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1、The Big Reset 2022 NATIXIS GLOBAL SURVEY OF FINANCIAL PROFESSIONALSPost-pandemic markets put financial professionals at a turning point1 I NATIXIS GLOBAL SURVEY OF FINANCIAL PROFESSIONALSDespite a double-digit correction in stocks and bonds and near double-digit inflation in the first half of 2022,f
2、inancial professionals project a market recovery by years end and anticipate a 5%median growth in AUM for the next year and an annualized median growth rate of 10%over the next three years.Those looking to achieve these goals will have their work cut out for them.Longstanding investment assumptions
3、for peace,prosperity and growth have been upended in 2022.A ten-year hot streak for stocks dissolved into a 17-point correction.A broken supply chain disrupted a decade of synchronous global growth.Inflation reached a 40-year high.Central bankers hiked interest rates.And Russia ended 77 years of pea
4、ce in Europe by invading Ukraine.To grow,financial professionals have to adapt.In the short term,theyll need to reset investment strategy for turbulent markets and emotional clients.In the long term theyll need to reevaluate their market assumptions.Theyll need to determine how much the world has re
5、ally changed.And theyll need to adapt portfolio and business strategy for a new environment.The magic number:20 The median number of clients that financial professionals think they will need to add annually over the next three years to achieve their growth goals is 20.Introduction1234Results from th
6、e 2022 Natixis Global Survey of Financial Professionals offer a look into what these and other challenges hold for business growth.Based on the views of 2,700 financial professionals in 16 countries,the survey focuses on four key insights:1:You need more than markets to grow a business 2:Investment
7、assumptions need to change with the fundamentals 3:The hardest thing to manage may be client expectations 4:Business models will need to adapt to emerging client needs3 I NATIXIS GLOBAL SURVEY OF FINANCIAL PROFESSIONALSYou need more than markets to grow a businessMarkets spurred AUM growth for profe
8、ssionals over recent years,but with a downturn,financial professionals need effective strategies for winning new clients and new assets if theyre going to grow.01Introduction1234Clients were lucky to see assets swell by as much as 20%30%over the past two years.As were financial professionals who saw
9、 their book of business grow accordingly.Outsized market performance made it easier for professionals to increase their assets under management and eased the pressure to find(and win)new clients and new assets.In 2022,the job has become much tougher.Globally,financial professionals estimate that the
10、y will be able to grow their business by a 5%median growth in AUM for the next year and attain a 10%median growth rate over the next three years.Professionals in North America are most optimistic on growth,calling for 7%in 2022 and a median 15%annually for the next three years.Professionals in Latin
11、 America may only see the potential for 5%in 2022.On the other hand,they also projected a median 15%annualized growth rate over the next three years.Knowing market performance probably wont provide the tailwind theyve delivered over much of the past decade,financial professionals will look to win ne
12、w assets from new clients.In fact,those surveyed anticipate the annual median number of clients theyll add to their book of business by 2024 is 20.The one big exception:professionals in North America,who appear to be seeking out higher net worth individuals and anticipate needing only to win 10 new
13、clients annually to meet their goals.But financial professionals say winning new clients isnt the easiest way to grow.Nearly half of those surveyed(49%)see it as the most challenging of all growth drivers.Recognizing it takes time to pursue new clients,some may hope to enhance operational efficiency
14、 in their practice.But 43%say the investment in technology,training,and other initiatives is also a challenge.Professionals could look to go deeper with their current clients and earn more of their assets,but 41%say that too is a challenge.In the scale of things,financial professionals say protectin
15、g what they already have by retaining assets(36%)from current clients is less challenging.1-Year Median Projected AUM Growth Rate+5%3-Year Median Projected AUM Growth Rate+10%Growth in sight despite the challengesEven as they contemplate an environment marked by rising interest rates,rising inflatio
