Financial Shape – Amiya Sahu http://amiyasahu.com/ Fri, 24 Sep 2021 21:52:12 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://amiyasahu.com/wp-content/uploads/2021/06/icon-150x150.png Financial Shape – Amiya Sahu http://amiyasahu.com/ 32 32 NOTICE: China’s bond defaults have reached maturity https://amiyasahu.com/notice-chinas-bond-defaults-have-reached-maturity/ https://amiyasahu.com/notice-chinas-bond-defaults-have-reached-maturity/#respond Fri, 24 Sep 2021 20:58:11 +0000 https://amiyasahu.com/notice-chinas-bond-defaults-have-reached-maturity/ Chinese corporate bond defaults reached an all-time high of 116 billion RMB ($ 18 billion) in the first half of 2021 and are expected to increase in the coming months. Credit defaults are also on the rise, with defaulters having an average of RMB 8.7 billion of onshore bonds outstanding, according to Fitch. This is […]]]>

Chinese corporate bond defaults reached an all-time high of 116 billion RMB ($ 18 billion) in the first half of 2021 and are expected to increase in the coming months. Credit defaults are also on the rise, with defaulters having an average of RMB 8.7 billion of onshore bonds outstanding, according to Fitch. This is 1.6 times the size of defects in 2020 and three times the size of 2017.

While these are worrying signals for investors in the Chinese bond market, there are also signs that the regulations and infrastructure for market-oriented debt resolutions are developing, albeit slowly.

From real estate developer China Evergrande to China Huarong Asset Management, debt defaults, especially from state-owned companies, have rocked the global market. Zombie companies and insolvent local government financial vehicles are common default contenders, but the real estate industry could be hit hard.

All eyes are on Evergrande, who sits on a mountain of $ 300 billion in liabilities, and whether the Chinese government will decide to bail out the indebted company. As Chinese state-owned banks are the company’s biggest creditors, they feature prominently in the liability cascade and will be prioritized ahead of private investors, including bondholders.

See also: Chinese Cryptocurrency Regulations Will Power Similar Regulations Globally

While the practice of government bailouts may have been common in the past, China is moving towards greater tolerance for flaws by unfit companies in an effort to push for market openness and discipline. State-owned enterprises have long been favored by the government and benefited from implicit debt guarantees. By drawing a line between what is systemic and what is not, the central government injects more credit risk into the financial system and makes investors think about their risk appetite, rather than relying on it. government to bail out distressed borrowers. It also sends a signal to businesses that they can no longer count on the government to help them.

The momentous task the Chinese government now faces is to ensure that defaults occur in an orderly fashion in its campaign to reduce risk. A number of initiatives are being taken to clean up the bond market.

See also: Bitcoin crackdown in China is not its last act

The main objective is to clean up the rating agency industry. In August, five central government agencies, including the China Securities Regulatory Commission and the China Banking and Insurance Regulatory Commission, released corporate rating rules detailing disclosure, corporate governance and standards. business operations. They are required to be strict on rating based on the probability of default and to reduce the proportion of well-rated bonds, a common practice for national rating agencies wishing to attract potential clients.

Another priority is to develop the legal infrastructure allowing courts to deal with defaulters. The judicial restructurings of defaulters are beginning to take shape as the market begins to accept the remedies. However, the legal precedents for bankruptcy proceedings are still new. For offshore bondholders, the process is slow and arduous. What will help in the future is the streamlining of documentation, whether for transfer or liquidation, to ensure that investors can make repatriations. It remains a challenge for offshore bondholders to find recourse when they are structurally subordinate to onshore claimants and face challenges such as delaying tactics and lack of transparency in the legal process.

See also: Introduction to China’s New Export Control Law

What is evident is that the Chinese government is steadfast in its goal of bringing its bond market and related regulatory and legal infrastructure to international standards, but the process to achieve the end goal will take time and a lot of patience. from investors.

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Bank stocks as barometers | Financial Time https://amiyasahu.com/bank-stocks-as-barometers-financial-time/ https://amiyasahu.com/bank-stocks-as-barometers-financial-time/#respond Fri, 24 Sep 2021 06:28:41 +0000 https://amiyasahu.com/bank-stocks-as-barometers-financial-time/ This article is an on-site version of the Unhedged newsletter. here Send the newsletter directly to your inbox on weekdays Hello. All Thursday was sunny. Stock prices and bond yields have been rising steadily. The Federal Reserve appears to be tight with utter predictability and imperceptible tenderness. Inflation will be temporary. Evergrande et al will […]]]>

This article is an on-site version of the Unhedged newsletter. here Send the newsletter directly to your inbox on weekdays

Hello. All Thursday was sunny. Stock prices and bond yields have been rising steadily. The Federal Reserve appears to be tight with utter predictability and imperceptible tenderness. Inflation will be temporary. Evergrande et al will not sink the Chinese economy. The lion lies down with the lamb. etc. It sends me into the irrational paranoid frenzy that struggles to suppress me. Maybe things are really, really good. Please send me the email: robert.armstrong@ft.com

I will also take a few days off. No hedge I’ll be back next Wednesday. Need to read something instead? I sincerely recommend signing up due diligence When Free meal, We bring you the latest information on the world where finance and economy are linked.

If things are going so well, why aren’t bank stocks improving?

In June I doubt Why hasn’t the bank gotten worse? Now at my usual level of consistency I wonder why they are not doing well.

What changed? Since then, bond yields have broken a strong uptrend and come down. Now they are breaking this downward trend and going up. And while there was an unpleasant perception that growth would not be as strong as it was in the near term, the consensus expects that bottlenecks will ease soon, demand will continue to grow. ‘be strong and growth will exceed next year’s trend. is. , even when the Fed eases asset purchases. In this scenario (which makes the stock market appear to be pricing), long-term interest rates should continue to rise. This all sounds pretty good for the banks.

But while Thursday’s bank stocks were a pretty good day, the past few months haven’t been very good. The performance of the KBW Bank index against the S&P 500 is as follows:

Banks want to lend money and then get paid back. The second half of their activity is on track. Defaults are surprisingly low. This is the Deutsche Bank mortgage default table (because you randomly choose a loan type). Similar models can be found in different types of loans.

