prolonged periods of volatility, the same can't be said for the average investor. Capgemini's report also details the coming $83.5 trillion great wealth transfer, which it says will happen in three main stages: 30% of HNW individuals will receive an inheritance in the next five years, 63% will by the end of the next decade, and 84% will by 2040. That will create the next generation of HNW investors, who may have different priorities and investment interests than the current wealth holders. 'The next-generation of high-net-worth individuals arrive with vastly different expectations to their parents,' said Kartik Ramakrishnan, CEO of Capgemini's Financial Services Strategic Business Unit, in a press release. 'This necessitates an urgent shift away from traditional strategies to effectively cater to their evolving needs on this wealth journey.' The report points to that 15% allocation to alternative investments as one example. And that may actually be on the low end of the UHNW investor spectrum: A recent report from UBS found that family offices, managing an average net worth of $2.7 billion, have allocated 21% of their portfolios to private markets, on average. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
30-05-2025
- Business
- Business Wire
Priority Financial Group Celebrates 20 Years of Innovation
PHOENIX--(BUSINESS WIRE)--Priority Financial Group (PFG) proudly celebrates its 20th anniversary—marking two decades of delivering flexible, forward-thinking wealth management solutions to financial advisors and financial institutions nationally. Our 20-year journey is proof that doing the right thing—for advisors, for institutions, and for clients—is not only possible, but scalable. Share Starting in 2005, Mike Prior, Founder/CEO of PFG, began with a mission to help match quality financial advisors with banks and credit unions who desired better quality advice for their members and customers. That mission has since evolved into a national platform offering an advisor and institution friendly Registered Investment Advisor firm (RIA), PFG Advisors, LLC (PFGA). Supporting a Quality Advice Community PFG's strength lies in its ability to help quality financial advisors and visionary institution execs who truly care about helping their clients reach their financial goals. The firm customizes resources, technology, and operational support to fit their business. Whether an advisor chooses to join a financial institution, run their own practice, or join an internal wealth management team, PFG offers a multi-custodial platform, integrated technology, compliance support, operational efficiencies, and M&A growth strategies to help them succeed. Advisors and institutions are pleased to have 1099 and W2 options available in both the Independent and Financial Institution divisions of the firm. 20 Years of Forward-Thinking Innovation PFG's legacy is built on a consistent track record of delivering client-first solutions, including: Created an Advisor and Institution centric RIA (PFGA) —one of the first in the country—with no minimum account size and a Hybrid broker dealer option. Introduced Schwab and Fidelity custodial options with zero ($0) trading costs on exchange traded securities. Researched and introduced digital advice / robo platforms to provide investing access to young adults, students, and military families through advisors and institutions searching for a small account solution. Developed a package of high net worth (HNW) resources to ensure advisors and institutions can serve their largest HNW and UHNW clients effectively and efficiently. A Model That Delivers Results Over the past 20 years, PFG has empowered financial institutions and advisors with tools, support, and custom strategies that deliver measurable results. 'Our 20-year journey is proof that doing the right thing—for advisors, for institutions, and for clients—is not only possible, but scalable,' said Mike Prior, PFG CEO. 'It has been fun seeing our team's boutique, white glove model help the people we serve toward their financial goals.' Looking Ahead As PFG enters its third decade, the firm remains focused on continuous innovation, quality advice, and solutions that align with its core values of Integrity, Compassion, Teamwork, Curiosity, and Leadership. The PFG team is built to help financial advisors and institution executives of all backgrounds have more fun building their businesses for the next 20 years. About Priority Financial Group PFG offers comprehensive wealth management, advisory, compliance, sales and technology services. With headquarters in Phoenix, the PFG team has been helping financial institutions and financial advisors deliver high-quality solutions for more than 20 years. For more information, visit or on LinkedIn. Investment advice offered by PFG Advisors, LLC. Securities offered through Osaic Wealth, Inc., member FINRA/SIPC. Insurance products offered through approved carriers. PFG Advisors, Priority Financial Group, and Osaic Wealth, Inc. are separate entities.
Yahoo
28-05-2025
- Business
- Yahoo
Charles Schwab High Net Worth Client Pulse Survey Finds Affluent Investors Are Continuing to Gift Their Assets Despite Economic Uncertainty
Among High Net Worth clients making gifts in 2025, 25% plan to give more compared to last year. WESTLAKE, Texas, May 28, 2025--(BUSINESS WIRE)--Despite a backdrop of market volatility and economic uncertainty during the first half of 2025, High Net Worth (HNW) retail investors are continuing to gift their assets, according to the latest Schwab HNW Client Pulse Survey. Half (51%) of HNW Schwab retail clients, defined as those with at least $1 million in assets at Schwab, plan to gift some amount of their wealth this year. Among those gifting, 25% plan to increase the amount of their gifts this year as compared to last year, and only 7% plan to give less. This continued momentum in wealth transfer reflects the confidence among HNW clients that their financial plans are resilient amid market volatility and uncertainty. While a majority (59%) of HNW clients surveyed describe their market outlook as bearish, over half of those with bearish sentiment feel confident they have a plan in place to withstand any potential market correction. In fact, 67% of HNW clients overall remain confident in their decision-making. Looking forward, 57% of HNW Schwab clients surveyed plan to gift some of their assets in the next five years, and three-quarters (74%) plan to do so over the course of their lifetime. "HNW investors may be cautious about the markets, but they're still acting with intention and making decisions that align with their long-term goals, whether that means giving now or planning to transfer wealth over time," said Susan Hirshman, Director of Wealth Management for Schwab Wealth Advisory and Schwab Center for Financial Research. "Confidence doesn't always mean optimism about the market, but it does mean having clarity in your strategy and financial plan, and the discipline to follow it." The Who, How and Why of Gifting Among HNW investors surveyed who are making gifts in 2025, most are focused on supporting their immediate families. The vast majority (84%) say they plan to give assets to their children, with 91% of those gifts intended for children over the age of 18. Half (50%) say they've already had—or plan to have—conversations with their children about the gifts. While cash remains the most common form of giving, nearly one in four HNW clients plan to transfer investments, highlighting the use of appreciated assets as part of tax and estate planning to reduce capital gains and estate taxes. Even with tax efficiency in mind, gifting is driven by more than financial optimization. The top motivations cited by HNW clients include general financial support for family (66%), estate and tax planning (34%), and funding for education (30%). Additionally, 21% aim to help with significant life milestones, such as a wedding, home purchase, or starting a business. "Gifting is about more than passing down wealth—it's about passing down purpose," said Hirshman. "Yes, tax and estate strategies are important, but the conversations around gifting often center on values, legacy, and preparing the next generation to be thoughtful stewards of what they receive." About the Midyear 2025 HNW Pulse Survey by Charles Schwab The Schwab HNW Client Pulse Survey explores the outlooks, expectations, investing patterns and points of view of clients at Charles Schwab who have more than $1M in investable assets. The study included 183 HNW clients at Charles Schwab and was fielded from April 1 – 14, 2025. About Charles Schwab At Charles Schwab, we believe in the power of investing to help individuals create a better tomorrow. We have a history of challenging the status quo in our industry, innovating in ways that benefit investors and the advisors and employers who serve them, and championing our clients' goals with passion and integrity. More information is available at Follow us on X, Facebook, YouTube, and LinkedIn. Disclosures The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. All expressions of opinion are subject to changes without notice in reaction to shifting market, economic, and geopolitical conditions. Data herein is obtained from what are considered reliable sources; however, its accuracy, completeness, or reliability cannot be guaranteed. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk, including loss of principal. (0525-ZUE3) View source version on Contacts Hibah ShariffCharles Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