16、n,and a rapid market decline,advisors are optimistic they will be able to grow their business in 2022 and beyond.The question is:How will they achieve their goals?Introduction1234Success factors for business growth What can help ensure their success?The largest number of advisors(49%)say it will com
17、e down to demonstrat-ing for clients how they add value beyond asset alloca-tion.This ties in directly to a major transition under way in the wealth management business.Many financial professionals have found that shifting the focus of their business from portfolio management to financial plan-ning
18、can strengthen long-term relationships.“We truly do comprehensive planning,”says a US wirehouse advisor.“Its not just investments in the silo,were not asset managers.We help clients with everything related to their wealth 401(k)at work,deferred comp,long-term care insurance,life insurance.”“Were foc
19、used on the client experience,”she adds.“I am a firm believer that this is a service business.”This transition could be vital in the year ahead as clients see higher volatility,lower returns,and potential short-term losses.Rather than letting client relationships be defined by the transaction of sel
20、ling into or out of an in-vestment,a broader focus on financial planning could help them keep clients focused on the long-term goals.Not short-term market performance.Another(45%)believes success will depend on building relationships with next generation heirs.A time-consum-ing process according to
21、more than half of those sur-veyed(52%),its a worthy effort.Building relationships may often be geared to retaining assets when client wealth is transferred,but it is also an opportunity to add new clients and win the current assets of client heirs.Professionals are also focused on technology upgrade
22、s(38%)as a critical step to ensuring success.This can in-clude investing in a customer relationship management system to make their service efforts more efficient,or digital tools that give clients a self-serve option for rou-tine requests.Here,the biggest barrier(44%)to entry is simply the cost of
23、implementation.But some say the benefits are worth it.“We are increasing the level of digitization within our business.Not only to simplify a lot of the investment process,but for the new generation of clients,”says an IFA in France.Advisors are less likely to see other factors such as streamlining
24、their client base(25%)or succession plan-ning(24%)as critical to their success.Meeting demand for crypto(16%)is at the bottom of their list of success factors,because professionals say it is out of their area of expertise.Financial professionals may want to learn more,as a growing number of clients
25、are looking to in-vest in digital assets.49%45%40%38%25%24%16%Demonstrate value beyond asset allocationBuilding relationships with next generation heirsClientretentionAccess to technologyStreamline client baseSuccession planningMeet demand for cryptoFinancial professionals see clear success factors
26、for their business growthIntroduction1234Prospecting efforts come into focus To pursue new clients and new assets,two-thirds of financial professionals segment their prospects by age and focus on individuals in their prime earning years.Overall,82%focus on individuals between the ages of 50 and 60.A
27、nother 61%focus on those between age 60 and 65.These age groups,often thought of as pre-retirees,are particularly attractive.Not only have they had time to accumulate wealth,but they also tend to be out from under education costs and liabilities related to raising a family.Its likely that advisors c
28、an win more of this business by emphasizing their ability to help annuitize savings and investments as a retirement income plan.Another 77%of financial professionals focus their pros-pecting efforts on individuals between 35 and 50.At this stage,clients may be looking for more comprehensive financia
29、l planning services to address education funding,retirement savings and investment and debt management.Less than half(48%)focus on individuals between ages 18 and 35.Often the assumption can be that at this age they dont have enough money.Fewer still(33%)focus on those over the age of 65,perhaps ass
30、uming that they will be likely to be looking to draw down wealth rather than accumulate.But given that so many see establishing re-lationships with next generation heirs as a success mea-sure,these segments may be an overlooked opportunity.Beyond age,many financial professionals prioritize spe-cific
31、 cohorts in their prospecting.Professionals such as doctors and lawyers(77%)and business owners(75%)are two top priorities for financial professionals.Each can present unique needs such as managing in-vestments for employer retirement plans,managing concentrated positions,unlisted equities,and tax m