What are all the men in the repo doing to keep them busy?

The problem was the first part of the business. The demand for loans was terrible. On the commercial side, here are the unpaid amounts of commercial and industrial loans from the big banks.

The surge over the past year was that companies cut their lines of credit in anticipation of the Covid crash that would never happen. Today, the volume of corporate loans remains at the level of 2018. Part of the reason is a loss of market share to the fixed income market, but the demand for capital was not so strong. .

But in the optimistic scenario sketched out above (and also assessed across a wide range of stock markets), demand for loans is expected to return. A survey of loan officers suggests an optimistic climate in this regard. Along with rising interest rates, this should boost bank profits.

Another potential source of higher returns is credit cards. During the pandemic, Americans were careful not to borrow their cards. In the second quarter of this year, card loan growth at JPMorgan Chase, Citigroup and Bank of America was 0%, -5% and -10%, respectively. But here we are talking about Americans. Except for other disasters, this pattern changes.

Yes, the volatility that has generated good returns in securities trading and investment banking can ease. But investors don’t pay for the capital markets anyway.

So if things are going so well, why are the banks not doing well? One possibility is that the stock market is a bit dumb about banks, mechanically trading them based on 10-year bond yields. It is about the relative performance of the bank and its graphical performance against a wide range of indices.

Banks are in fact much more sensitive to short-term interest rates than to long-term interest rates, so unless the 10-year yield reflects future growth and the bank is very sensitive to l economics, this correlation does not make much sense.

Anyway, this model is crazy for banking professionals. Indeed, much more than long-term interest rates and the shape of the yield curve affect a bank’s profitability. And this is perhaps one of the best times when the outlook for the bank is better than the 10-year yield suggests, and we should all be buying bank stocks.

However, there is another possible interpretation of the poor performance of a bank’s shares. In other words, no matter what stocks generally seem to say, the economic and political outlook is not so good and banks will be stuck at low interest rates, low interest rates – the world of credit demand. , And banking investors know it.

Details of the 1950s and inflation

I wrote A few days ago On what economists Gabriel Massy, ​​Skanda Amanas and Alex Williams think, the 1950s show why policymakers shouldn’t be surprised by inflation in 2021. Unemployment is low, but the surge is has calmed down without the Fed tightening policies to cool the economy. Back then, there was no self-reinforcing inflation spiral, and now it is.

Then I Written about How Larry Summers thinks MS&W got it all wrong. He thinks the Fed was (again simplified) certainly very hawkish in the 1950s, but used banking regulation rather than interest rates to cool the economy. Inflation expectations have been supported by the recent memory of the gold standard and the reversion average price to which it has led. And its potential growth was higher than it was then.

It’s no surprise to hear that MS&W thinks it was Summers who got it all wrong. Below is a partial response to Summers. Here’s a response to Summers:

  • In the 1950s, Americans had 10 years of experience in raising prices. Therefore, the idea that the gold standard has set their expectations is within reach.

  • Restrictive credit banking regulations have in fact been abolished since 1953, and as Summers says, it is not true that only savings and loan associations can take out mortgages and only at capped rates.

  • Inflation and wage growth both increased in the early 1950s, but then stabilized quickly. Previous The unemployment rate rose as a result of the recession of the 1950s. The traditional view that the economy must cool down to avoid spiraling inflation is not appropriate. This is an important point.

Now let’s chat between MS&W and Summers. I am not eligible for remote mediation. The important point for me is simple. When you think about the risk of inflation, you can’t hypnotize the 1970s. We also have to think seriously about the 1950s, and any theories we choose have to be applied to both 10s.

A good read

NOT. Weekly Blog The most important financial news – just 100 years ago.

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5 Ways to Help My High Income Clients Get Rich https://amiyasahu.com/5-ways-to-help-my-high-income-clients-get-rich/ https://amiyasahu.com/5-ways-to-help-my-high-income-clients-get-rich/#respond Thu, 23 Sep 2021 15:57:51 +0000 https://amiyasahu.com/5-ways-to-help-my-high-income-clients-get-rich/ Congratulation! You are making more money than ever before and your personal finances are doing well. You ticked all the “financial bases” boxes, maybe even more: So what’s next? When you do all the right things, give yourself credit. Next, consider these five advanced ways to take your financial plan to the next level so […]]]>

Congratulation! You are making more money than ever before and your personal finances are doing well. You ticked all the “financial bases” boxes, maybe even more:

So what’s next?

When you do all the right things, give yourself credit. Next, consider these five advanced ways to take your financial plan to the next level so you can continue to make progress towards your goals.

1. Roth IRA backdoor conversion

Are you earning too much to contribute to a Roth IRA? If you earn more than $ 140,000 (single filer) or $ 208,000 (joint filer) in 2021, the IRS says you are no longer eligible to contribute to a Roth IRA.

But, you are in luck. There is an IRS approved high income workaround called Roth IRA backdoor conversion.

This is how it works: You open both Traditional and Roth IRAs at the same time. You can contribute non-deductible dollars of up to $ 6,000 for 2021 ($ 7,000 if you’re 50 or older) to your traditional IRA, and immediately convert those dollars into your newly opened Roth IRA.

Each year, usually at tax time, you can repeat this process to continue building the tax-free compartment of your overall retirement portfolio.

There !

2. Contribution 401 (k) after tax

If you are already maximizing your business’ 401 (k) plan, you are setting yourself up to afford what you want and need as you approach retirement. Some employers even give you the option of contributing even more than the $ 19,000 (2021) limit with 401 (k) after-tax contributions.

It’s a great way for top earners to put even more money into a tax-efficient investment account.

This is how it works: First, check with your employer to see if they allow this type of 401 (k) contribution. If they do, and you’re already maxing out $ 19,500 for the year, you may be eligible to contribute an additional $ 38,500 ($ 45,000 if you’re 50 or older) in non-deductible dollars. By the way, this total includes any employer correspondence you already get.

There are potential tax implications, so be sure to check with your accountant or financial advisor before making this decision.

Either way, this is a huge win for anyone looking to maximize their tax-efficient retirement money.

3. Roth mega backdoor conversion

So far we’ve covered Roth backdoor conversions and 401 (k) after-tax contributions. A backdoor Roth mega-conversion occurs when you combine the two, which is ideal if you want maximum flexibility and tax-free growth with your retirement money over the long term.

