The uber wealthy aren't better investors than the merely affluent, and many make the exact same mistakes as those with far lower net worth. According to a new survey from the deVere Group of 652 high-net-worth clients worldwide, more than a quarter of them (27 percent) said their number one investing mistake was a failure to diversify their portfolio properly. That's followed by 23 percent who wish they started investing earlier, 20 percent who regretted focusing too much on short-term results, 15 percent who were too emotional over investments and 8 percent who did not keep enough cash in reserve. The responses mirror those of lower-net-worth investors, according to MarketWatch, and are the result of what can happen when habits and emotion get in the way of good decision-making. “There’s no reason to fall in love with a stock,” said Jordan Waxman, managing director and partner of HSW Advisors at HighTower Advisors. “It doesn’t know you’re in love with it, and it can’t love you back.”
Edelman Financial has tapped former LPL executive Ryan Parker as its new CEO. Parker will help Edelman expand its client base across the country, firm founder Ric Edelman said. Parker will also lead the daily operations of the firm, which manages $16 billion for more than 30,000 individuals and families. Parker was LPL's Managing Director of Investment and Planning Solutions, with prior stints at Russell Investments, Franklin Templeton and Putnam. Edelman, who sold his firm to private equity investors late last year, said the move would allow him to focus his efforts on serving clients, not day-to-day management.
FolioDynamix Focuses on Improving Client Service
As part of a commitment to improving client service, FolioDynamix is hiring Tom Christian, a 30-year veteran of the financial services industry, for the role of chief delivery officer. As FolioDynamix rolls out the eighth generation of its financial planning product, which comes with a new user interface, the firm said it recognized the need for “hands-on executive stewardship of key client-facing roles.” Christian has been consulting for FolioDynamix since January to work on improving the service desk model and implementing a more agile development process. Steven Dunlap, FolioDynamix’s president, said, “Process and efficiency may not seem like exciting words, but we are thrilled to have the experience Tom brings to our team and we’ve already begun seeing results from his suggestions and methodology.”
