Wall Street is in a bull market that everyone loves to hate, and that includes high-net-worth investors who are holding onto cash for when the correction comes. That’s according to Fifth Third Bank strategist Jeff Korzenik, who told CNBC, “When I am out speaking to high-net-worth individuals, they tell me they’re holding cash aside. People used to wait for a 10 percent pullback, then a 5 percent, and now I think they’ll take a 2 percent,” he said. That pullback is coming, according to BTIG Chief Technical Strategist Katie Stockton. She told Squawk Box that she expects a stock market pullback of 3 percent before year-end. The question is when. The sooner the pullback, the more likelihood of a end-of-year rally, she added.
PURE Offering Cyber Fraud Insurance
The PURE Group of Insurance Companies has announced that it’s launching an insurance product to protect against fraud and cyber fraud. Called PURE Starling, it is designed for high-net-worth families and individuals as an optional endorsement to PURE’s homeowners policy. PURE Starling provides coverage for financial loss resulting from online and offline fraud, with services to help assess and respond to cyber extortion threats and coverage to remove malware and reinstall software after an attack. Coverage limits of $100,000 and $250,000 are available, with a $1 million coverage limit to those PURE members who take steps to reduce their risk by subscribing to a cyber monitoring service that actively monitors their home network and devices. “At PURE we recognize that the threat of fraud and cybercrime is greater today than it’s ever been, and as high-net-worth individuals, our members are targets because their home networks are typically less secure than corporate networks and they have substantial balances on their financial accounts,” said Martin Hartley, chief operating officer at the PURE Group. “While we provide advice and services to help our members become safer and more secure, this new offering will also provide them with the peace of mind that they are covered should they suffer a loss due to fraud or cyber attack."
Northern Trust Teams Up with Wharton
The Wharton Global Family Alliance, a forum to encourage engagement between leading high-net-worth families worldwide and Wharton faculty, has announced a new partnership with Northern Trust’s Global Family and Private Investment Offices Group. Northern Trust, in its new capacity as GFA’s Global Industry Partner for Financial Services will provide financial support for Wharton’s research and programs pertaining to multigenerational HNW families and family offices. Geoffrey Garrett, dean and reliance professor of management and private enterprise at Wharton GFA, said of the partnership: “Family firms make a crucial impact on the worldwide economy, and we are thrilled to work together with Northern Trust to the benefit of global families and society.”