And don’t we all want that?

This is how it works: Employees who are eligible to make after-tax 401 (k) contributions can immediately convert this non-deductible portion of their 401 (k) to a Roth IRA or Roth 401 (k), depending on the specific rules of your employer’s plan.

A word of caution: Roth mega backdoor conversions can include a lot of moving parts. To avoid surprise tax bills and make sure it’s done correctly, seek help from a qualified financial professional.

4. Charitable investment accounts

Would you like to support charitable causes throughout your life? Maybe you care about mental health, donating to the local hospital, or supporting your church. What if you received a big initial tax deduction for your charitable purposes?

This is the benefit of a donor advised fund, AKA a charitable investment account.

This is how it works: Opening a donor advised fund is as easy as opening a brokerage account. You can donate cash, valued stocks, even the minimum required distributions, and receive a tax deduction for your contribution the same year you made it.

Year over year, the money in your donor advised fund grows with the investments you choose, and you are able to slowly withdraw that money and donate it to charities over the course of your life. .

This is a popular strategy for high-income techs and startups who have enjoyed stocks and want to minimize their tax impact while supporting causes they care about.

5. Mid-year tax strategy with a CPA

Tired of surprise tax bills? When your financial life gets more complex (eg, more investments, higher income, stock compensation, running a business), it’s probably time to hire a CPA.

And not just to “do” your taxes.

This is how it works: One of the most valuable investments you can make is having a strategic mid-year call with a CPA you trust. During these mid-year tax planning calls, a CPA will help you proactively envision the years ahead and make financial adjustments as your tax situation evolves.

If you got paid in equity, own a business, recently got married, or bought a home, a mid-year tax planning call is one of the first recommendations I make to new wealth management clients. .

It really is obvious.


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NMC plans to restart Covid hospitals at own expense | Nagpur News https://amiyasahu.com/nmc-plans-to-restart-covid-hospitals-at-own-expense-nagpur-news/ https://amiyasahu.com/nmc-plans-to-restart-covid-hospitals-at-own-expense-nagpur-news/#respond Wed, 22 Sep 2021 22:56:00 +0000 https://amiyasahu.com/nmc-plans-to-restart-covid-hospitals-at-own-expense-nagpur-news/ Nagpur: As Covid-19 positive cases see a marginal increase in the district, Nagpur Municipal Corporation (NMC) plans to restart two Covid hospitals at its expense within the next 15 days. The standing committee will make a decision on the proposal at the September 24 meeting.As per the proposal tabled before the standing committee, the health […]]]>

Nagpur: As Covid-19 positive cases see a marginal increase in the district, Nagpur Municipal Corporation (NMC) plans to restart two Covid hospitals at its expense within the next 15 days. The standing committee will make a decision on the proposal at the September 24 meeting.
As per the proposal tabled before the standing committee, the health department of NMC requested 5.39 crore rupees for the recruitment of 611 health workers for three months. In addition, 527 health workers will be prosecuted for vaccination tasks at a cost of Rs4.46 crore, 58 health workers for the Covid hospital in Indira Gandhi Rugnalaya at a cost of Rs75.96 lakh and 26 at the hospital Covid in isolation hospital at a cost of Rs17.19 lakh.
NMC officials told TOI: “NMC used to get 3 million rupees per month as healthcare workers salaries for its five Covid hospitals and the majority of government vaccination duty staff central. The Center stopped paying it as of August 1. NMC continued to vaccinate 527 health workers at its expense and closed five Covid hospitals. As cases are on the rise, we need to restart Covid hospitals. The plan is to start Indira Gandhi Rugnalaya first, followed by others depending on the number of patients. The proposal will be sent to the Salary Research Center. But NMC will have to bear it in case the Center refuses to pay the salaries. Therefore, the proposal was submitted to the standing committee.
Positive cases were single digits for the majority of August days in the district. In the past 10 days, cases have been in double digits over seven days. There were 16 cases Wednesday in the district.
Another proposal is to asphalt two Civil Lines roads – MLA Hostel Square in State Education Board Square and MahaMetro Office in High Court, at a cost of Rs1.64 crore. These two roads have been in poor condition for several months.
Mayor Dayashankar Tiwari organized a special meeting of the general organ on September 27. There are proposals to discuss the financial situation of NMC and the work done and pending since the start of the current fiscal year. The ruling party is likely to target the administration for not approving its list of works.

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The association of fintech with online marketplaces creates https://amiyasahu.com/the-association-of-fintech-with-online-marketplaces-creates/ https://amiyasahu.com/the-association-of-fintech-with-online-marketplaces-creates/#respond Wed, 22 Sep 2021 07:23:08 +0000 https://amiyasahu.com/the-association-of-fintech-with-online-marketplaces-creates/ European marketplaces are now worth 685 billion euros combined Fintech-enabled marketplaces have EV / sales of 6.7x, compared to 5.3x and 4.6x for other marketplaces and financial services, respectively Record investment in online marketplaces (78 billion euros in 2021 YTD) means marketplaces have a significant amount of dry powder to invest Online marketplace sales now […]]]>
  • European marketplaces are now worth 685 billion euros combined
  • Fintech-enabled marketplaces have EV / sales of 6.7x, compared to 5.3x and 4.6x for other marketplaces and financial services, respectively
  • Record investment in online marketplaces (78 billion euros in 2021 YTD) means marketplaces have a significant amount of dry powder to invest
  • Online marketplace sales now account for 19.5% of all consumer spending, up from 13.6% in 2019

Barcelona and London, September 22, 2021: As consumer spending continues to evolve rapidly online, online marketplaces are increasingly integrating fintech solutions to make it easier for consumers to shop online, and are also developing new revenue streams. , according to a new Adevinta report on fintech-compatible marketplaces in partnership with DealRoom and Speedinvest.

Data from our FinTech Compatible Marketplace report, the second in a series of Marketplace Trend reports, shows that combining financial services with online marketplaces generates disproportionate returns, that the borders blur between fintechs and place them to mutual growth.

