In Practice February 13, 2009

Concerned Clients Calling More

A more volatile market and nervous investors appear to be taking more time from their financial advisers.
Reported by
In fact, according to the 4th Annual National Financial Broker and Advisor Sentiment Index, the vast majority (92%) of brokers report spending an average of 36% more time giving investment advice to their clients compared with a year ago. As a result, nearly half (43%) of those clients took action in their portfolios, according to the survey by National Financial, a Fidelity Investments company.

Market Movements

 

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When looking at clients of brokers who took action in their investment portfolios over the past 12 months, the National Financial study found that more than one-in-five (21%) moved at least some of their assets into safer investments, while seven percent moved assets into more aggressive investments and 14% simply increased their overall asset levels.
Looking ahead, nine in 10 believe the market (as measured by the S&P 500) will be flat to positive in 2009, with three-quarters seeing the market increasing by an average of 15%.
The National Financial Broker and Advisor Sentiment Index is an analytical measurement of U.S. brokers’ and advisers’ satisfaction with their profession and their current broker/dealer. It combines satisfaction with the levels of support brokers and advisers feel they get from their firm in various areas, along with brokers and advisers’ satisfaction with their work-life balance in terms of having the time and ability to accomplish their personal, financial, relationship, and work goals. Data for the Index comes from a National Financial study of more than 1,200 U.S. investment professionals.
The National Financial study was conducted by online interviews between October 3 and November 7, 2008, by Sancore LLC. The respondents came from a mix of independent, wirehouse, insurance, regional, bank, and RIA firms, weighted to accurately reflect the industry composition.
Deals & People February 13, 2009

Fidelity Announces New Head of Asset Strategy, Product Development

Fidelity Investments says that Anthony W. Ryan has been named the firm's new head of Asset Management Strategy and Product Development, effective February 23, 2009.
Reported by
Ryan joins Fidelity in the newly created position after serving in high-profile roles within the U.S. Treasury Department since 2006, and in leadership positions in the investment management industry over the previous 20 years, according to the announcement.
From July 2008 through January 2009, Ryan served as acting Under Secretary of Domestic Finance. In that role, he oversaw U.S. Treasury financing, public debt management, and federal regulation of financial markets, and assisted the Secretary of the Treasury on the domestic financial system, fiscal policy and operations, government assets and liabilities, and related economic and financial matters. He also served as the senior member of the Treasury Financing Group and coordinated the inter-agency President’s Working Group on Financial Markets.
Ryan served as Assistant Secretary of the Treasury Department from December 2006 to July 2008, advising the Secretary on broad matters of domestic finance; financial markets; federal, state and local finance including the federal debt; government credit policies; and lending and privatization. From July 2006 to December 2006, he was Senior Advisor to the Treasury Secretary, providing counsel to the Secretary and Treasury Chief of Staff on key policy matters and coordinating issues within the Department and its bureaus, as well as with the White House and other agencies.
Previously, Ryan spent six years as a partner and head of Global Business Development and Client Relations at Grantham, Mayo, Van Otterloo & Co., where he also served as a member of the firm’s Global Executive Committee. From 1994 to 2000, he was a principal at State Street Global Advisors, the institutional investment management arm of State Street Corp. At SSGA, Ryan served as a chief investment officer and portfolio manager of global equities, and held positions leading product and business development efforts. From 1988 to 1994, he was manager, Global Investments, at PanAgora Asset Management.
“We’re very fortunate to have the opportunity to add an individual of Tony’s caliber to our senior investment management executive team,” said Michael E. Wilens, head of Asset Management. “In partnership with the heads of our investment businesses – Fidelity Management & Research Company, Pyramis Global Advisors, and Strategic Advisers, Inc. – Tony will be responsible for defining long-term investment strategies and approaches, and will head the development and coordination of investment management product offerings across the three businesses. Tony not only has a long and distinguished background in investment management, but also displayed his considerable leadership skills at the Treasury Department, where he recently headed the team that developed the government plan to rescue Fannie Mae and Freddie Mac. He will bring fresh perspectives and innovative thinking to our investment efforts.”

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