Citywealth is a wealth and philanthropy media company set up in October 2005. Karen Jones, the founder and Editor has spent many years gathering information about private investment and asset management; managing substantial wealth including charitable and philanthropy monies and issues around this.
She understands that sometimes, even if you have lots of money, you may have worries that are difficult to share. She also understands that sometimes your advisers or managers may be dealing with situations which are beyond their capability, meaning you could need help choosing new professionals to work with. And often even though you have substantial wealth, working out how to begin in the private wealth industry is like trying to scale a fifty foot wall - the challenge is so immense, you just might not bother but if you have more than £5million/$10million it is wise to upgrade from retail. Your entrepreneurial skill makes money but investments (believe it or not at the moment!) are the way to increase your wealth - a commonly known fact among the mega wealthy. And if you are more wealthy then we hope you will become more philanthropic - we can help you have a good experience in this world too. (It isnt quite as easy as handing over some cash).
Times are very difficult and we are not perfect at Citywealth but we do have a substantial information base to share about private wealth and philanthropy and a large, global network of people to check back with to try to help out, which we will happily do so.
We are friendly; don't sell any investments ourselves or take any commissions from anyone. Our opportunity is to connect anyone who needs help with wealth professionals, usually with someone we think is suitable - and we do so with integrity and with personalities considered. We can also help manage that situation if you wish. Beauty parades sound fun, but are filled with jargon and schmoozing. We hope to be a comfort in a trying or unknown situation.
Whether you want to change a philanthropy consultant; have no idea why you need to know what your risk profile is; want to change your private bank; are worried sick by the turmoil; don't know what to do about a trust; want to ask us what the heck you are going to do about a wealth problem; need help picking an adviser or manager for a specific issue (we know what people specialise in); are considering calling someone you can see we are connected with - then we can give you our view for free (we are not regulated by any financial authority nor professional investment advisers or managers - we simply offer a view). We want to make your experience in the private wealth industry more pleasant and we hope more profitable or at least what you expect. It isn't easy to get information in the private wealth industry - it is closed door - simply because the world by its very nature is filled with niche and very private issues.
If you are having problems in the industry we can also help, just let us know and we will try and use our influence with financial authorities to make issues known.
Ultimately we have discovered that the wealth industry is vast and confusing and a gentle hand holding from us, helps you and the professionals in the industry work better. We dont dazzle with brochures filled with volumes of words or spin - its just us making suggestions based on what you say.
We may not be able to help, but if we can we will.
Our heartfelt sympathies go out to those in Palm Beach who have lost money in the Madoff fraud. We understand this is a very distressing time and it will affect your retirement experience and charitable works. If we can help by promoting any charitable works to our readers who are a host of global uhnw individuals and their wealth advisers and managers then please contact us below. In terms of recouping money in this instance, I suspect we will be of no help as it is a major fraud and perhaps one for the criminal courts.
Our speciality is dealing with individuals with more than £5million up to tens and hundreds of millions and billions. We also know about margin calls (when loans get called in and how to manage it); Switzerland, offshore markets, new US tax rules/regimes, family fights and divorce. We also know that you could be considered difficult to deal with and may not have many people who can talk to you in a way that you may need to change or move forward with change.
We can also help with connecting you with our audience of uhnw individuals and their advisors and managers via editorial articles if this helps you gain business. All articles can be quote checked and our editorial policy is collaborative and not designed to embarrass or annoy.
And everything you say to us is confidential unless we agree with you otherwise.
We do not help anyone who wishes to perpetuate any fraud or tax evasion. Tax avoidance is another matter entirely - ensuring you don't pay twice tax on the same investments because of international tax rules.
Karen Jones
Citywealth
http://www.citywealthmag.com/
kjones AT j-p-c.tv
Tel: 020 7495 1697 (London, UK)
Tuesday, 16 December 2008
Lost wealth in the economic downturn? Need some help?
Saturday, 9 February 2008
Barclays Wealth offers podcasts
Barclays Wealth has launched a number of podcasts designed to guide international investors through financial matters and enable them to make informed decisions. The podcasts are specifically aimed at people living and working in a foreign country and aim to help them make the often daunting financial decisions they are faced with when moving to a new country.