FinTech unlocks significant value for online marketplaces
European marketplaces are now worth 685 billion euros combined. While fintech is the most funded vertical on the continent, fintech-enabled markets are proving to offer the best value for shareholders. According to the report, fintech-enabled marketplaces have an EV / sales of 6.7x, compared to 5.3x and 4.6x for other marketplaces and financial services, respectively. Online marketplaces are now accelerating and leveraging integrated plug and play fintech solutions, while building fintech products in-house. They create new monetization streams, improve user experience and boost customer loyalty.

Jordi Iserte, Director of Investments at Adevinta Ventures says: “The long-term success of marketplaces depends on their ability to adapt and integrate fintech solutions into their platforms. This will allow for a seamless and frictionless experience and ultimately benefit customers. Fintech-enabled marketplaces are becoming the new normal and we are excited to play an active role in this growing market. ”

Mathias Ockenfels, General Partner, Speedinvest, comments: “At Speedinvest, we have dedicated investment teams funding both marketplaces and fintech startups. Collectively, we have observed a clear trend: the merging of these two worlds. As the report shows, this is proving to be an attractive proposition for founders and investors.

Yoram Wijngaarde, founder of Dealroom.co, adds: “The line between marketplaces and fintech is blurring. As we spend more time and money online, it seems clear that these two behemoths should work hand in hand, but this report shows exactly why. The disproportionate returns created by Fintech, marketplaces are a great incentive, for startups as well as for VCs, to create and support full-stack marketplaces focused on improving the customer experience.

Buy now Pay later
The soaring valuations of fintech products destined for marketplaces, such as “buy now, pay later”, confirm the trend towards fintech activation. In addition, there remains enormous potential to serve the world’s unbanked and underbanked communities.

A record investment in online marketplaces (78 billion euros in 2021) indicates that marketplaces have a significant amount of dry powder to invest in the creation or acquisition of new in-house financial services.

Online sales, accelerating adoption
Online marketplace sales now account for 19.5% of all consumer spending, down from just 13.6% two years ago. Although this was accelerated by the pandemic, this is a trend that was already well advanced, with both online marketplaces and fintechs already benefiting from features like payments, “Buy now, pay.” later ”or escrow, and allowing new sources of income.

Look ahead
Unbanked and underbanked populations in rapidly growing and digitizing markets offer additional growth opportunities for the mix of marketplaces and fintech in emerging markets. However, even in the most established markets, online marketplace sales have a long way to go. In the grocery store, for example, a $ 2 trillion industry in Europe, online penetration reached only around 5% in 2020 (up from 2% the previous year). This provides a great opportunity for both markets and their enablers.

-To finish-

Notes to editor

Media contacts:
Melody Laroche
Head of corporate communications
T: +33 (0) 6 84 30 52 76
melodie.laroche@adevinta.com

About Adevinta
Adevinta is a global specialist in online classifieds, operating digital marketplaces in 16 countries. The company provides technology-based services to connect buyers with sellers and to facilitate transactions, from jobs to real estate, cars, consumer goods and more.

Adevinta’s portfolio spans over 40 digital brands, covering one billion people and attracting around three billion monthly visits on average. Major brands include leboncoin at the top in France, leading classifieds sites in Germany mobile.de and eBay Kleinanzeigen, Marktplaats in the Netherlands, Kijiji in Canada, fotocasa and InfoJobs in Spain, and 50% of OLX Brasil , a fast growing company. Adevinta is a spin-off of Schibsted ASA and listed on the stock exchange in Oslo, Norway in 2019. Adevinta employs 6,300 people committed to supporting users and customers on a daily basis. Learn more at Adevinta.com.

About Adevinta Ventures
Adevinta Ventures is the investment arm of Adevinta, a global specialist in online classifieds that operates leading digital markets in 16 countries. Adevinta Ventures invests in fast growing European startups (sweet spot Series A and Series B) that can shape the future of marketplaces. Leveraging the leading positions of Adevinta brands (eg leboncoin, mobile.de, Coches.net, Fotocasa, Subito), Adevinta Ventures adds high value and is a long term partner of portfolio companies. The current portfolio and main investment areas include proptech (Kodit, Flatfair), future of work (Medwing), mobility (PaulCamper, Bipi) and fintech (Lovys). For more information, visit Adevinta.com/ventures.


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The Era of Consumer Convenience is Here: How Advisors Can Keep Up https://amiyasahu.com/the-era-of-consumer-convenience-is-here-how-advisors-can-keep-up/ https://amiyasahu.com/the-era-of-consumer-convenience-is-here-how-advisors-can-keep-up/#respond Tue, 21 Sep 2021 17:17:19 +0000 https://amiyasahu.com/the-era-of-consumer-convenience-is-here-how-advisors-can-keep-up/ We live in an increasingly convenience-oriented age. Need Thai food delivery? A car at the airport? Heck, do you want to buy a car and have it delivered? Just pull out your phone, type in some info, and it’s all taken care of, and fast. You don’t even have to leave your sofa. Modern technology […]]]>

We live in an increasingly convenience-oriented age. Need Thai food delivery? A car at the airport? Heck, do you want to buy a car and have it delivered? Just pull out your phone, type in some info, and it’s all taken care of, and fast. You don’t even have to leave your sofa.

Modern technology has changed the way we source just about everything, and the pandemic has accelerated the process. All over the world, consumers’ minds are quickly being reset to expect convenience and expediency. We can have what we want, when we want it, on our terms. And this raises a pressing business question for financial advisers: What should advisors do to ensure their service meets consumers’ expectations for convenience?

It is extremely important that advisors think about how they will make themselves available to clients in this new age. As convenience becomes a tabletop issue, the old relational model of holding quarterly, annual and semi-annual meetings has quickly become obsolete. Counselors must decide how they will overcome barriers to convenience and be available when and how clients need it.

Over the past year and a half, the Herbers & Company team has heard more and more that end clients of advisors in our network are opting out of full annual or semi-annual meetings. Instead, they’re looking for a different kind of access: information broken down into smaller chunks and delivered on demand.

For example, a wealthy customer might call or text their advisor at a car dealership, deal with sales pressure, and ask for feedback on whether to pull the trigger and buy the vehicle, sleep on it or move away. While this isn’t the kind of scenario advisers will love (it’s about reacting rather than planning, after all), it’s the inevitable reality that lies ahead.