32、an-agement.To compete,financial professionals will need to be well versed in planning issues related to deferred compensation,tax-efficient investing,and direct index-ing for unwinding concentrated positions.Six in ten also see HENRYs(High Earner Not Rich Yet)as an important prospect segment.This gr
33、oup of in-dividuals with annual incomes between$250,000 and$500,000 and little accumulated wealth pose unique op-portunities.Helping HENRYs convert income to assets through a personal financial and investment plan could be the foundation of a promising long-term relationship.THE MOST SUCCESSFUL PROS
34、PECTING STRATEGIESFinancial professionals say personal and professional referrals,along with a return to in-person events,have been their most effective strategies for growing assets in the past year.In-person events and experiencesReferrals from professionals(CPAs etc.)48%Referrals from other clien
35、ts72%Email marketingSocial media engagement34%20%14%Introduction1234About 30%concentrate on women in their prospecting efforts.Tailoring an offering to women could be a sig-nificant opportunity for financial professionals.In the US alone,McKinsey projects that women will control the lions share of$3
36、0 trillion in Baby Boomer assets by 2030.By scale,the amount of potential wealth transfer this represents approaches projections for US GDP in the same timeframe.1Another opportunity for growth focuses on LGBTQ investors.According to LGBT Capital,the global wealth of this market segment represents a
37、 GDP of$3.9 trillion annually2 a level that surpasses Germany($3.6 trillion3),the worlds fourth-largest economy.Tailoring planning and investing services to the unique experiences and family dynamics of LGBTQ clients can help financial professionals deliver genuine value to a client base with signif
38、icant economic clout.With markets less generous than they have been in the past decade,financial professionals will need to be resourceful to achieve double-digit growth over the next three years.Success will mean adapting service and pricing models and focusing prospecting efforts on high-value seg
39、ments.But broadening the service set is only half the equation.Financial professionals will also need to reassess their investment strategy for a changing environment.AUM-based feeHow do you charge today?34%50%23%37%15%16%13%13%MixTransactionalSubscriptionHow will you charge in five years?FEE STRUCT
40、URES ARE CHANGING Financial professionals will be looking to optimize their fee structure in order to adapt to changing client service preferences.Introduction12348 I NATIXIS GLOBAL SURVEY OF FINANCIAL PROFESSIONALSInvestment assumptions need to change with the fundamentalsMarkets in 2022 are giving
41、 advisors reason to question long-held investment assumptions and determine what,if any,long-term strategy shifts are needed for long-term success.02Introduction1234Between 2011 and 2021,investors counted on key investment assumptions to propel market performance:Rates were low,inflation was low and
42、 growth was strong across the globe.Markets were reaching ever upward and doing so with little volatility.It was a good time for investors as the S&P 500 experienced just two down years in ten in a run that capped off with a 16%return in 2020 and 27%in 2021.4 This during the uncer-tainty of the pand
43、emic.Then,in the first quarter of 2022,investors experienced a triple dose of reality when for the first time in 40 years,they experienced a 10%correction in stocks,a 10%correction in bonds,and inflation that neared 10%all at once.On top of disappointing economic and market news,investors were furth
44、er stressed by war in Ukraine,concerns about Chinese intentions in Taiwan,and surging prices at the supermarket and the gas pump.To some,current events carry historic weight.As one registered investment advisor in the US so aptly said,“Of all weve seen over the last decade,this scenario is the one t
45、hats getting me to reevaluate.”“Most in our profession have based their career on a post-Cold War world thats opening up,”he observed.“Globalization has been the focus.That chapter is done.”“Of my entire career,this is the one thing thats really getting me to do more deep dives and reassess the hist
46、orical attributes weve assumed,”he added.Financial professionals certainly have to be mindful of how these factors affect their underlying investment assumptions,but they have to be equally concerned with how they impact clients.Introduction123410 I NATIXIS GLOBAL SURVEY OF FINANCIAL PROFESSIONALSPr
