A BRICdata report has recently suggested that the wealth management market for South Asian millionaires living abroad will increase in the next four years. As many as 21.6 million persons of Indian origin (PIO) and non-resident Indians (NRI) are currently living overseas, with the largest proportion of millionaires residing in the US. This is followed by the UK, the United Arab Emirates, Canada and Hong Kong.
The compound annual growth rate (CAGR) of the wealth management market for NRI millionaires living abroad rose to 9.4 per cent over the 2007-2011 study period. BRICdata also expects the total wealth of these individuals to increase by another 6.9 per cent by 2016.
The number of non-resident Pakistanis (NRP) living abroad reached eight million last year, according to the report, with the majority of millionaires living in the UK, followed by United States, the Persian Gulf and Canada. The Persian Gulf counties also hold the largest number of Bangladeshi millionaires, with 5.4 million non-resident Bangladeshis (NRB) currently live away from their home country. With 2.5 million persons of Sri Lankan origin and non-resident Sri Lankans (NRSLs) living abroad last year, Singapore had the highest proportion of millionaires.
It would seem that the South Asian markets are serving their entrepreneur’s well. If your wealth needs managing the Asian markets will probably prove vital for future growth. Enables IFA’s are always happy to talk through your investment options.
Showing posts with label simplified advice. Show all posts
Showing posts with label simplified advice. Show all posts
Wednesday, 9 May 2012
Thursday, 29 March 2012
Simplified advice is not that simple...
The Financial Services Authority is set to provide final guidance on simplified advice this week. Last September, the regulator published a guidance consultation outlining its definition of simplified advice, it recommended 3 possible ways.
The first was advice provided through a fully automated advice system where the customer would not at any stage in the process have the opportunity of discussion with an employee. The design, testing and review of the operation of such a system could prove more complex than the design of procedures to provide advice to customers face-to-face, or over the telephone. Given the purpose of the system is to provide advice on investments a fully qualified retail investment adviser would need to be involved in the design process from the beginning anyway to confirm that the system was fit for purpose before it entered into use.
The first to explore simplified advice were Aviva, it developed a prototype online model based on decision trees, but has now opted to focus on execution-only services. Paul Yates, strategy and product development director at technology provider Avelo, said simplified advice was already "dead". "There were too many checks and it wasn't really simplified enough. The key concerns around simplified advice seem to be that. "They're asking people to take too much risk." Independent Financial Advisors Enable of Bishop’s Stortford believe people are vital to getting simple clear financial advice.
The first was advice provided through a fully automated advice system where the customer would not at any stage in the process have the opportunity of discussion with an employee. The design, testing and review of the operation of such a system could prove more complex than the design of procedures to provide advice to customers face-to-face, or over the telephone. Given the purpose of the system is to provide advice on investments a fully qualified retail investment adviser would need to be involved in the design process from the beginning anyway to confirm that the system was fit for purpose before it entered into use.
The first to explore simplified advice were Aviva, it developed a prototype online model based on decision trees, but has now opted to focus on execution-only services. Paul Yates, strategy and product development director at technology provider Avelo, said simplified advice was already "dead". "There were too many checks and it wasn't really simplified enough. The key concerns around simplified advice seem to be that. "They're asking people to take too much risk." Independent Financial Advisors Enable of Bishop’s Stortford believe people are vital to getting simple clear financial advice.
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