If your clients fall into the high net worth category, they might be looking for a video chat to understand how concerned they should be about the tax laws taking shape in Washington, DC Tomorrow would be great – no later than the end of the season. week. Very wealthy clients are increasingly turning to private investments. If you are their advisor, you may have to give it all up to weigh in on a pressing private equity investment opportunity. And, having caught the convenience virus, these high net worth clients might ask you if you are able to pay their bills and provide other family office services.

Adapting nimbly to new standards of client convenience is critical to the future growth of advisors. While many businesses have been slow to adjust, those that have pivoted quickly have already started to see stronger growth in customer referrals.

As the culture of convenience grows, the responsiveness and flexibility of consulting firm client experience models will become an increasingly important factor in attracting new clients and referrals. Additionally, we expect many existing business customers to base their continued loyalty on the convenience factor. If your client is forced to wait for advice and their friend from a rival company doesn’t, don’t be surprised if the client decides to switch.

The good news is that technology that is readily available and easy to implement will allow businesses to quickly facilitate a convenience-driven customer experience. The most important of these technologies is the one that has been around for years: the digital calendar. Calendar apps, which businesses have adopted widely over the past few years, allow customers to schedule their own meetings on your calendar, eliminating the back and forth of trying to figure out immediate schedules.

The digital calendar ticks the convenient box. But they also go beyond. Customers get stressed out when they need to discuss a certain issue, but don’t know when or if the conversation will take place. If this meeting is on your respective calendars, most of the client’s stress tends to dissolve. They know an answer is on the way.

The key to making the digital calendar work is for the advisor to make room for clients to schedule meetings. If the client checks their advisor’s calendar and sees that the first availability is in three weeks, that’s a problem. And that brings us to another piece of software essential to building a customer comfort model: time tracking software.

I have never been a fan of the demands that counselors follow their time. The arrangement undermines the autonomy and internal motivation of team members and can lead to unnecessary micromanagement. But time tracking software is critically important in the age of consumer convenience, as it allows businesses to ensure that adequate uptime is built into their advisors’ work weeks.

If your advisors are so busy that they can’t adapt to their clients’ impromptu planning, you can’t expect your business to thrive in the age of convenience. Your business may not be falling behind in a year or two, but over time your service will increasingly lag behind your customers’ expectations. And it’s not a good place to be from a growth standpoint.

Your advisors should not be working at 100% of their capacity in any given week. Time tracking software should be used to track availability levels over two-week periods, which can then be compared to identify trends. If your advisors don’t spend 20-25% of their time responding to incoming customer issues and inquiries, you need to create more space in your system and make it more compact.

With timing and time tracking under control, companies should look into communications technology. The communication technologies that most people think of first are the telephone, texting, and perhaps chat software. However, in financial services, the most useful communication technologies are those that allow clients to view their data while meeting with their advisor. Imagine a mass rich client meeting in which a visual representation of their client’s cash flow is the centerpiece. For high net worth clients, investment portfolio data may be front and center, and for wealthier clients, tax projections. The software solutions behind visual data must be dynamic so that customer information is updated on a daily basis.

Financial planning data is the most important data that can be transmitted digitally during meetings to keep clients focused on their planning in a responsive world. Frankly, we’re surprised at the number of financial consulting firms that don’t have client-centric financial planning software. It is true that planning software for clients can be expensive. While this is laudable from a cost savings standpoint, growth-oriented businesses will eventually need their own software so that they can tailor programs to their own customer experience model.

As businesses head into the 2022 budget season, I recommend that they take the global shift to a convenience-driven consumer culture seriously. They should think carefully about investing in schedule improvements, time tracking software, and more robust, customer-centric financial planning software.

Technology, the pandemic, and capitalist innovation have combined to rapidly change consumers’ expectations of how and when they can get the things they want and need. Convenience is fast becoming an essential part of any successful business. This toothpaste will not return to the tube once the pandemic is over. Financial advisory firms that are at the forefront of the consumer convenience trend will be the big winners in the years to come.

Angela Herbers is the founder and CEO of Herbers & Co, a consultancy firm for financial advisers.


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Why markets ignore valuations, plus: Morningstar slashes the ex-star https://amiyasahu.com/why-markets-ignore-valuations-plus-morningstar-slashes-the-ex-star/ https://amiyasahu.com/why-markets-ignore-valuations-plus-morningstar-slashes-the-ex-star/#respond Mon, 20 Sep 2021 17:30:07 +0000 https://amiyasahu.com/why-markets-ignore-valuations-plus-morningstar-slashes-the-ex-star/ Go with the flows “What drives capital markets? The answer, according to hot news academic document is… uh… capital. “When an investor sells bonds for $ 1 and buys stocks for $ 1… the overall market value increases by about $ 5,” write the authors, finance professors Xavier Gabaix and Ralph Koijen. They explain that […]]]>

Go with the flows

“What drives capital markets? The answer, according to hot news academic document is… uh… capital.

“When an investor sells bonds for $ 1 and buys stocks for $ 1… the overall market value increases by about $ 5,” write the authors, finance professors Xavier Gabaix and Ralph Koijen.

They explain that the stock market is “a very reactive economic machine” for the simple reason that many investors are simply forced to react.

This is largely due to the constraints imposed on professional investors. Say, for example, that a bond investor gets drunk and develops a sudden urge for stocks. He just needs to own stocks right now. He turns to an equity fund manager and asks him to give him shares in exchange for his bonds; Hell, he’ll give her $ 3 in bonds for every $ 1 in stock. “No dice,” replies the action manager. Its mandate simply does not allow it to own anything other than stocks.

And, according to Gabaix and Koijen, many investors look like this equity manager, which means that “it is difficult to find investors who could play the role of macro arbitrageurs.” As a result, the markets themselves become relatively “inelastic”.

Why is this important? Because the “determinants of asset prices can be attributed to measurable demand shocks and concrete investor flows”. In short: Movements of money drive movements of the market.

This is a bold claim, and it flies in the face of traditional economic theory. According to a simple model of efficient markets, flows are a kind of irrelevant friction that occurs at the edges. But for Gabaix and Koijen, this is the main event.