47、ofessionals remain optimistic in outlook for second half of 2022Despite the many challenges,financial professionals are optimistic for better days in the second half of the year.On average,they project a market rebound in most major indexes from near-bear market territory to post gains by the end of
48、 December,including 5.8%for the S&P 500 and 6.4%for the MSCI World index.Thats what the global average shows,but closer inspection reveals significant regional differences:Professionals in Latin America expect much more from market performance,including 11.2%for the MSCI World and 9.6%for the S&P 50
49、0.Professionals based in the UK appear to be the most pessimistic,calling for the MSCI World to deliver just 2.6%and the S&P to post a 2.2%return.Despite these low projections,UK professionals give a home court advantage to the FTSE 100,which they project to deliver 4.7%for 2022.S&P 500REGIONALMSCI
50、WORLD INDEXWHAT DO YOU PROJECT MARKETS WILL RETURN IN 2022?CHILE10.1%8.8%8.4%COLOMBIA9.8%9.9%8.7%CANADA3.5%4.2%5.4%US4.0%4.4%MEXICO10.3%9.3%6.9%UK2.6%2.2%4.7%HONG KONG11.1%8.8%10.8%FRANCE1.9%1.9%0.7%GERMANY4.0%2.8%0.6%SINGAPORE11.6%9.6%13.8%SPAIN6.1%6.3%5.4%URUGUAY14.4%10.3%5.4%Hang Seng Index FTSE
51、STI SWITZERLAND3.3%3.1%3.1%SMI CAC 40FTSE 100IBEX 35COLCAPS&P Latin America 40IGPAS&P/BMV IPC S&P/TSX Composite IndexDAXJAPAN7.9%7.3%7.1%Nikkei 225AUSTRALIA3.1%2.9%6.7%S&P/ASX 200ITALY5.7%6.4%3.4%FTSE MIBIntroduction1234Inflation and geopolitical risks come to a head While market projections look po
52、sitive,financial profes-sionals find a number of factors to worry about.Inflation and geopolitics(57%)earn the greatest mindshare for portfolio risks in the second half of the year.While they are two distinct challenges,these factors are directly linked.At the start of the year,few would have antici
53、pated that an active ground war in central Europe would dominate headlines.But the Russian invasion of Ukraine has shaken up the geopolitical and economic order.NATO allies have enacted severe sanctions on Russia and a growing number of global companies have shuttered operations there.Notably,geopol
54、itical risk strikes closest to home as concerns run highest among financial professionals in Europe(78%)and the UK(72%).The war also has a significant impact on inflation.Most visibly,the war disrupted distribution of Russian oil and gas.A spike in demand from OPEC producers has re-sulted in record
55、high energy prices.This at a time when the global economy was humming along in a post-pan-demic recovery and energy demand was already growing.Inflationary pressure has not been limited to oil.Food prices have soared as Ukraine,the breadbasket of Europe,has had to direct its efforts to defending its
56、 borders rather than growing food that fills plates across the continent.Inflation concerns run highest in Spain(70%)and the UK(68%).In the US,where consumers are experiencing the highest level of inflation since the Reagan era,two-thirds of investment professionals see the risks it presents to clie
57、nt portfolios.Concern runs lowest in Asia where the pandemic recovery has been delayed,with core inflation anticipated to increase by 1%to 3.4%in 2022.5Rates.Rates.Rates.Interest rates are a longstanding risk concern.But where the concern over the past decade had been on generating yield to offset l
58、ow rates,the challenge in 2022 is a rising rate environment.Financial profession-als will need to adapt their fixed income strategy to ac-count for heightened duration risk.“Investment strategy on the municipal bond side is on keeping duration shorter,trying to simply keep them to term,and definitel
59、y then shifting to more like low duration or short-term bonds and bond funds.”US Registered Investment AdvisorIntroduction1234Volatility:an unfamiliar experience for many clients Volatility(40%)is another key risk.Investors in 2022 are experiencing one of the longest bouts of volatility in more than
60、 a decade.Since January,the VIX has averaged 26.3(through June 20),significantly higher than the 18.5 average it posted between 2010 and 2021.6 Financial professionals not only need to manage portfolios through the turbulence,they also have to help anxious clients avoid emotional selling decisions.D
61、espite already seeing the market correction bring values back to earth,20%see valuations as a key risk.In this case,the risk may be as much about paying too much for overpriced stocks as finding the confidence to believe that the market has finished the painful process of bringing P/E ratios back to
62、 earth.InflationGeopolitical ConflictRising RatesVolatilityNew Covid VariantsValuationsLiquidityRISK CONCERNS VARY WIDELY BY REGION00708057%Inflation57%Geopolitical Conflict49%Rising Rates 40%Volatility22%Covid 39%Inflation46%Geopolitical Conflict46%Rising Rates44%Volatility31%Covid64%Inf
