Euro investors turn to financial advice
As the eurozone continues to struggle financially, more high net worth European investors are engaging professional financial planning services, a survey has found.
According to the findings of a survey conducted by Washington DC-based advisory firm CEB (formerly Corporate Executive Board) and reported by the Financial Times, 34 per cent of “wealthy Europeans” either employ a financial adviser or work to a long-term financial plan, up from 29 per cent in 2012.
The survey – which polled more than 1,000 high net worth individuals in France, Germany, Italy, Spain, Belgium, Hungary, Poland, Russia, Sweden and the UK – also found that 40 per cent of consumers polled have expanded their savings or investment pools or increased debt repayments in the first quarter of 2013, indicating a two-year high.
CEB managing director Peter Aykens said the financial situation in the eurozone and its periphery, particularly Cyprus, has sparked the resurgence in demand for planning.
“The euro crisis has triggered heightened proactive financial management among high net worth investors and this is set to continue through 2013,” he said.
“In light of the Cyprus bailout, we anticipate a ‘flight to quality’ as the wealthy scrutinise their providers more closely, gravitating to those who can demonstrate real strength and stability.”
Perth adviser given four-year ban
The corporate regulator has banned a Perth-based financial adviser for four year...
ASIC concedes Hayne error on personal advice
The corporate regulator has told a government committee that intra-fund advice i...
PIMCO to bring listed investment trust to Australia
Investment manager PIMCO will bring its first closed-end listed investment trust...