Fiduciary Trust International announces that Allison Chance Carter and Timothy Barton, CFA, have joined the firm as managing directors and senior trust officer/trust counsel and senior portfolio manager, respectively.
They are based in Atlanta, a region where Fiduciary Trust International is expanding its presence, the firm said.
“The Atlanta region is a terrific wealth management market with many families and institutions that can benefit from our customized investment, trust and estate, and wealth planning services,” said David W. Edmiston, Fiduciary Trust International’s regional managing director for Greater Atlanta. “Allie and Tim are highly respected wealth management professionals with deep experience and strong ties to the Atlanta community. My teammates and I are excited to welcome them to Fiduciary, and we look forward to working with them to help more clients in Atlanta and across the Southeast achieve financial peace of mind.”
Fiduciary Trust International announced in November 2021 its entry into the Southeast with a local team in Atlanta led by Edmiston who had previously worked with Abbot Downing, Wells Fargo Private Bank, and its predecessor companies for more than 30 years.
The growing Atlanta hub strengthens Fiduciary Trust International’s East Coast presence from Massachusetts to Florida and west to California.
Carter was most recently a senior trust advisor and senior vice president at Northern Trust in Atlanta, where she served high-net-worth and ultra-high-net-worth families and individuals for the past 10 years.
She was previously a senior trust advisor at Wells Fargo Private Bank. She began her career in the trusts and estates practice group at King & Spalding in Atlanta. Carter formerly served on the board of directors of the Atlanta Estate Planning Council, and she is a member of the State Bar of Georgia’s Fiduciary Law Section as well as the Atlanta Bar Association’s Estate Planning & Probate Section. Carter obtained her law degree from the Georgia State University College of Law, and graduated magna cum laude from Sweet Briar College with a BS in psychology.
For the last 10 years, Barton served as a senior portfolio manager and senior vice president at Northern Trust in Atlanta where he developed investment strategies for families and individuals. Prior to Northern Trust, he was an investment strategist at Wells Fargo Private Bank. Barton is a CFA Institute member, a CFA® charter holder, and a member of CFA Society Atlanta. He earned his MBA from Campbell University, where he also received his BBA in trust and investment management.
A new survey from Principal Financial Group identifies the leading disruptors to the retirement industry that employers and financial professionals believe will reshape plans, services, and solutions by 2030.
An aging workforce, Generation Z, the growing demand for personalized investment advice, and financial wellness are top of mind for more than 250 plan sponsors and 200 financial professionals that responded to the Principal® Future of Retirement Survey.
Each are viewed as priorities in the next 5-7 years to help address the widening retirement gap that is approaching $4 trillion in the U.S.
“Understanding the evolving needs of participants and employers is critical to building relevant and meaningful retirement plans, solutions, and advice,” said Chris Littlefield, president of Retirement and Income Solutions at Principal®. “We are relentlessly focused on what our customers need to help meet their financial and retirement goals. Whether it’s more customized products, holistic guidance, or mobile-friendly, digital tools and resources, we will continue to leverage our relationships with financial professionals and strategic partners to help innovate and enhance the customer experience.”
Competing generational needs
Employers are often choosing retirement plans to help meet the needs of five generations of Americans. More of Gen Z will enter the labor market in the next 5-7 years while the number of people aged 75 and older in the workforce is expected to grow 96.6 percent by 2030.
To support an aging workforce, three out of four plan sponsors and financial professionals agree participants should have the ability to make recurring withdrawals from their employer-sponsored retirement savings as they take a phased approach to retirement.
“Choosing to retire is no longer a single-step life decision. Many individuals approaching 60-65 years of age need or prefer a phased retirement, working part-time to get relief from the 40-hour work week without fear of outliving their nest eggs,” Littlefield said.
On the opposite end of the workforce spectrum, 76% of plan sponsors agreed the expectations of millennial and Gen Z investors will be the driving change in retirement markets by 2030. In particular, the preference Gen Z has to conduct most financial business online is viewed by both financial professionals (55%) and plan sponsors (47%) as the top disruptor from this generation.
Personalization is paramount
According to the Principal® Future of Retirement Survey, one growing expectation to better serve participants is an ability to provide individualized advice.
More than 70% of both plan sponsors and financial professionals agreed personalized investment portfolios and managed account services will be common offerings within defined contribution plans by 2030.
To offer more holistic and personal guidance, 78% of plan sponsors and 77% of financial professionals also agreed there will be a shift from improving the enrollment process for employees to improving the retirement process, which can include services such as advice, retirement planning, and creating retirement income.
