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$900 Million Wealth Advisor Is Top Choice For Wealthy Asian Immigrants

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The Los Angeles area is home to the third largest Chinese population in the U.S. behind New York and the San Francisco Bay Area, and it’s the perfect place for Sean Yu’s $900 million business.

Yu, 42, is managing director of The Sean Yu Group at Morgan Stanley Private Wealth Management where he oversees money for first-generation immigrants from China and Taiwan. Yu, who immigrated to the U.S. from Taiwan at the age of 12, says many of his clients are doctors living the American dream, and looking for ways to grow and maintain their wealth.

That particular segment of clients helped grow his business when he first launched it in 2003. More recently, he’s added clients from a new wave of immigrants who, unlike his early clients, are arriving to the U.S. with loads of money ready to be invested. Yu says they are typically Chinese nationals looking to access U.S. markets to help diversify their portfolios.

For the full list of Forbes‘ Best In-State Wealth Advisors and more, click here.

Managing money for international clients can be tricky. “Immigrants to this country are more used to brokerage-style advice from Singapore or Hong Kong” that tends to be more transactional, he says. “I tell them we are more like an endowment, looking at asset allocation and risk among varied factors,” Yu adds.

Wealthy clients often have high expectations from their financial advisors, and investors from China are accustom to big returns. Yu makes sure these clients know what they’re getting into as he aims to create a long-term relationship. “It is much harder to make money here, compared to in China, so in addition to focusing on that, I talk to clients a lot about adding community value with their money through a donor advised fund or similar type of vehicle. If they want to stay here for the long run, I want to help them make sure they know what is important to them and what isn’t.”

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It seems to be working. Yu estimates his average client, typically worth $30 to $50 million, gives him roughly $10 million to invest and manage. The firm, ten employees including Yu, works with 100 households and new clients are required to have at least $5 million in assets to join.

Yu relies on two investment advisors to help with retirement and other financial planning aspects of the business while he focuses primarily on client portfolios. Yu says his current asset allocation mix is 60% in bonds and 40% in stocks. Yu plans to allocate more assets towards private equity through trusts which he hopes will benefit his next generation of clients: the children and grandchildren of existing clients.

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I’m a wealth management staff writer at Forbes based in New York. Prior to joining Forbes, I was on the same beat for Private Asset Management. I also covered public policy and compliance for compliance reporter and the auto industry for the New York Daily News. A lifelong New Yorker, I got my M.A. from the Craig Newmark Graduate School of Journalism at the City University of New York. Email thoughts and tips to JBisnoff@Forbes.com. Follow me on Twitter at @JBisnoff.

Source:https://www.forbes.com/sites/jasonbisnoff/2020/02/10/900-million-wealth-advisor-is-top-choice-for-wealthy-asian-immigrants

 

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London At Risk Of Becoming A ‘Ghetto Of Wealth’

England, London, Piccadilly, Rough Sleeper

London has been labelled an “epicentre of the elites” and a “ghetto of wealth” as social mobility in the U.K. capital plummets to new lows.

“London is essentially off-limits to ambitious people from poorer backgrounds who grow up outside the capital,” says Sir Peter Lampl, founder and chairman of the Sutton Trust, which released research on Wednesday showing how people who move to London from elsewhere in the U.K. are less likely to thrive.

Just one in eight of those born between 1975 and 1981 have “experienced long-range mobility,” a report from the Trust shows. This ratio has steadily worsened since the 1950s according to data analyzed by the London School of Economics (LSE).

The Sutton Trust defines “mobility” as “moving into a higher professional or managerial job from a working-class background.” The aspiring mobile are statistically better off staying where they grew up, rather than moving to the U.K.’s capital, the research shows.

London is often celebrated as the capital of wealth, not just in the U.K. but the world. Last year it was named by global real estate consultancy Knight Frank as the world’s leading wealth center. A month later, the European Banking Authority found the U.K. to be home to Europe’s best-paid bankers and fund managers, with most of them living in London.

Another report earlier this month said London was the seventh most expensive city globally, and the priciest in Europe.