63、lation78%Geopolitical Conflict51%Rising Rates31%Volatility 19%Covid53%Inflation40%Geopolitical Conflict41%Rising Rates40%Volatility27%Liquidity66%Inflation48%Geopolitical Conflict60%Rising Rates48%Volatility28%Valuations68%Inflation72%Geopolitical Conflict44%Rising Rates48%Volatility20%Covid GlobalA
64、siaEuropeLatAmN.AmericaUKIntroduction1234Rates and inflation driving asset class views Despite the challenge of evaluating risk across multiple fronts,financial professionals still need to manage client portfolios.As they survey a market that has spun from low rates and a long ride up for stocks to
65、rising rates and a rapid decline for stocks and bonds,financial professionals have clear views on which asset classes are best suited to this environment.Bonds:Finding reasons to believe Rising rates have financial professionals concerned about bond performance:54%say they find fixed income less app
66、ealing in this environment.Just 25%find the asset class appealing.But its likely professional opinion will soon be changing.Yields have been low,but now values are depressed and yields look much more attractive.In essence bond prices have fallen so low that they are now attractive,especially as mark
67、ets may be forcing some investors to sell out of positions,opening up additional yield opportunities.But even if investment professionals believe interest rate hikes have already been priced into the market,convincing clients to get back into bonds may be a challenge.Four in ten say the benefits of
68、increasing fixed income allocation are not obvious to clients.The same number also say clients simply prefer other products and investment approaches.A little more than one-third(35%)believe client risk appetites are not in line with this strategy.One-third also believe client knowledge is another b
69、arrier to implementing this portfolio move at this time.History has shown that this is a significant challenge for investors.BONDS ARE MATH.MATH IS HARD.2When rates rise,the price of bonds has historically decreased.Higher rates today mean bonds will generate higher income down the road.1Only 3%of i
70、nvestors from our 2019 Survey of Individual Investors understand how rates affect bonds7Introduction1234Stocks:Not ready to give up on a recovery in 2022 In line with their views on potential for stocks to post gains by the end of the year,financial professionals were more likely to say equities are
71、 appealing(39%)than not appealing(31%).Another 30%say the environment has not changed their views on the appeal of equities either way.With the S&P down 22.9%through June 20,8 it may seem overly optimistic to find stocks appealing,but as recent history has shown,it is impossible to predict when(or w
72、hy)markets could rebound.In March 2020,markets went into a 20%+freefall on news that the global economy would be shut down by the pandemic.By July,markets had fully recovered,and spurred by stay-at-home spending,the S&P 500 rallied another 18 points by year-end.“We knew that we had reached the point
73、 where inflation was no longer temporary,interest rates will probably start rising and the effects of quantitative easing will start to diminish,”said one IFA from France.“We reduced our allocation to equities and aimed to increase our allocation to hedge-fund-type funds,or absolute-performance-type
74、 instruments on one side,and on the other side,to increase the private equity allocation for the clients with the capability of investing in this area.”Real estate Rising rates seem to have had no detrimental effect on how financial professionals view either commercial(38%more attractive,28%less att
75、ractive)or residential real estate(40%more attractive,29%less attractive).On the surface this may seem counterintuitive since low rates make property more affordable and can generate greater demand.But the call on real estate is more likely to be about inflation rather than rates.Real estate in gene
76、ral,and REITs in particular,become more appealing when inflation is rising because they can generate income.So,while rising rates may make buying property more expensive,the asset classs history of generating yields that outpace inflation makes it an appealing investment in times like these.The ques
77、t for yield is also evident in the appeal financial professionals are finding in alternatives.Rising rates seem to have had no detrimental effect on how financial professionals view either commercial or residential real estate.Introduction1234Alternative investments With stock and bond performance c