Financial wellness programs are also expected to emerge as an additional plan resource to further personalize the participant experience by 2030, with 85% of plan sponsors and 90% of financial professionals agreeing plan sponsors will increase the adoption of them.
Outside of retirement savings programs, plan sponsors believe the top five financial wellness benefits that should be offered include helping participants establish a budget and financial plan, retirement income planning, credit card and debt counseling, healthcare planning for early retirees, and investment education.
Allfunds Alternative Solutions is the result of Allfunds’ response to strong demand among its clients, especially those from the wealth management segment, for better access to alternative assets and private markets.
Although Allfunds already has experience in this area and assets under administration in specialized vehicles (UCITs, ELTIFs, UCI Part II, RAIFs y FCRs) until today it was a service performed only on an on-demand basis.
Borja Largo, Chief Fund Groups Officer, will lead a team composed of a combination of new hires and existing Allfunds employees, whose task will be to channel current demand and drive Allfunds’ growth in services related to illiquid strategies.
As it did for ELTIFs in the past, Allfunds Alternative Solutions will adopt a similar strategy and will initially focus on improving operational efficiency for all vehicles, including global structures such as ELTIFs, RAIFs, UCIs Part II, and local ones, such as the Spanish FCR, to meet the needs of a broad and diverse client base.
Borja Largo, Chief Fund Groups Officer states, “It was essential for us to have a team dedicated exclusively to alternative assets, this was the only way we could meet the growing demand from our clients and offer them a service that matched their expectations and past experience with Allfunds. We decided to build this team and launch the project on the solid foundation of Allfunds’ success in the traditional asset market, which puts us in a unique position to understand the requirements and preferences of both General Partners and distributors of illiquid strategies.”
Juan Alcaraz, CEO of Allfunds adds, “This is another step in our ongoing effort to have the best value proposition in the market and to enhance our one-stop shop model, covering all our customers’ needs in a single point of access. We have been developing our alternative offering for some time and believe that with the combination of our experience, human capital and technology, we are perfectly positioned to capitalise on these opportunities”.
CONTI Capital has partnered with iCapital to offer investment opportunities in CONTI’s U.S.-based, multifamily real estate funds.
“We’ve seen a surge of interest from investors seeking access to U.S. real estate investments for portfolio diversification, capital preservation, and income enhancement,” says Carlos Vaz, founder and CEO of CONTI Capital. “We’re pleased to introduce broader access to CONTI Capital’s investment strategies and funds to the financial advisory community and their accredited clients. iCapital’s technology and service platform offers investors transparency, efficiency, and a user-friendly, digital investment experience.”
Lawrence Calcano, Chairman and CEO of iCapital, says: “We’re thrilled to be working with CONTI Capital, a recognized leader in multifamily real estate investing, to bring efficiency and ease to the alternative investing process for advisors and their clients.”
Investment fund focused on multifamily properties in the U.S. Sun Belt
iCapital’s platform now features the CONTI RE High-Growth Fund IV, a $200 million fund concentrated on acquiring multifamily properties in select rapidly growing U.S. Sun Belt markets. Focused on newly built, Class A multifamily properties, the Fund has already acquired properties in Tampa and Orlando, Florida, and Austin, Texas. The Fund will seek a target return of 10-14% IRR3 (net of all fees and expenses) with approximately a 3–5-year hold period.
“The Sun Belt states boast solid job markets with a combined GDP of $6.23T4, pro-business environments, and a low cost of living, so the pressure of migration to those states continues to have housing demand outstrip supply. Coupled with inflation pressures and record-high home sales prices, the demand for rental properties remains strong,” Vaz continues. “At CONTI Capital, we feel the multifamily sector is a strong investment choice, regardless of market conditions, because everyone needs a place to live. Our analysis demonstrates that necessity-based CRE is far more resilient during economic downturns than other product types.”
Investment approach is driven by real-time, data-led research and analysis
“This past year, in 2022, CONTI quickly adapted to market changes and sold the most assets in the company’s history, 14 of which consisted of 3,989 units when Fund I and Fund II were fully realized,” states Vaz. “We continue to prepare for other opportunities by constantly monitoring the economic and demographic drivers affecting the multifamily industry. To ensure we are at the forefront of market dynamics and able to use data to support our portfolio acquisition strategies, we embraced technology in a very dynamic way.”