All of this means that people moving to London from other parts of the country struggle to get ahead in their careers. More expensive house prices, living costs and tougher job competition compared to the rest of the U.K. have made mobility especially difficult for millennials aged between between 30 and 36.

“The ‘Dick Whittington’ concept of moving to the capital to move up in the world has dwindled,” says Lampl. Instead, children who are either bought up in the capital or are “economically privileged” have a higher chance to excel.

This keeps wealth within a closed loop as the highest paying jobs go to people who are already settled in the capital, or have the means to attain those jobs through other means, like unpaid internships.

Meanwhile, the top earners themselves are “surrounded by numerous other people like themselves,” says the report, meaning this loop can be reinforced through simple ignorance.

A Wealth Ghetto In The Making

Valerie Edmond, an actor who has featured in the second season of HBO’s Succession, a series about extreme wealth, recalls moving to London from Glasgow in 1998: “It became apparent early on that the algorithm of life in London worked out at double the cost of living for half the quality of life compared to Glasgow, but we were young and daft and talented so we took the odds.”

The London she has seen since making the move has changed rapidly, she says, as other creatives talents have started to stay away. “And that’s a real worry because what you’re left with is a ghetto of financial wealth builders instead of a celebration of culture and art and artists.

“My worry in London is that there will one day very soon only be a version of the truth left. A version created exclusively by wealth.”

Follow me on Twitter or LinkedIn. Check out my website.

I write about the vast fortunes of Europe’s wealthy amidst the continent’s political ups and downs. I cover where their money ends up: The charities and philanthropic endeavours of the rich; the music and arts they support; the sports clubs and hobbies they accumulate. Having previously advised governments, companies and charities on the behaviours of the wealthy, I bring a unique perspective of this hidden and curious world. You can follow me on twitter @ollieawilliams or email me at ow [at] oliverwilliams.me

Source: London At Risk Of Becoming A ‘Ghetto Of Wealth’

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Why Inheritance Is Mostly Overrated As A Reason For Wealth

Perhaps more than ever before, people claim that almost the only way to join the ranks of the rich is through inheritance. Apparently, in the good old days, it was still possible build a fortune from the ground up—but not anymore. Such claims discourage people who have set themselves the goal of becoming wealthy as entrepreneurs or investors.

The message, whether explicit or unspoken, is as clear as it is sad: “Don’t even bother trying—those days are long gone.” There are even so-called classism researchers who criticize the media for reporting on people who have ascended from humble beginnings to become rich. Such articles, the researchers claim, only perpetuate a false illusion that capitalism, in reality, can never live up to.

The Buddenbrooks: An Exemplary Tale

One measure of the percentage of the wealthy who are self-made is Forbes’ own Forbes 400 list.  In 1984, less than half the people on The Forbes 400 list of richest Americans were self-made. By 2018, in stark contrast, this same figure had risen to 67%.

The importance of inheritance is overestimated because, in reality, most heirs are unable to preserve let alone expand their assets. In 1901, the German writer Thomas Mann published one of his most celebrated novels, Buddenbrooks: The Decline of a Family, which tells the story of how a rich merchant family, the Buddenbrooks, slowly but surely squandered its fortune over the course of four generations.

As is so often the case, fact mirrors fiction, as demonstrated by the scientists Robert Arnott, William Bernstein and Lillian Wu in their research paper “The Myth of Dynastic Wealth: The Rich Get Poorer.” Their key findings include the following: “The average wealth erosion for the 10 wealthiest families of 1930, 1957, and 1968… was 6.6 percent, 5.3 percent, and 8.7 percent, respectively. These figures correspond to a half-life of wealth—the length of time it takes for half of the family fortune to be redistributed within society through taxation, spending, and charitable giving—of 10 years, 13 years, and (remarkably) 8 years, respectively.”

Great Ideas And Personality Traits Are Not Necessarily Passed On To The Next Generation

One glance at the list of the richest people in the world is enough to see that the vast majority—insofar as they have not inherited their wealth—have earned their fortunes as entrepreneurs. And according to the findings of entrepreneurship research, successful entrepreneurs become rich because they have a very specific combination of personality traits. However, these personality traits cannot simply be passed on to the next generation.

