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December 13, 2012
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News for investment consulting and wealth management professionalsGo to IMCA Update

  Top Story 
  IMCA Update 
  • Register Now for the IMCA 2013 New York Consultants Conference Feb. 4–5!
    IMCA's 2013 New York Consultants Conference is less than two months away, Feb. 4-5 at the Marriott Marquis in Times Square. Sessions and speakers include:

    • Lies My Finance Professor Told Me | Andrew Lo, MIT Sloan School of Management, and co-author of A Non-Random Walk down Wall Street
    • Debt Ceiling/Fiscal Cliff Update: Implications of Where we are Today |Robert Pozen, senior lecturer at Harvard Business School and former chairman of MFS Investment Management
    • The Endowment Model 2.0: Adopting more "Endowment-Like" Strategies for Advisors: Why Endowments Outperform Other Investors | Mark Yusko, Morgan Creek Capital Management

    Click here to visit the conference webpage and register now. LinkedInFacebookTwitterEmail this Story
  • Seven Notable Industry Experts to Deliver Keynote Presentations at IMCA’s 2013 Annual Conference
    IMCA recently finalized its 2013 Annual Conference speaker lineup, with seven experts slated to present. The IMCA Annual Conference is April 28–May 1 at the Washington State Convention Center in Seattle, and registration is open now. Keynote speakers include:

    • Nassim Nicholas Taleb, Distinguished Professor of Risk Engineering at New York University Polytechnic Institute and the author of The Black Swan
    • Neil Borofsky, former Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and adjunct professor and senior fellow at the Center on the Administration of Criminal Law and the Mitchell Jacobson Leadership Program on Law and Business
    • Meredith Whitney, called "The Oracle of Wall Street" by Bloomberg, and chief executive officer of Meredith Whitney Advisory Group, LLC, a macro and strategy-driven investment research firm

    Visit for the entire list of speakers and to register for the conference. LinkedInFacebookTwitterEmail this Story
  • Introducing the New Investments & Wealth Monitor Mobile App
    A new Investments & Wealth Monitor mobile app is now available for Apple iPad and iPhone, and Android devices. Download the app to read the recently published November/December issue on the future of investment consulting. With the new app, you can:

    • Read current and past issues of Investments & Wealth Monitor, free for IMCA members
    • Download available issues and access them offline at any time
    • Share content with colleagues via e-mail and social media

    To download the free app, visit your device’s marketplace and search "Investments & Wealth Monitor," or follow these links: Android smartphone or tablet. iPhone or iPad at Apple App Store. Click here for more information. If you or your firm are interested in sponsoring the app, contact Lara Davies at LinkedInFacebookTwitterEmail this Story
  • Other News
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  Wealth Management 
  • Wealthy investors brace for fiscal fallout
    Rich Americans are beginning to move their investments around in a bid to shield their wealth from the likely impact of a deficit deal. There isn't much that less-wealthy taxpayers can do to avoid being affected, experts say. "You're not going to refuse your paycheck because the taxes are higher," says Roberton Williams of the Tax Policy Institute. "The people that can make adjustments, who can change the way their world works, are the wealthy." The Washington Post (12/11) LinkedInFacebookTwitterEmail this Story
  • Alternatives play growing role in investors' portfolios
    Alternatives can add yield to a portfolio, but these assets also come with risk. Still, many advisers think these investments are worthwhile. More than 75% of institutional investors see alternative investments as essential to diversification, according to studies, with 72% believing that the typical mix of 60% stocks and 40% bonds is no longer an efficient way to achieve returns. Myths about alternative investments include the idea that a 60/40 stock/bond portfolio has low volatility, one expert says. In addition, the term "uncorrelated" can be misleading. AdvisorOne (12/7) LinkedInFacebookTwitterEmail this Story
  • Hard times for some hedge funds
    At least eight hedge funds in recent weeks announced plans to shut down. Uncertain markets and investors with shorter-term horizons have been cited as reasons, along with difficulty in making money. The recent shutdowns "demonstrate a tough time for the industry in general, regardless of strategy," says Michele Gesualdi, a fund manager at Kairos Partners. "Probably next year it will be even worse in terms of closures, but reduced competition should help performance improve." The Wall Street Journal (12/6) LinkedInFacebookTwitterEmail this Story
  • Investors flock to donor-advised funds
    Donor-advised funds have surged in popularity with investors that want to give to charity in the years to come and want a large tax deduction now. Many investors fear that the charitable deduction will be eliminated or capped in the coming years. The Wall Street Journal (12/11) LinkedInFacebookTwitterEmail this Story
  Industry Updates & Trends 
  • Fed steers large banks away from acquisitions
    Sources say the Federal Reserve is discouraging large U.S. banks from acquisitions as the debate continues over the risk those banks pose to the financial system. For example, U.S. banks interested in acquiring Bank of America's non-U.S. wealth-management operations didn't pursue a purchase after informal talks with the Fed, sources say. "The Fed looks like it is drawing a new line in the sand," said RBC Capital Markets banking analyst Gerard Cassidy. The Wall Street Journal (12/11) LinkedInFacebookTwitterEmail this Story
  • TD Bank to expand wealth management with Epoch deal
    Toronto-Dominion Bank will buy American asset manager Epoch Holding for $668 million in cash as part of the Canadian bank's effort to increase its U.S. business with wealthy clients. "It instantly adds heft to our U.S. strategy," said Mike Pedersen, group head of wealth management, insurance and corporate shared services. "It fills the gap we have in the asset-management business." The Wall Street Journal/Dow Jones Newswires (12/6) LinkedInFacebookTwitterEmail this Story
  • China's wealth-management products notch huge growth
    Chinese investors have been boosting the growth of risky wealth-management products nationwide by 100% a year recently, and over this year's first three quarters they've accounted for 18% of total social financing, according to Du Jinfu, the disciplinary head of China's banking regulator. The lightly regulated shadow banking system under which some of these products fall has raised concerns after customer protests and the detention of several people said to be involved in illicit sales at Huaxia Bank. Caijing Magazine online (12/11) LinkedInFacebookTwitterEmail this Story
  Practice Management 
  • How advisers can bridge a disconnect with clients
    There is often a disconnect between high-net-worth clients and advisers in their understanding of the investment market and of how easy it will be to reach their goals, writes Jim Brogan, president and founder of Brogan Financial. To bridge this gap, Brogan advises asking questions of clients that will help them realize the risks that could undermine their investment approach. National Underwriter Life & Health (11/30) LinkedInFacebookTwitterEmail this Story
  • Poll: Many younger investors favor video meetings
    About 62% of high-net-worth investors younger than 55 would like to meet with their financial advisers via video at least some of the time, according to a survey by Cisco Internet Business Solutions Group. Among younger investors, about 57% said they would contemplate moving some assets to a firm that offered video meetings, compared with 19% of older investors. "Anything that saves this group time is important," says Ted Jenkin of oXYGen Financial. InvestmentNews (free registration) (12/7) LinkedInFacebookTwitterEmail this Story
  Regulatory & Legislative Spotlight 
Courage is going from failure to failure without losing enthusiasm."
--Winston Churchill,
British prime minister

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