CONTI’s proprietary data modeling tool, the CONTI Index, tracks more than 400 weighted indicators from millions of data points and is grouped into six categories: housing supply and affordability, demographics, labor market durability, risk and reward, quality of life, and fiscal health. Based on rankings generated by the CONTI Index, the company releases its Top 10 Markets for Multifamily Investment Report semi-annually and its quarterly CONTI Report for insights impacting real estate investing.
Sanctuary Wealth announces the appointment of David Vaughanto the firm’s Executive Leadership Team as Chief Financial Officer (CFO).
“After a comprehensive search, Vaughan was chosen to fill the vacant CFO position, reporting directly to Adam Malamed, CEO of Sanctuary Wealth. With close to 30 years of experience across the independent wealth management industry, Mr. Vaughan has established a respected track record of developing and implementing effective organic and M&A-based growth strategies, with an emphasis on strong bottom line results that enable significant reinvestment in the business,” the company said.
“I’m delighted that David agreed to bring his extensive independent wealth management experience and skills to Sanctuary,” said Malamed. “Having worked together for more than 10 years while David was with Ladenburg Thalmann, I have seen his abilities, work ethic and integrity firsthand. He has a deep understanding of how carefully planned and impeccably executed corporate finance strategies can exponentially scale an independent wealth management business, while simplifying complex processes and facilitating future growth. He will be an invaluable asset to our already strong Executive Leadership Team as we continue to grow Sanctuary into the firm of choice for sophisticated independent and breakaway advisors and practices.”
In his role as CFO Vaughan will be responsible for managing all of Sanctuary’s financial operations, including accounting, budgeting and financial reporting. He will play a key role in strategic decision-making, M&A, risk management and ensuring regulatory compliance. Vaughan will also be responsible for managing relationships with external stakeholders, such as Sanctuary Wealth investors and lenders. Additionally, he will oversee financial planning and forecasting to help leadership make informed decisions about future investments, capital expenditures, and growth opportunities.
“We’ve been looking to add this critical role to our Executive Leadership Team for more than six months,” said Robert Walter, Co-President, Sanctuary Wealth. “Our patient and deliberate search has now paid off. As soon as we had the opportunity to meet with David, we knew he was the person we needed to help ensure that Sanctuary continues to hit our strategic goals and remains the premier destination for advisors looking to be independent but not alone.”
Vince Fertitta, Co-President of Wealth Management, Sanctuary Wealth, added, “We are excited to welcome David to the firm and are looking forward to aligning his corporate finance expertise with our mission of driving growth for our Partner Firms. This includes leveraging David’s proven expertise in guiding and structuring mergers and acquisitions. His knowledge will be instrumental in expanding our ongoing success with investing in M&A deals alongside our Partner Firms, to drive accelerated growth for our Partner firms.”
“I’m excited to be joining an organization with Sanctuary’s momentum, and am thrilled to be working with Adam again,” said Vaughan. “Sanctuary is in the strongest financial position in its history, both well-capitalized and growing. This provides a uniquely robust foundation for me to utilize as a springboard in creating and implementing strategies to help Sanctuary and its advisor partner firms realize additional revenue opportunities, while increasing efficiencies. As the firm continues to grow, we will be able to provide an even greater service experience for Sanctuary partner firms and their clients.”
Vaughan was most recently CFO at Axos Clearing, where he directed multiple teams serving more than 70 broker-dealers and over 220 RIA firms. Prior to that he spent more than 27 years with Securities America, previously a subsidiary of Ladenburg Thalmann, where as CFO he led the accounting/finance, fee and commission billing, internal audit and risk management departments. Vaughan has a BBA in accounting from Creighton University’sHeider College of Business and an MBA from the University of Nebraska at Omaha.
Trident Trust announces the extension of its offering for US-based alternative investment managers, with the opening of a fund services representative office in Houston, Texas.
The new location follows our strategy of putting our people where its clients need them, providing a local point of contact for both our existing clients and the wider funds community in the state, the firm said.
Chelsea Harrington, Senior Manager in its fund accounting team, has relocated to Houston from our 130-strong fund services hub in Atlanta to open the new office.
“Our presence in Texas means that we now offer fund services out of four US locations, with representative offices already in place in New York and Miami”, the statement added.
UBS Wealth Management USA announced that Financial Advisors Brian Mariash and James Barton “Bart” Lowther have joined the firm in Sarasota, Florida. Together with their six-person team, Mariash Lowther Wealth Management, they manage nearly $640 million in client assets for ultra-high net worth individuals and families.