The super rich became rich because they had incredibly good ideas. Why is it that Jeff Bezos, Bill Gates, Mark Zuckerberg, Sergej Brin and Larry Page are among the richest people in the world? Because they had great ideas, founded Amazon, Microsoft, Facebook and Google and knew how to turn them into extremely profitable companies. It’s very unlikely that their children will have the same personality traits or such brilliant ideas.

Left-wing economists, such as the Frenchman Thomas Piketty, believe that the rich have access to particularly profitable investments—some would even call them a license to print money—which allow them to automatically increase their wealth even without their own entrepreneurial ideas.

Just like left-wing anti-capitalists, family offices that earn their money by promising to increase the wealth of rich families have a vested interest in maintaining the myth that there are secret, extremely lucrative investment opportunities that are reserved only for the superrich. This is, after all, the basis of their entire business model. But there are very good reasons to doubt that this is the case. It is more likely that most of these exclusive asset managers deliver even worse results for their superrich clients than an average investor would achieve by investing in an index fund.

For example, hedge funds have enjoyed an almost legendary reputation as the super-secret weapons of the rich for many years. And yes, some hedge funds have achieved extremely high returns, for which they have received a great deal of celebratory media attention. On average, however, they have performed worse than an index fund that absolutely anyone can buy on the internet. In 2007, Warren Buffett entered a million-dollar bet with fund manager Protége Partners that the S&P 500 Index would outperform a portfolio of hedge funds over the next ten years.

Buffett was right and donated his winnings to Girls Incorporated of Omaha. The S&P 500 Index fund in which he invested delivered a compound annual return of 7.1%, outperforming the return on the funds selected by Protégé Partners (2.2%). The extent of the difference is really put into perspective when you compare the actual monetary returns: Anyone who invested a million dollars in hedge funds before 2008 would have made a profit of $220,000 by 2017. S&P 500 investors, on the other hand, would have collected $854,000. So much for the supposed license to print money and “secret weapons” of the super rich.

How People Inherit Money And Lose It Again

Many rich heirs could actually live very well off their inheritances if only they followed the advice Warren Buffett has already given his wife for when she inherits (a minor part) of his fortune: Simply invest the money in an index tracker fund. But most people think they are smarter and believe they can make particularly canny investments—which all too often turn out to be flops.

Or they inherit a company but do not have the entrepreneurial talent of their predecessors. Others overestimate themselves, start new companies and lose money. Still others go through expensive divorces or simply spend far more each year than their inheritances would sensibly allow. There are countless examples that show just how difficult it is to manage an inheritance. Many heirs have more in common with lottery winners who, by a stroke of luck, win massive fortunes, but lose them again because they lack the requisite skills to handle money.

Welcome To The Self-Made Billionaires’ Club, Jay Z

In reality, the chances of getting rich, even at a young age or as someone who comes from a humble background, have never been so good. Recent headlines have trumpeted the fact that Jay Z, who was raised by a single working mother, has become the world’s first hip-hop billionaire and the latest member of the Self-Made Billionaires’ Club.

Of course, very few people will ever make it quite so far. But what helps more? Telling someone “You have no chance anyway. If you don’t inherit money, you’ll never get rich,” or, “Forget it! Capitalism only makes the rich even richer.” Or saying, “You probably won’t become a billionaire, but look at the people who started out at the very bottom and made it to the top. Seize your opportunities!”

Check out my website.

I was awarded my first doctorate in history in 1986 and my second, this time in sociology, in 2016. I started my career at the Central Institute for Social Sciences Research at the Free University of Berlin and went on to become department head at one of Germany’s leading daily newspapers, Die Welt. In 2000, I founded my own company, which I established as the market leader in the field of communication consultancy for real estate companies in Germany, with a roster of clients that included Ernst & Young Real Estate, CBRE and Jamestown. I sold the company in 2016 and have focused on academic research and writing books ever since. In total, I have written and edited 22 books, the most recent of which are The Wealth Elite and The Power of Capitalism. My books on the psychology of success and wealth have been translated into a host of languages and have enjoyed notable success in China, India and South Korea. I am also a regular contributor to numerous prestigious European media outlets, including the Neue Zürcher Zeitung in Switzerland, The Daily Telegraph in the UK and the Frankfurter Allgemeine Zeitung in Germany.