The thesis is troubling for several reasons. For starters, it makes basic research a bit ridiculous. But their theory, Gabaix and Koijen are quick to point out, offers solutions to some of the questions prevalent in the market. This helps solve the “equity volatility puzzle,” which deals with the problem that stocks appear to be much more volatile than the underlying economy. It would also help explain why valuations seem to have so little explanatory power over market movements.

Part of the reason this theory makes such a splash has to come from the timing. As the prices of seemingly worthless things like GameStop and Bitcoin rise, traditional financial analysis has seemed to fade away. What’s the point of studying future cash flows when price appreciation hits millionaires here and there overnight? And indeed, our columnist David Stevenson quotes the newspaper in an article calling stocks even investing “the future of the momentum factor.”

So what should investors take away? The first is that it is better to know how people will react to the news than to know what the news itself will be. So if you can buy before a swarm, you’re in good shape regardless of the value of the underlying business changing hands. It might sound reductive (don’t we already know that stocks move with marginal buyers and sellers?), But Gabaix and Koijen’s framework is radical enough to suggest rethinking the way equity research is done. . Less time building revenue models and more time scrolling Twitter, maybe?

The second point to remember is more subtle, but it is aimed directly at professional fundraisers: Don’t lock up your managers. If you think a given investor has a good chance of knowing when the markets are undervalued or overvalued, you want to let her use that knowledge. Forcing her to stay in 80% stocks and 20% bonds (for example) through thick and thin seems like a particularly bad idea in the context of Gabaix and Koijen. These constraints force her to follow investors in and out of stocks, instead of letting her use the mob’s momentum against them.

These decisions can even contribute to systemic risk. Frankly speaking: we collectively force professional managers to amplify market movements, when they could instead serve as useful ballast against the whims of drunken bond investors.

Neutral tones

From drunken bond investors to those who may be in need of a strong drink, we turn to Michael Hasenstab, whose Templeton Global Bond fund was recently downgraded by Morningstar analysts. money to neutral, about as big as the Chicago Research Store ever distributed.

The fund’s performance has been less than stellar for some time, mainly due to bets on emerging market bonds and against US Treasuries. But before the last few years, Hasenstab had a very impressive track record, easily outperforming its global bond counterparts and making headlines for inspired calls on Irish debt, for example. And that record means Morningstar analysts remained confident in the choice of the hipster king of bonds, until this month, when they bluntly concluded “he’s not as good as we thought.”

This is a conclusion that many investors seem to have already come to. In 2016, when Hasenstab was headlining the research firm’s conference, it had $ 47 billion in its flagship fund (already down from its peak, but undeniably significant). As the Morningstar Conference rolls around again, the fund has shrunk to just $ 10.6 billion, having recorded cash outflows every month since the 2016 conference except for two. And he’s a long way from the main stage.

Are this year’s headliners as good as Morningstar thinks they are? It looks like we’ll have to wait and see.

What’s in a name?

In trivialized games like asset management or financial advice, a little brand recognition can go a long way. And if your last name is Rothschild, then it makes sense to use that to your advantage, even if you are from no relation to the big financiers. And that was the case with Chicago RIA Rothschild Investment Corporation, which has been in existence since 1908 and oversees roughly $ 1.6 billion in client assets, perhaps in part because of its prestigious name (we don’t know for sure. , but it can’t hurt).

However, the flip side of a famous name is that it attracts attention when things go wrong, such as when the The SEC penalizes you to the tune of $ 2.5 million to put clients in funds that offer 12b-1 fees or revenue sharing payments, versus those that you know don’t. So far, and then, but this famous name makes people visit your site to see if it really was the great European banking dynasty that stumbled upon some of the SEC’s lowest fruits. It’s not. But the RIA website offers this little gem on its history:

In 1933, Samuel brought his son Robert into the business. From the 1940s to the 1960s, first Samuel and then Robert continuously improved the business to create a truly client-focused investment firm. Investment products and services that represented conflicts of interest, regardless of their popularity, were split, dissolved or never approved.

Good now. It just shows that past performance is really no indicator of future returns.


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Roofstock turns rentals into remote investments https://amiyasahu.com/roofstock-turns-rentals-into-remote-investments/ https://amiyasahu.com/roofstock-turns-rentals-into-remote-investments/#respond Mon, 20 Sep 2021 08:00:55 +0000 https://amiyasahu.com/roofstock-turns-rentals-into-remote-investments/ The real estate asset class is viewed by many investors as a more stable alternative to volatile stock markets. Until recently, however, investors who wanted to buy a single-family home for rent had limited options as they could usually only consider properties within a reasonable driving distance that they could physically visit. Property management is, […]]]>

The real estate asset class is viewed by many investors as a more stable alternative to volatile stock markets.

Until recently, however, investors who wanted to buy a single-family home for rent had limited options as they could usually only consider properties within a reasonable driving distance that they could physically visit.

Property management is, after all, a very practical task. It’s not just about collecting rent on a weekly or monthly basis, but also maintaining the house and taking the time to find tenants, check their background and make sure they don’t trash. the place. This can take hours, hence the need for single family home investors to find local opportunities.

A startup called Roof aims to change this reality, allowing investors to buy and rent homes from anywhere in the country by radically simplifying the property management process through digitization.

Roofstock has created a rental property market for sale and ranks each listing based on a “neighborhood score” which calculates the potential profitability of an investment, including whether or not there is a tenant in place.

In an interview with PYMNTS, CEO of Roofstock Gary Beasley said his company’s main achievement has been breaking down geographic barriers for real estate investors, making it easier to buy a home and rent it out anywhere in the United States.

“When you look at the stock market a lot of people think it’s very choppy and volatile at times,” he said. “The accommodation is not the same. You can earn income from it and it is easy to give a loan. It tends to increase in value over time. Returns are good, and they are not correlated to stocks. It’s a tangible asset that you can understand, and all we’ve done is make it easy for investors to invest in this asset class.

See also: New Jetty Rent product lets tenants choose when to pay

So easy, in fact, that investors have little to do except make sure they have the money to invest in the first place. Roofstock solves homeowners’ biggest headaches by taking care of property management. Beasley said the company took the time to monitor different property managers in each of the markets it operated in, so it only worked with those it considered to be the best. And he is now able to offer his own property management service in the form of Great Jones, which she acquired in August.