The podcasts, which can be accessed via www.barclays.com/internationalpersonal/podcasts, will focus on a number of areas facing international investors. The podcasts comprise:
A guide for international professionals living in the UK with tips on how they can make the most of their wealth while working away from home
An outline of the options that are available to international investors looking to buy a UK home or investment property
A guide aimed at enabling them to protect and maximise their wealth in a foreign country
A guide to structured products, designed to simplify the concept of these investments and describe their benefits, such as capital protection
Peter Horrell, Barclays Wealth, comments, “We are delighted to have launched the Barclays Wealth podcasts. Moving to a new country can be daunting and with the immediate pressures of relocating and working in a different environment, financial matters are often an added pressure. By talking to our clients it has become apparent that they do not have time to read through reams of information and scour the Internet in order to decide on the issues facing them, from purchasing a home to investing wisely. By launching the Barclays Wealth podcasts we aim to provide clear and consistent information to international investors to enable them to make informed decisions.”
About Barclays Wealth
Barclays Wealth is the UK's leading wealth manager and at 30 June 2007 had £126.8bn client assets globally. It serves affluent, high net worth and intermediary clients worldwide, providing international and private banking, fiduciary services, investment management and brokerage. Thomas L. Kalaris is the Chief Executive of Barclays Wealth and he joined the business at the start of 2006.
Barclays Wealth is part of the Barclays Group, a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services with an extensive international presence in Europe, the USA, Africa and Asia. It is one of the largest financial services companies in the world by market capitalisation. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 127,000 people. Barclays moves, lends, invests and protects money for over 27 million customers and clients worldwide.
For further information about Barclays, please visit their website file:///C:/Documents%20and%20Settings/Caroline.Wells/Local%20Settings/Temporary%20Internet%20Files/OLKF1/www.barclays.com.
Thursday, 13 December 2007
Next Citywealth event 8th May 2008, London
Citywealth events have become legendary for attracting ‘stellar’ audiences and for providing five star comfort and entertainment for important wealth managers, advisors and rich list guests. A mix of sophistication with cultural themes, Citywealth events encourage attendees to linger, something that no other publishing and events company serving the industry has managed on such a scale. This year numbers are set to exceed the four hundred mark and guests will be the major referrers of billionaire clients throughout the world and some ultra high net individuals themselves. The Citywealth Top 100 lists are now in an advanced stage, with those listed for 2008, shortly to be notified that their slot is assured. Many have left the list this year, new entrants have arrived. The nail biting tension begins, culminating in our flagship event “The Zoo Do.” Tickets are limited, please book now to secure your spot.
Get information from
www.citywealthmag.com
Monday, 10 December 2007
Private client entertaining
Entertaining clients in the business world usually follows a simple path: champers + venue + people + repeat same every year. Clients are suitably grateful for an invite and hosts are delighted with a few red faces and slaps on the back. Business entertaining keeps the world spinning round. In the wealth management market though, you have a more challenging ultra high net worth individual to contend with. A super rich client, who has not only seen it all before but probably been there done it and got the limited edition, hand made Donatella t-shirt.
As a famous model once said “I don’t get out of bed for less than £10,000” Wealth managers are dealing with high net worth clients who don’t get out of bed for less than £10 million. Global private banking institutions have had to pull out all the stops to retain and attract clients. Events have included Credit Suisse, Singapore hiring private islands and Bollywood troupes for rich Indian high net worths. Then Credit Suisse, Switzerland holding a wide ranging programme of events that include opera, polo, Formula 1 and White Turf.
White Turf, for the uninformed is horseracing on snow. But an event like White Turf is considered to be ‘off the peg’ and more suitable for the ‘band one’ client with around 30 million + euros. When you rise to more than 100 million + euros, banks start to really concentrate. A bead of sweat might momentarily be seen on an otherwise smooth Etonian brow. One private banker commented “at this level ultra high net worths don’t really need us to provide entertainment. We have to look at ideas like a one to one meeting with an actor, sportsman or luminary of their choice. Or we might try to give them something they cannot buy, like an experience they will appreciate.”
One example of such an experience can be had with Mirabaud & Cie, a traditional family office in Geneva who regularly hold musical recital for clients. A recent evening in Gstaad included guests being chair lifted to a mountain top restaurant for dinner. Other unique events aimed at high net worths in London include one being held at London Zoo by citywealthmag.com on the 10th May. Nicknamed billionaires and bongos, the evening has a £500 ticket price which includes a Las Vegas, Bollywood show and Maybach cars chaffeuring rich-list guests to the venue. The benefit of events such as these is the chance to spend several hours with intermediaries to the super rich who are often as elusive as the high net worths themselves.
As to whether all this entertaining works, most are resolute: it does. Andrew Young a private client lawyer at Lawrence Graham in London said “after a £10,000 per person day out shooting with a super rich client he piped up ‘I like you fellows’ and promptly gave us work worth £250,000 in annual fee’s.” Claudia Rossler, head of marketing for UBS Wealth Management in the UK said: " These days it’s important to offer more than 'just entertainment.’ One of the trends we’ve seen is an interest in 'knowledge events'. Our clients want information on topics such as private equity or hedge funds. That said, UBS has a long history of partnerships and sponsorships with the London Symphony Orchestra, Tate Modern and the Sage Gateshead art centre.” Claudia says these events reflect client choices and compliment the UBS brand. As to measurements Claudia agrees “Event marketing, like all investments, needs to have clear objectives with defined success criteria” UBS assess success from client feedback and ‘commercial measures’.