Source: Why Inheritance Is Mostly Overrated As A Reason For Wealth

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If you’re stuck paying off credit card debt and balancing two jobs, the idea of having extra money to spend on vacations and luxury cars may seem like a pipe dream. But honestly, acquiring wealth is simply about sacrifices. What would you be willing to give up? Sleeping in on the weekends? Ohhh, that one hurts! It’s ideal to get 7 to 8 hours of sleep, but working hard at your craft or career often requires sleepless nights. Entertainment like movies, TV shows, concerts also waste valuable time. And your money, too. And what about family life? What if you dream of having a wedding and lots of kids? It’s all about prioritizing. Yeah, that’s tough! But let’s try to figure out how you can deal with all that. Other videos you might like: 7 Main Differences Between Rich and Poor People https://www.youtube.com/watch?v=gsTjM… Salaries of 13 Country Leaders — From $1 to More Than $2 Million https://www.youtube.com/watch?v=Oq7Mq… 14 Facts About Money You Should Know by Age 30 https://www.youtube.com/watch?v=dLbBF… TIMESTAMPS: Boredom 0:48 Family life 2:09 A flashy lifestyle 3:18 Sleep 4:03 Distracting entertainment 5:03 Predictability 6:06 Making life cushy 7:03 Caring about what other people think 8:06 #wealth #richpeople #success Music by Epidemic Sound https://www.epidemicsound.com/ SUMMARY: – You know those days where you have nothing to do, so you just binge watch your favorite Netflix show until you begin to melt into your couch? Instead of wasting this free time, use it to acquire a new skill. – Wealthy people often value self- improvement and are always trying to make the most of themselves. Often this means learning a new skill that you can use to make more money in the future. – As you’ve probably come to realize, financial success doesn’t just happen. Unless you were born into extreme wealth like Paris Hilton, you need to devote lots of time to working on your business and lifestyle to achieve the level of wealth you want. – Sure, there are plenty of rich people who love flaunting their wealth, but they didn’t get to that level of financial freedom by doing so. Don’t spend money on things you don’t really need. – Billionaire Elon Musk says he sleeps only about 6 hours a night – and he’s already made his money. But if you’re one of those people who really needs time to rest when they’re working hard – you know, as most humans do – then you can schedule your rest just like you would important meetings or deadlines. – Think about it: in one month, going to the movies a couple times, and maybe a concert or two can literally cost you hundreds of dollars, not to mention the fact that it took up tons of your time. – If you want to be rolling in the big bucks one day, you’ve got to let go of the idea that you’ll live a stable, comfortable life. Part of earning success is being able to take advantage of opportunities as they’re presented to you. – The sacrifices may seem insignificant, but it really adds up and you’re better off putting that money toward growing your business or whatever other goals you’re trying to reach. – Life isn’t like high school – it’s not a popularity contest! If people don’t like you, you shouldn’t stress too much about it. While it’s important to be respectful of others, there’s no need for you to go out of your way to appease them, especially if it hinders your growth. Subscribe to Bright Side : https://goo.gl/rQTJZz —————————————————————————————- Our Social Media: Facebook: https://www.facebook.com/brightside/ Instagram: https://www.instagram.com/brightgram/ 5-Minute Crafts Youtube: https://www.goo.gl/8JVmuC Stock materials (photos, footages and other): https://www.depositphotos.com https://www.shutterstock.com https://www.eastnews.ru —————————————————————————————- For more videos and articles visit: http://www.brightside.me/

Fintech Firm Solves Number One Retirement Fear—Outliving Your Money

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Ken Henderson, a traveling Pickleball pro, has taped out two 22-by-40-foot courts on an East Harlem gym floor. Today, instead of the usual Florida retirees, he’s teaching a crew of youngish engineers, Web designers and financial planners who have taken the subway up from the Chelsea offices of their fintech startup to play the paddle sport many Baby Boomers favor because it requires less running than tennis and is easier on aging joints. One of the older players today is 41-year-old Rhian Horgan, the founder and CEO of Kindur. She has arranged the outing as a tongue-in-cheek way for her staff to get in touch with their inner Boomers—and their clientele.