“Now we can say, Here are the prices and here is the service,” Beasley said. “Then we can say, ‘Here are two or three more choices, so you can decide. We like to offer the choice to get people to come to the market, and they tend to like it too. “

There are additional benefits. Through its property managers, Roofstock collects rent on behalf of landlords and offers asset management functionality through its Stessa app.

“Stessa’s asset management software that shows your profit and loss and all of your historical financial data – all of your loan information and property documents,” Beasley said.

Read also: Commercial real estate company JLL invests in rental market with Roofstock deal

With Stessa, Roofstock can monitor the performance of its investors and make offers and suggestions on areas for improvement. So, for example, if a customer pays 5% interest on their mortgage and Roofstock finds a better deal, they can notify that user and help them refinance at 4% instead. He can also appeal property taxes when he determines there is a chance he will be successful.

“These are relevant offers that we believe will help you better manage your investment,” said Beasley. “We add approximately $ 1 billion per month in assets using this software, and it’s free to use. “

Roofstock is very unlikely to be successful if it did not also offer benefits to sellers. In turn, people are selling their homes – especially rental units that may already be occupied – more profitably.

As Beasley explained, Roofstock offers a value proposition as it charges a sales commission of 3% of the transaction amount. This compares well to hiring a broker, who typically charges a 5% or 6% commission. Plus, with Roofstock there is also no need to leave the house first, as it would be when selling through traditional channels.

See also: Buyers and sellers are putting up a welcome mat for unplanned real estate closings

Roofstock serves a niche market, with the average user of its platform owning 1.7 homes, according to its own data. Beasley said about 80% of rental housing in the United States is owned by people who own two or fewer properties. Of course, this means that most homeowners are just ordinary people looking for an investment opportunity, so there is a great potential market for the types of tools that Roofstock offers to make it easier to manage these investments. .

“These are mostly people living in more expensive places who are looking for homes elsewhere in the country, and they are buying their first investment properties through us,” said Beasley. “And they can do it without being seen.”

Although he did most of the work for these owners, Roofstock still found a few ways to generate income. Not only does it take discounts on both sides of the transaction, both sellers and buyers, but it also takes a portion of the property management fees it charges. Finally, it operates a differentiated iBuying model, buying homes currently occupied by tenants and selling them to other future owners.

“We are offering this as a service, and we will usually buy it at a small discount and bring it back to our market,” Beasley explained. “So if you’re in a rush and don’t have time to go through the entire marketing process, we can get you all the cash quickly. “

Roofstock is well positioned to be a Rental Home Buyer, Beasley said, because he has insight into the market and knows when a home is likely to be traded. It also offers the benefit of getting paid while sitting on the property and waiting to sell it.

Read also: Homebuying Platform rolls out welcome mat for investors

“We’ll usually keep them for a few months, they’ll enjoy, and then we’ll sell them back, so it’s a win-win for everyone,” Beasley noted.

Looking to the future, however, Roofstock’s secret weapon may well be the massive database it has assembled on America’s housing stock. Beasley revealed how the company mapped all of the 90 million homes in the United States. Known as the “portfolio optimizer,” this database contains information about every house in the country.

“We know which ones are rentals, what the neighborhoods look like, how they’re all trending and what’s available for sale,” Beasley said. “So we can go down to any city or neighborhood and say which ones are rental units. And if it’s not rental housing today, we can tell you which ones are good candidates to become rental housing in the future, if there is a demand for it.

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NEW PYMNTS DATA: TODAY’S SELF-SERVICE PURCHASE JOURNEY – SEPTEMBER 2021

On: Eighty percent of consumers want to use non-traditional payment options like self-service, but only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba Collaboration, analyzes more than 2,500 responses to find out how merchants can address availability and perception issues to meet demand for self-service kiosks.


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Pratima Education launches a new application https://amiyasahu.com/pratima-education-launches-a-new-application/ https://amiyasahu.com/pratima-education-launches-a-new-application/#respond Sun, 19 Sep 2021 04:18:00 +0000 https://amiyasahu.com/pratima-education-launches-a-new-application/ Ahmedabad (Gujarat) [India], September 19 (ANI / Heylin Spark): Established in 2000, Pratima Education is one of the leading institutes in Ahmedabad offering coaching for commerce and business administration (B.Com, M. Com, BBA, MBA). Gradually, Pratima Education has launched its app which provides exclusive material for business and MBA students. There are exclusive features on […]]]>

Ahmedabad (Gujarat) [India], September 19 (ANI / Heylin Spark): Established in 2000, Pratima Education is one of the leading institutes in Ahmedabad offering coaching for commerce and business administration (B.Com, M. Com, BBA, MBA).

Gradually, Pratima Education has launched its app which provides exclusive material for business and MBA students. There are exclusive features on the app to help students understand concepts with clarity.

With a training and supervision record of more than 150,000 students to date, Pratima Education has defined its formula for success. Pratima Education coaches nearly 500 students per year. This application is an added value for students.

Students are future leaders and guiding them at the right time can shape their future. With this conviction, Pratima Education supports and contributes to the Indian education system. The main motto of Pratima Education is to constantly improve, to strengthen the positive impact on students and society, helping them to transform their lives.

Dr RushikeshVed, the Founding CEO of Pratima Education believes in transforming every individual through quality education. As a lecturer and visiting professor at some of the best institutes in Gujarat, he has mentored several students. He received the “Holder of the highest diploma in Gujarat”. He was also recognized by the ICA Group for leading thoughtful and inspiring sessions.

As a TEDx speaker, Dr RushikeshVed is socially aware and wants to uplift society through the Pratima app. He has inspired thousands of students to follow their passion and move forward in life.

Pratima Education addresses disciplines such as accounting, finance, taxation and law. Courses such as management accounting, business accounting, advanced financial accounting, cost accounting, management accounting, international accounting, financial economics, corporate financial reporting, strategic financial management, General Taxation, Tax Planning and Management, Income Tax, Commercial Law, Labor Law and Business Law is offered by Pratima Education.