But whatever banks do sometimes they cannot please a high net worth for all the tea in emerging high net worth China. One fund manager paid substantial sums for a Formula 1 racing in Monaco with five clients dropping out at short notice. A lawyer regularly has Asian clients enthusiastically agree to events but they never turn up and a Swiss banker who shops at Hermes for a presents for an elderly high net worth client on her birthday gets them sent back. He comments “One year, rather pleased with myself, I decided to buy a couture hat instead of the usual Hermes scarf. She sent it back with an uncompromising scribbled note “no thanks, wrong choice, you should have asked me.” http://www.whiteturf.ch/
Sunday, 2 December 2007
Wealth management American styley
Following on from the Citywealth Top 100 Americas list I spent some time in the USA over the quiet August weeks (2006), just pinging around meeting the professionals who had been recommended. Although many US names will be familiar to you – the likes of Karen Troy at RBC, Susan Harrington at Sidley Austin and Josh Rubenstein at Katten Muchin Rosenman, there may be others out of New York City who aren’t so familiar.
From our list of known wealth and private client friends, I am delighted to say that all received compliments wherever I travelled. Warren Whitaker, Josh Rubenstein, Gideon Rothschild, Ivan Sacks and Joe Field were all highly thought of and praised.
What was most interesting in contrast to London was a freedom – much less tradition - and clients from very different backgrounds. And although many accountants, CPA's or lawyers (or attorneys) were operating within one or several states - rather than internationally - they were all sitting on big honey pots of client money. Even Kansas was a hot spot for one entrepreneurial accountant (Don Harris – he manages £225/$450 million client monies – which is a small part of his business – counselling and planning is a greater part) who was regularly flying there from Dallas after a one off referral. He said it seemed to open local flood gates and his seminars were booked months ahead. We decided that they didn’t get as many visitors as they should in Kansas.
Susan Harrington at Sidley Austin (who travels to London frequently) is dealing for the most part with the wealth in South America and tipped me off about the Dominican Republic, which is apparently bursting at the seams with super wealthy clients – many of whom she advises.
RBC in New York reported that their client base was half US citizen and the rest non US as opposed to their Los Angeles branch which was considered more domestic wealth. RBC, NY are targeting the super wealthy and keen to seek out wealth advisers with international clients of net worth c$500m. They say South America is indeed a hot spot and substantial growth is being seen but this tends to get dealt with by their Miami operation. Problems of kidnapping are still rife in the region. Karen Troy’s top tips for excellent advisers were Jack Brister an accountant in New York City but we aren’t sure of his abode at the moment and Marco Blanco (attorney) Curtis Mallet-Prevost, NYC also received high praise.
Bill Knox (William) of Regent Atlantic Capital in Chatham, New Jersey had just got back from a trip to Italy (where he’s building a holiday home) and had been to see his new grand daughter in Switzerland. I’d liken New Jersey to the stockbroker belt in the burbs of Britain – lush greenery and manicured gardens – rather Sevenoaks or Kew in feel – very beautiful. Bill was very specific in saying that he only deals with clients of between $2-25million. Although he added that he manages $1.3billion of client monies and has a 99% client retention record of several years. He says his clients are New Jersey folk but many may have moved to other states or countries but have left their wealth with him to guard and grow.
Despite much information saying that the Americans invest domestically he insists a substantial proportion of all his clients wealth is invested internationally. He runs a model that mixes Global Large Cap, Hedge Funds, International Bonds, Real Estate (cutting back on Real Estate this year) and International Small Cap – amongst other investments in a tried and tested model that has outperformed indices consistently. He particularly likes Paine Webber, Smith Barney and MLIM funds and for international real estate uses a Morgan Stanley offering. Regent Atlantic Capital is furiously independent, buying in all expertise they need. They aggregate monies to help clients reach entry levels for funds of funds. The one exception is their own hedge fund “Regent Atlantic Absolute” mainly because they were offered expertise that was too good to turn away. You can contact Bill (who is really sensible, very bright and has good international knowledge of world politics on www.regentatlantic.com). It’s a two hour train ride to Chatham but is worth the trip.