In 2016, after 17 years with JPMorgan, Horgan ditched her business suits for jeans and reinvented herself as a fintech entrepreneur. She pitched Kindur as a one-stop digital financial advisor for those nearing or in retirement. It would manage clients’ investment portfolios using a basket of low-cost index ETFs (from Vanguard, BlackRock and Schwab); offer them advice on when to take Social Security; determine which of their retirement accounts to draw down first; and, in many cases, sell them a fixed annuity­—all with the goal of making sure they didn’t run out of money or pay more taxes than necessary during retirement. For simplicity, Kindur would even consolidate a client’s income sources into a monthly “retirement paycheck.”

But venture capitalists who have thrown hundreds of millions at a slew of robo-advisors and personal finance apps targeting Millennials were not wowed by Horgan or her pitchbook. “There was nothing in their portfolio targeting people ages 55 to 70,” she says. “It was a demographic they didn’t understand.”

Adding to her problems, Horgan believes, was her own identity. “I wasn’t viewed as investable. I was old for the industry, almost 40, didn’t have a cofounder, and I worked [previously] for a bank.” In addition, the notion of selling annuities online without high-pressure commissioned salesmen has been met with wide skepticism—from VCs and especially within the insurance industry itself.

After months of fruitlessly knocking on U.S. doors, Horgan found a believer at a fintech retreat in the French Alps. Anthemis, a London-based VC firm that was in on the first 2010 funding round of Betterment—the largest of the independent robo-advisors—agreed to lead a $1.25 million seed funding in September 2017, with billionaire Steve Cohen’s Point72 Ventures chipping in. Why mess with Boomers? “That’s where the money is,” answers Anthemis cofounder Sean Park, who sits on Kindur’s board.

Horgan hired an engineer, a designer, a general counsel (from Citi) and a few fellow financial wonks. They set up shop in a WeWork office. Across the hall, a sixtysomething woman was using WeWork’s online Meetup service to organize mah-jongg games, which gave them encouragement whenever naysayers suggested Boomers just weren’t that into the internet.

Still, their challenge was daunting: designing a “decumulation” or spend-down plan is more complicated (and requires more individualization and sets of calculations) than determining a proper asset allocation in the accumulation or saving phase. Yet to retain a broad appeal, the look and feel of the site couldn’t be too wonky, they believed.

The result: Kindur’s site, which launched in April, takes a low-key approach to both the details and the sales pitch. After setting up a free account, you answer a handful of specific questions (age, recent salary, planned retirement date) and guesstimate your assets and current spending. You get a preliminary free plan providing spending, Social Security and other advice based on these guesstimates or by linking to your actual accounts.

Prospective customers can play with their assumptions (retire later? spend less?) and ask questions of Kindur’s “coaches” via phone or online chat. Turns out, Boomers love chatting online and half use Kindur’s smartphone app, instead of its website, Horgan reports.

So far, more than 1,000 potential clients have gotten free plans. It’s a slow sales process, so we don’t yet know how many of them will buy Kindur’s services. But those who do will transfer their IRAs and investment accounts to its platform (custodied by Apex Clearing) and be charged an annual management fee of 0.5% of investment assets.

One of the most closely watched parts of Horgan’s approach is her use of fixed annuities to ensure clients don’t outlive their money. In contrast to the complicated (and commission-heavy) variable annuities insurance salesmen pitch, these are relatively plain vanilla products: You hand over a lump of money—say, $100,000—and get a fixed monthly income beginning either now or at some date in the future. Some financial planners and policymakers argue fixed annuities are a good idea, particularly for those middle-class folks who have savings but no regular pensions (outside of Social Security) they can count on.

Not surprisingly, annuity sellers are aggressively pursuing the Boomers’ business. In fact, the Alliance for Lifetime Income, an industry group, is the sole sponsor of the Rolling Stones’ current concert tour—the one that was delayed by Mick Jagger’s heart surgery.