“On behalf of UBS, we’re excited to welcome Brian, Bart and their entire team to the firm,” said Greg Kadet, Managing Director and Florida Market Director at UBS Wealth Management USA. “The team’s experience, dedication to clients, and passion for philanthropy are a great addition to our business as we look to continue to expand and enhance our ability to serve clients in this growing market.”
“As partners for over 10 years, Brian and Bart have a deep commitment to helping clients and their families navigate complex financial matters,” said Karmen Keup, Southwest Florida Market Director at UBS Wealth Management USA. “With our unique suite of capabilities at UBS, I have no doubt the team will continue to successfully deliver for clients in the years to come.”
Brian Mariash joins UBS from Merrill Wealth Management, where he spent the past 15 years working as a Financial Advisor. He joined the financial services industry in 2001, after a career in music education. Brian brings an learning-based approach to wealth management, and his personal mission to educate, connect and contribute has become part of the mission of the team he founded, Mariash Lowther Wealth Management. His practice focuses on advising ultra-high net worth retirees, C-suite executives and small business owners.
Brian holds the Certified Investment Management Analyst® designation (CIMA®), administered by the Investments & Wealth Institute™ (The Institute) at The Wharton School of Business, and the Accredited Asset Management Specialist™, AAMS™® designation from The College for Financial Planning Institutes Corp. As an active member and supporter of his local community, Brian previously served on the board of the Child Protection Center of Sarasota as well as the board for Jewish Family and Children Services. He is the proud father of three children and resides in downtown Sarasota.
Bart Lowther began his financial services career at Merrill Wealth Management in 2010. Through his practice, he focuses on helping clients manage and preserve their wealth through various, complex market cycles based on their individual needs. Together with his team, Bart focuses on delivering a comprehensive approach to managing wealth that begins with listening to a client’s unique financial needs to help ensure each strategy is grounded in an understanding of what each client wants to achieve. He also specializes in providing clients with investment planning advice for retirement.
Bart received his finance degree from the A.B. Freeman School of Business at Tulane University in 2010. He holds the Certified Financial Planner (CFP®) certification as well as the Chartered Retirement Planning Counselor (CRPC®) designation from the College for Financial Planning. Bart is passionate about giving back to his local community, and serves on the boards of The Circus Arts Conservatory and All Faith’s Food Bank. A Sarasota native, Bart enjoys playing music, going to the beach, and spending time with his dogs, Layla and Beaux.
Brian and Bart are joined by Financial Advisor Jesse Perez, CFP®, as well as Client Associates Shannon Murphy, Dionysios Skaliotis and Sovanna Sok.
US Republicans, supported by a few Democrats, pushed back against a rule that would make it easier for fund managers to consider sustainability in investment decisions. The debate shows including climate considerations in investing remains controversial. But we believe sustainability continues to gain traction and is becoming a key to investment success.
US President Joe Biden is expected to veto a Republican bill aimed at preventing pension fund managers from basing investment decisions on factors like climate change. The bill, which gained Senate approval on Wednesday after two Democrats joined Republicans, illustrates the potential for partisan divisions to impede the sustainability agenda.
Backers of the resolution say that the primary criterion has to be the financial return on investment, and that it would not stop funds from considering ESG issues altogether. The White House, however, has said President Biden will veto the measure.
The conflict highlights that considering the ESG performance of companies in investment decisions remains politically contentious. But we believe sustainability is becoming an increasingly important guide for investors.
Sustainability is a helpful guide to corporate performance for investors. Multiple studies have shown that companies that manage sustainability issues better tend to perform better. We also believe that firms that manage their business, stakeholders, and environmental impact better should be well-positioned to deliver on financial results. Research has also shown strong investment returns associated with the successful engagement of ESG issues. The annualized returns for MSCI ACWI ESG Leaders outperformed global equities (MSCI ACWI) both on a five-year and 10-year basis.
SI offers a diverse opportunity set. Certain parts of the sustainability investment universe underperformed last year as investors exited growth-oriented sectors in favor of value. But we think the volatility among growth companies says more about the importance of portfolio diversification than the SI approach itself. For example, we see numerous value-oriented opportunities in food supply chains, waste management, and recycling. In addition, ESG improver equities (Rockefeller Improvers ESG Index) have outperformed the Bloomberg US 3000 Total Return Index by two percentage points a year over the past five years.
Resilient fund flows to sustainable strategies underscore the commitment of investors. According to Morningstar, sustainable fund flows were more resilient throughout 2022 than broad market flows. This was especially evident in the fourth quarter, when global sustainable fund assets increased 11.6% quarter-over-quarter, almost double the growth of the broader market. Notably, “dark green” funds (those with sustainable investment as their key objective) in Europe saw uninterrupted inflows throughout the entire year, suggesting consistent investor commitment.