Don Harris, of Beaird Harris & Co in Dallas said he is seeing a real upwards swing in philanthropy for clients with monies between £5-10million. He was very interested in the psychology of wealth and felt that advisers were keen to diagnose but often not prepared to delve into areas that might involve hopes and dreams or a soft side of planning. His one striking argument is that many people don’t know how much money they need or want or how much will be enough, if they did they would plan better and consider larger philanthropy or charitable projects. He was also investigating the negative ramifications of being rich – the children left with no purpose in life after inheriting huge sums. He impresses on those making plans that it is very important to involve children in processes because they are often not interested in parents goals nor in having huge amounts of money left to them.
Rounding off my trip I spent some time over a glass of wine with Michael Graham who was a delightful chap and also with Pamela Woodburn who has now left RBC for Jersey in the Channel Islands to get married but was in San Francisco. She kindly treated me to a swanky meal whilst there. □
Profiles
Donald B Harris
Beaird Harris & CoIs a wealth innovator, with a keen mind. Dallas based he recently co-wrote a book on wealth counselling “Getting to the heart of the matter.” His clients are enrolled in an intensive period of counselling in which a plan for life-goals and philanthropy are tied together. He says that they never rush the initial stage of comprehensive questioning which may take three months for the client to complete. Interviewing at home, he says its important that high net worth clients consider carefully all they’ve talked about. He says: Its imperative that families get a chance to really talk about their issues, then agree a forward strategy together, in order for plans to remain solidly intact.
There are 9,000 certified planners in the US.
Ed Copley, Akin Gump, Dallas. He works with many Indian high net worth clients, travels to London frequently and is a real Dallas gentleman. Ed Copley at Akin Gump, Dallas manages the estate of Wendy and Emery Reeves. The couple gave a furniture collection to the Dallas Museum of Art – as long the museum replicated the original setting of their home. It is jaw dropping with 15th century furniture and Picasso and Matisse paintings littered everywhere.
Michael Graham, of The Graham Law Firm, Dallas
Michael Graham is charming and his office resides in a small area of Dallas which is compared to Rodeo Drive in California. His office is nestled in a complex of boutique international designer and swanky eateries. He is keenly interested in technology and works more with high net worths that are running businesses these days. Michael has been featured as a “best lawyer in America” and is a fellow of ACTEC. His wife undertakes considerable charity work in China. This is his software: Interactive Legal System Estate planning software which is and Interactive Legal System – for experienced estate planners USA - offers a full complement of forms -- wills, revocable trusts, irrevocable trusts, strategic planning memos, powers of attorney, and more. While Federal in scope, state specific content is provided for all states (except Louisiana). The integrated "content help" is in a class by itself. From solo practitioners to large firms, WTP meets the demands of the most experienced estate planners
www.thegrahamlawfirm.com
http://www.ilsdocs.com/
Jonathan G. Blattmachr, Milbank
I didn’t get to meet Jonathan but Michael Graham says of him: “he is one of the greatest speakers I know, he can fill a room all by himself.” He is a member of the Alaska, California and New York Bars.
Observations and general information picked up on the trip
The Americans love Italy and talk about it constantly – doesn’t matter where you are or who you are talking to. Most have visited regularly – skipping the UK altogether. I asked one adviser what the affinity was. He said “at the very least the Italians seem to like us.”
Everyone in America is pointing at Texas for voting George W Bush in but the Texans deny this vigorously.
Atlanta has a 60% black population which is extremely affluent. Atlanta to the North is considered more internationally sophisticated than Georgia at its South.
Dallas is oil and technology wealth. Locals say that the wealthy wear jeans whilst their advisers wear suits. Don't forget the famous historic Alamo battle.
Vegas – super luxury, non gaming hotels are now taking a grip like the Christian LaCroix. The real estate market is extending away from the strip.
New Jersey is called the Garden State. North New Jersey is blue blood, traditional wealth and is extremely affluent. Conversely South New Jersey is considered below the poverty line.
Although there is a general phrase that ‘lots of Americans don’t have passports’ this does not apply to the business community who travel far and wide regularly – no matter where based.
Atlanta is nicknamed Hotlanta – it averages about 100 degrees a day and is
rarely cool. Bobby Brown and Whitney Houston are the Atlanta area's most notorious famous couple. The couple are often seen living it up at Atlanta's posh ‘The Palm’ restaurant. Jane Fonda, Elton John and Julia Roberts all have homes in Atlanta. The home of Coke - as my friend Joanna Forshee said "you wont find Pepsi here!"
My next trip to the USA is for LegalTech, New York in Feb 2008
See my tech blog here
http://wwwcitytechmagcom.blogspot.com/
And my tech publishing and events company here
www.citytechmag.com
Read about my Citywealth Los Angeles wealth management event at the Hotel Bel Air.
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