78、orrelated and val-ues depressed,financial professionals are rediscovering the appeal of alternative investments.In fact,64%of those surveyed say the current market conditions make alternatives more attractive.Infrastructure,which can generate yield independent of interest rates,has become more appea
79、ling in this environment for 50%of financial professionals.Just 17%say the asset class is less appealing.Private assets,which have been a focal point in the investment strategy of large institutions and high net worth individuals in recent five years,hold similar appeal with financial professionals
80、as 45%find these assets more appealing,while only 18%think they look less appealing given current market conditions.Of all asset classes,financial professionals find com-modities the most appealing today.Given that prices for all commodities rise as inflation rises,they have traditionally worked as
81、an inflation hedge and 62%of professionals find them more appealing today.The rationale cannot be clearer than a global spike in oil prices.As an independent consultant in Italy explains the appeal:“Central banks want to make inflation their priority,followed by growth I expect commodities to be an
82、interesting asset class because global growth is increasing.They also give protection from inflation because commodity prices can increase in line with inflation or by more.”Surprisingly,financial professionals are more likely to say they find digital assets more attractive(39%more attractive vs.24%
83、less)in todays market.Given recent performance,digital assets in general,and cryptocurrencies in particular,have been directly correlated to the stock market.Crypto is down close to 50%since January.9 Professionals may still find digital assets appealing in the current environment for their diversif
84、ication potential.Much Less Less Same More Much MoreEquitiesFixed IncomeCommercial Real EstateResidential Real EstateInfrastructurePrivate AssetsCommoditiesDigital Assets100%Some data does not add up to 100%due to rounding.5%26%30%31%9%19%35%21%20%5%6%21%34%31%8%5%24%31%31%9%3 14%33%40%11%4 14%38%34
85、%11%3 12%24%44%18%9%15%37%29%11%HOW ATTRACTIVE ARE STOCKS,BONDS AND OTHER ASSET CLASSES TODAY?Introduction1234Digital assets With cryptocurrencies regularly posting double-and even triple-digit returns,digital assets captured investors imagination.As a result,almost half(48%)of financial professiona
86、ls report that client demand for digital assets is increasing.Demand is particularly high in Latin America where 59%of professionals say clients are inquiring.Another 42%of professionals globally also report clients are specifically asking more about NFTs,including 60%in Latin America and 54%in Asia
87、.The challenge for advisors,though,is that few(26%)can offer them to clients,with the exception of Latin America where 45%of professionals say they have digital assets on the menu.Despite the lack of availability from financial professionals,investors are finding their way to the asset class on thei
88、r own.Overall,56%of those surveyed say their clients hold digital assets,including 62%in Asia and 61%in Latin America.Its likely that FOMO is driving investors to make inquiries about crypto.In fact,more than half of professionals(54%)say clients have asked if they are missing out on crypto.“A lot o
89、f things inside the crypto space are actually still at a very exploratory stage and so,not being a crypto native,I dont think that I have the sufficient expertise to actually invest into that.I wouldnt advise them clients to go into it.But I would say that if you do have an interest,I would pick fun
90、ds that invest in related businesses,so they have less exposure to the actual crypto space itself.”Independent Advisor,SingaporeIntroduction1234The challenge with any new investment is being able to explain how it works.As of today,just four in ten financial professionals say theyre comfortable expl
91、aining crypto.In fact,almost the same number(39%)say they own cryptocurrencies personally,including 54%of those in Asia,suggesting personal experience with the assets could go a long way toward building confidence.Given that digital assets are unregulated and can be volatile,its no surprise to find
92、that financial professionals are cautious about clients investing in crypto.In fact,almost half of those surveyed(49%)say they do not think crypto is appropriate for most individual investors.Overall,in this more volatile and uncertain time,survey respondents are looking at these relatively new asse
93、ts and are holding fast to a timeless investment strategy:buy low and sell high.With crypto values in rapid decline from 2021 highs,about half(47%)of investment professionals globally and 59%in North America are telling clients to avoid cryptocurrencies.Another 36%are advising clients to avoid NFTs.