But the insurance industry is still resistant to selling annuities online. Complicating matters, Horgan wanted a custom-designed product that fit her vision of a good annuity. She interviewed more than 40 insurers to find one willing to work with her and finally teamed up with American Equity, a West Des Moines, Iowa-based $51 billion in assets company started just 24 years ago.

“We’re partnering with Kindur because it’s a distribution channel of the future,’’ says Ron Grensteiner, the president of American Equity Investment Life Insurance Co. “There’s a segment of the population now, and there will be even more so in the future, who want to do retirement planning digitally—and anonymously, to a certain degree.”

Horgan resolved to start Kindur after watching her own parents struggle to make sense of their retirement options. Her physician father and piano-teacher mother immigrated from Ireland when she was 9. Her dad worked at six different U.S. hospitals, accumulating six workplace retirement plans, as well as sundry other financial assets. Her mom, who died in late 2017, had two retirement accounts. “The list of accounts went on and on. They never had a financial advisor, and most of the info was in my dad’s head,’’ says Horgan, who has decorated Kindur’s offices with framed photos of parents—her own and those of her staff.

Before taking the Kindur site live, she raised another $10 million, including $1 million from Inspired Capital, a new fund run by billionaire Penny Pritzker and Alexa von Tobel, who founded Learnvest, a financial site for Millennial women. (It was acquired by Northwestern Mutual and later ended as a brand.) “She’s extremely ahead of the competition in recognizing what an opportunity this is,” says Von Tobel.

Not quite all the competition. United Income, a similar comprehensive online service aiming at the 50-to-70-year-old getting-organized-for-retirement crowd launched in September 2017 and already has $780 million in assets under management, with an average account size of $833,000. Unlike Horgan, founder Matt Fellowes didn’t have to fight the VCs’ anti-Boomer bias—he used his own and his family’s money, plus funds from Morningstar, which backed his first fintech startup, Hello Wallet, an automated budgeting and financial education tool aimed at Millennials.

United Income is a bit pricier. It charges 0.5% of assets a year for robo-only management and 0.8% for a “concierge service” with access to a personal financial advisor. And it doesn’t recommend annuities. Why not? Fellowes says fewer than 10% of his customers face an “essentials gap”—meaning their basic living expenses aren’t covered by Social Security and pensions—and he views bond ladders and other low-risk investment strategies as a more cost-effective method than annuities to fill such a gap.

How big a role annuities will ultimately play in Boomer retirements is still unclear.

What is clear, however, is that digital money management is not just for Millennials anymore.

In fact, the bigger challenge for Kindur, United Income and the inevitable similar startups to come may be that Boomers will simply opt to get their robo-advice from the established financial companies that helped them build their nest eggs in the first place.

Charles Schwab & Co.’s robo-human hybrid advice service, Schwab Intelligent Portfolios Premium, launched in 2017. It includes spend-down advice and costs just $300 up front, plus $30 a month. So far, two thirds of users are 50 or older.

And then there’s the blue whale of robo-human hybrids: Vanguard’s Personal Advisor Services, which launched in 2015 and charges 0.30% of assets (and less for those with $5 million or more under management).

 The Vanguard service not only allocates clients’ investments, but also offers advice on claiming Social Security and how much (and from which accounts) clients should spend in retirement. So far, 85% of Personal Advisor’s users are 50 or older, and it has grown to $130 billion in assets under management—way more than all the robo startups combined, no matter what age clients they serve.

I’m an associate editor on the Money team at Forbes based in Fairfield County, Connecticut, leading Forbes’ retirement coverage. I manage contributors who cover retirement and wealth management. Since I joined Forbes in 1997, my favorite stories have been on how people fuel their passions (historic preservation, open space, art, for example) by exploiting the tax code. I also get into the nitty-gritty of retirement account rules, estate planning and strategic charitable giving. My favorite Forbes business trip: to Plano, Ill. to report on the restoration of Ludwig Mies van der Rohe’s Farnsworth House, then owned by a British baron. Live well. Follow me on Twitter: http://www.twitter.com/ashleaebeling Send me an email: aebeling@forbes.com

Source: Fintech Firm Solves Number One Retirement Fear

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