With strong capital commitments from governments and businesses alike, we continue to believe that sustainability should be a key long-term driver of investment returns. We recommend investors diversify across sectors, styles, and asset classes, and also see opportunities in themes including the circular economy, clean air and carbon reduction, smart mobility, and energy efficiency.
Photo courtesyFernando Pérez Castillo, Carolina Thompson and Ximena Guevara
Insigneo announced the affiliation of Ximena Guevara and Carolina Thompson, along with their Client Associate, Fernando Perez Castillo.
The 20-year industry veterans, who both join Insigneo as Senior Vice President, together have over $120M in assets under management, producing close to $1M in annual revenues, according to company information.
The team will be based at the firm’s Miami headquarters.
Jose Salazar, Insigneo’s US Market Head said, “Insigneo is thrilled to have Carolina, Ximena, and Fernando join our team of outstanding financial advisors. We look forward to working together with them and helping them grow their wealth-management business.”
The duo met at Citibank Private Bank Miami in the early 2000s, and later went to UBS Financial Services in Coral Gables, where they worked for almost a decade. They worked with Morgan Stanley for the past three years. Both are Series 7 and 66 licensed, and cover markets including Mexico, Ecuador, Colombia, Venezuela, and Argentina. Their business mix primarily consists of brokerage with some advisory, investing in traditional products along with lending and banking products. Perez Castillo, who joined the team at Morgan Stanley, where he worked for five years, is also Series 7 and 66 licensed.
“We are excited to be part of Insigneo’s best-in-class, flexible platform catering to international and domestic high-net-worth clients. We share with Insigneo the same passion to work side-by-side with our clients to help them achieve their financial objectives,” Ximena and Carolina added.
For many business families, sustaining prosperity for the long run depends on how well they plan for transfers of business assets and family wealth from one generation to the next, according to the KPMG Private Enterprise Global Family Business Tax Monitor. The report advises business families with footprints in multiple jurisdictions to monitor potential new or increased taxes and consider taking action in advance.
The report has been a go-to source for family business tax planning for almost a decade, comparing the vastly different tax liabilities among jurisdictions on the transfer of family business through gifting during the owners’ lifetime (including on retirement) and through inheritance.
Among the 57 jurisdictions covered in the report, some have geared their tax policies in ways that recognize how a thriving family business sector contributes to a vibrant economy. Others give no special tax exemptions for intergenerational family business transfers, increasing tax costs and likely reducing the family’s ability to compete with business families in more tax-friendly jurisdictions.
“Location can make a world of difference! Tax-efficient transfers between generations can leave wealth in the hands of entrepreneurial families to invest in profit-producing activities — and that can help stimulate job creation and innovation for future generations,” says Tom McGuiness, Global Leader, Family Business, KPMG Private Enterprise, KPMG International
KPMG Private Enterprise’s report found that globally, South Korea, France, the US and the UK impose the highest tax rates for transfer of a family business valued at EUR10 million by inheritance, before any tax breaks are accounted for. After exemptions, South Africa takes the biggest bite from family business inheritances valued at EUR10 million, followed by Canada and Japan. For inheritances of family businesses over EUR100 million, the most expensive taxing jurisdiction is South Korea after exemptions, with South Africa and the US coming in second and third.
For transfers during the owner’s lifetime (gifts) of family businesses valued at EUR10 million, Venezuela imposes the highest taxes globally before exemptions, followed by Spain, South Korea and France. After exemptions, South Africa and Japan come second and third behind Venezuela as the jurisdictions imposing the highest tax costs on business transfers by gift. These comparisons are similar for family businesses valued at EUR100 million before and after exemptions.
Top priorities for today’s business families
The report also provides insights on what business families consider their biggest priorities and risks and calls attention to three emerging trends — branching out, building up and giving back. The trends cruciallyreveal an increase in business families and their assets becoming more global, a rise in the importance of governance and a renewed focus on the management of family wealth and the notion of giving back with philanthropic activities commanding more time.
“Amid rising geopolitical tension and unparalleled economic uncertainty, the leading business families that we work with are diversifying globally and putting more focus on the sustainability of their businesses, their wealth and their communities,” says Tom McGuiness, Global Leader, Family Business, KPMG Private Enterprise, KPMG International. “By doing so, they can position their families for sustainable success down the generations. As a result, we are seeing more business families around the world that are focused on branching out, building up and giving back.”
To download the full report, please click on the following link.