94、00PROFESSIONAL VIEWS ON CRYPTO VARY REGIONALLYI personallyown cryptoAsiaEuropeLatAmN.AmericaUKClients holdcrypto directlyClient demandfor crypto is increasingCrypto offersdiversificationbenefitsI offer crypto to clientsIts not appropriate to have exposureto crypto 54%37%50%22%19%57%52%59%
95、36%21%40%19%45%11%1%46%51%42%51%63%55%50%55%30%13%62%52%61%55%42%Introduction1234The hardest thing to manage may be client expectationsFinancial professionals see investor expectations for risk and return challenged by volatile markets.Their advice:Investors should control what they can.Their emotio
96、ns.03Introduction1234Investors have benefited from ultra-low interest rates,no or relatively low inflation,and surging stock prices for more than a decade.Now that those constants have reversed course and in-vestors are faced with a more volatile and uncertain en-vironment,financial professionals sa
97、y clients are com-ing to them with urgent questions.Topping the list are interest rate concerns.With the Fed implementing the biggest rate hike in 22 years and other central banks poised to follow suit,eight in ten financial professionals say clients want to know if they should be afraid of rising i
98、nterest rates.With both stocks and bonds experiencing corrections,investors survival instincts are kicking in and nearly three-quarters of professionals(73%)are hearing clients ask,“Do I need to get out of the market now?”Even more advisors in North America(82%)are getting the same question from cli
99、ents.The downturn may force investors to reset any overly optimistic expectations for their investments in 2022.In fact,one-quarter of the way into the year,more than half of advisors(53%)have already heard clients ask:“Why I am I not meeting my return expectations?”This conversation may be particul
100、arly challenging as in-vestors have grown accustomed to big returns.When we asked in 2021,investors said they expected long-term returns of 14.5%above inflation on average.Given where markets are now,those expectations seem unat-tainable in 2022 at least.In this environment,even the 9%above inflatio
101、n professionals say is realistic over the long term feels far off from todays reality.“This market has gone straight up for 12-plus years,”says a Wirehouse Advisor in the US.“Weve had low volatility and markets.Its not reasonable to expect that to continue.”“So,”she says,“our job is to keep the clie
102、nt ground-ed and focused on things that they can control,which is their expectations.”Investors have benefited from ultra-low interest rates,no or relatively low inflation,and surging stock prices for more than a decade.Now that those constants have re-versed course and investors are faced with a mo
103、re vol-atile and uncertain environment,financial professionals say clients are coming to them with urgent questions.Topping the list are interest rate concerns.With the Fed implementing the biggest rate hike in 22 years and other central banks poised to follow suit,eight in ten financial professiona
104、ls say clients want to know if they should be afraid of rising interest rates.With both stocks and bonds experiencing corrections,investors survival instincts are kicking in and nearly three-quarters of professionals(73%)are hearing clients ask,“Do I need to get out of the market now?”Even more advi
105、sors in North America(82%)are getting the same question from clients.The downturn may force investors to reset any overly optimistic expectations for their investments in 2022.In fact,one-quarter of the way into the year,more than half of advisors(53%)have already heard clients ask:“Why I am I not m
106、eeting my return expectations?”“This market has gone straight up for 12-plus years,”says a wirehouse advisor in the US.“Weve had low volatility and markets.Its not reasonable to expect that to continue.”“So,”she says,“our job is to keep the client grounded and focused on things that they can control
107、,which is their expectations.”This conversation may be particularly challenging as investors have grown accustomed to big returns.When we asked in 2021,investors said they expected long-term returns of 14.5%above inflation on average.10 Given where markets are now,those expectations seem unattainabl
108、e in 2022 at least.In this environment,even the 9%above inflation professionals say is realistic over the long term feels far off from todays reality.3Introduction1234Generally,the problem is not their expectations about returns,it is more about their expectations about the downside risk of their in
109、vestments.The returns we are talking about are in line with their expectations.But there can be a conflict over the downside scenarios that they could face if market conditions are adverse.Some investors are not prepared to see a fall in value for their investments”Independent Financial Advisor,Fran