With a team of motivated and talented teachers, Pratima Education supports each student and guides them in the right direction. The speakers are subject matter experts and understand the pulse of the students. With a concept-driven approach, the team inspires each student to pursue academic and personal excellence. Pratima Education prides itself on having speakers, graduate mentors, inspirational speakers and a resourceful academic advisor.

With a mission to achieve 100% literacy and put all students, parents and teachers on the same platform, Pratima Education strives to innovate new, more effective ways of educating and serving. students.

By launching the Pratima app for business and MBA students, the educational institution empowers students.

Here is the link to download This story is provided by Heylin Spark. ANI will not be responsible for the content of this article in any way. (ANI / Heylin Spark)


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The shape of things to come https://amiyasahu.com/the-shape-of-things-to-come/ https://amiyasahu.com/the-shape-of-things-to-come/#respond Sat, 18 Sep 2021 12:15:11 +0000 https://amiyasahu.com/the-shape-of-things-to-come/ Can you guess the names of the six most valuable US companies in 2004? These were GE, Exxon, Microsoft, Pfizer, Citi and Walmart. That’s right, not a single FAANG action. Today, the big names are Apple, Microsoft, Google, Amazon, Facebook and Tesla. The old order has given way to the new. Get ready, because such […]]]>

Can you guess the names of the six most valuable US companies in 2004? These were GE, Exxon, Microsoft, Pfizer, Citi and Walmart. That’s right, not a single FAANG action. Today, the big names are Apple, Microsoft, Google, Amazon, Facebook and Tesla. The old order has given way to the new. Get ready, because such a change is coming to India, sooner than you might think. The journey has begun.

Less than 1 percent of India’s market capitalization is represented by digital or internet-based businesses. In the United States, that number is 40 percent. But we already have 60 unicorns here and that number will likely increase to 200 by 2025. And that’s a conservative estimate. Will we then have our own FAANG? Of course, but maybe under another name. Given the enthusiasm around the valuations of start-ups, it is tempting to baptize them BOOZINGUPs, after Byju’s, Ola, OYO, Zomato, InMobi, Nykaa, Grofers, upGrad and Paytm. More ads can pave the way for better acronyms, but the trend is undeniable: more and more digital businesses are growing in size and stature, replacing the stars of yesteryear.

So what will the Sensex look like in 2030? Here is a sacrilegious prediction. These 10 companies — ONGC, M&M, Axis Bank, NTPC, Power Grid, ITC, IndusInd Bank, Tech Mahindra, Bajaj Auto and Titan — will no longer be included in the index. They will be replaced by names like Byju’s, Paytm, PharmEasy, Flipkart, Ola, Zomato / Swiggy and their ilk. Many may even find their way into our list of our 10 Most Valuable Companies, as has happened in the United States. This does not mean that the manufacturing and financial giants will wither or perish, but simply that the internet-based ecosystem will tap into much of the consumer demand that keeps India going, in turn adding enormous value to these. companies. The rate at which these firms can grow, after all, is incomparable to the relatively slow rate at which manufacturing firms can grow by adding layers of capacity. A Tata Steel can take years to set up an entirely new project, from planning to commissioning, but a Byju’s can add millions of new students and double its turnover in a single year. Such is the beauty of the digital world. Why do you think Mukesh Ambani spends so much time these days raising billions for his Jio platforms? Because he sees that the future is not oil or petrochemicals, but digital.

This trend will also create a new generation of super billionaires, many in their 30s and 40s. But the richest in India need not worry. They will not be rushed from their perch because their companies are at the top of the hierarchy. Indeed, the new digital entrepreneurs do not share the same fixation on having a dominant shareholder base in their companies. The previous generation was different, in that they used debt to finance their expansion and rarely let their family’s stake drop below 50 percent, or at least 26 percent. Entrepreneurs today use equity as an oxygen for their growth and do not hesitate to dilute their stake repeatedly to grow their business. Zomato recently caused a stir when its market value exceeded Rs 1 lakh crore, but its promoter Deepinder Goyal only owns 5% of the company. He is not really poor, but certainly not a multibillionaire, as any older generation promoter of a company of such value would be. It’s a generational shift in mindset, to take pleasure in creating and being part, albeit smaller, of a high-value business, without obsessing over personal wealth beyond a certain point. point. How much can you spend in a lifetime, anyway?

Such a massive change will inevitably have a collateral impact. India’s retail, healthcare, education, transportation and financial landscapes are poised for a major overhaul. The first signs are visible in how Amazon and Flipkart have dramatically altered the Indian retail scene over the past five years. A company like Ola could do the same with more traditional automakers if it steals a lead in the electric vehicle market. Companies like Paytm could make many existing financial powers redundant as easily as discount brokers like Zerodha supplanted established leaders. The recent example of BharatPe and Centrum coming together for a banking license could hold clues as to what is to come. Smart business leaders can see it coming and prepare for it. Bajaj Finance can be seen preparing its arsenal to compete in the digital arena, but where would it leave the public sector numb? The rate of erosion of Indian public sector market share in all areas will only be accelerated by the rise of Indian unicorns. There may not be any public sector entity in Sensex, other than SBI, by the end of this decade.

There will also come a time, soon, when the sheer value of digital businesses will allow them to take over businesses in the physical world, with the goal of strengthening their delivery infrastructure. As an online pharmacy, PharmEasy’s recent acquisition of Thyrocare is a classic example of the possibilities of this phenomenon, as is Byju’s $ 1 billion acquisition of physical tutorial chain Aakash Educational Services. This is just the tip of the iceberg. The country is heading for mind-numbing inorganic movements, with many older generation tycoons pulling out their established businesses before it’s too late. The Internet is a game of young women, not for aging patriarchs or those who are not left behind.

As exciting as it is, it still remains to be seen whether we can launch digital entrepreneurs on a global scale. In this, India has always lagged behind; China is doing much better. Could any of our unicorns transcend borders and create a platform or product that works globally? Byju’s is trying to do that, and it would be interesting to see if others follow or remain happy with the huge national opportunity. Finally, what would be truly refreshing would be to see these wonderful young entrepreneurs celebrate their success by embracing everything their ancestors largely avoided: a greater awareness of the environment, an inclination to share their wealth with others. less fortunate and, finally, to lend their voice and support to the creation of a better and more inclusive India. It would be worth more than all of their trillions.


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