110、ce With inflation returning at levels last seen in the 1980s,72%of professionals say their clients are asking if their portfolio offers any inflation protection.“My clients arent so much concerned about inflation as it affects their day-to-day life.They are concerned about what principal preservatio
111、n effect it may have on their account values.”“Will inflation make interest rates continue to rise?How does that affect my fixed income?How does that affect my balanced accounts,stock and bond accounts?Will that slow down corporate earnings to the extent that the stock market will level off or go do
112、wn?Thats the only concern they have about inflation.”Registered Investment Advisor,USEXPECTATIONS GAP BY COUNTRY9.0%Financial Professionalsannual return expectations(above inflation)14.5%Individual Investor annual return expectations(above inflation)61%The%difference between investorand professional
113、 expectation Global Average ExpectationsAustraliaCanadaChileColombiaFranceGermanyHong KongItalyJapanMexicoSingaporeSpainSwitzerlandUKUSFinancialProfessionalsExpectationsGapIndividual Investor6.9%6.5%14.5%14.9%6.6%7.0%7.6%6.3%8.7%14.0%14.2%7.6%6.9%6.2%7.0%14.4%11.2%16.4%15.6%12.1%10.7%13.6%11.6%12.6%
114、16.2%13.4%15.3%13.4%14.1%17.5%109%72%13%5%83%53%79%84%45%16%-6%101%94%127%150%10Introduction123421 I NATIXIS GLOBAL SURVEY OF FINANCIAL PROFESSIONALSAfter watching pandemic-related deaths surpass 6 million people worldwide,many people are reflecting on their own mortality.About one-quarter of indivi
115、duals in our 2021 global survey of investors said the pandemic showed them the importance of having an estate plan.10 As time goes by,even more investors want to know that they have covered off on legacy plans.Six in ten advisors say clients are asking“What happens if I die?”or“Have I done enough to
116、 provide for my family?”Recognizing that they need to demonstrate value beyond asset allocation,financial professionals can strengthen relationships by proactively ensuring that clients have an estate plan in place.This kind of discussion generally focuses on providing for a surviving spouse and lea
117、ving a legacy for children and grandchildren.Financial professionals looking to extend their relationship to next-generation heirs will be well served to understand client goals,their wealth plans,and any underlying family sensitivities that need to be considered in the estate plan.With the great re
118、signation still under way,more than half of advisors(53%)globally say clients have asked them,“Can I afford to quit my job?”The global average on this question may work out to half,but there are significant regional differences.Professionals in the US(71%),the UK(67%)and Canada(63%)were most likely
119、to get this question.Significantly fewer in Spain(20%),Switzerland(33%),Italy(34%)and France(38%)heard from clients on this issue.With real estate prices climbing dramatically,clients are coming to their investment professional to determine their next move.Overall,48%of professionals say clients hav
120、e asked if the time was right to cash out of their property,or to buy a house.Financial professionals may be hearing that question less often in the coming months,as rising rates and uncertainty about economic performance appear to have already had an impact on real estate.For example,the US Census
121、Bureau reports that March 2022 new home sales had dropped by 8.6%from the previous month.This after dropping by 7.2%in February.Despite the dip in sales,the median selling price of a home in the US increased from$400,600 in February to$436,700 in March,underscoring just how big a role property may p
122、lay in the wealth of individual investors.11 The longer the downturn lasts,the fewer clients are likely to be making this inquiry.“People are worried.A guy emailed me yesterday saying I was hoping to retire in the next year or so but Im going to keep working because I dont think the cost of living a
123、nd retirement are going to work together at the moment.So people are nervous about whether the money is going to last as long as they thought it was going to last in retirement if it was a defined contribution pension scheme,or an investment fund.”Independent Financial Advisor,UKIntroduction1234Taxe
124、s With markets in retreat,investors may be tempted to sell out.But after benefiting from the recent run up in stocks,selling out may mean investors will be stung twice.Not only will liquidating assets lock in losses,but investors may also feel an added tax bite at year-end.A little more than three-q
125、uarters of those we polled in our 2021 individual investor survey claimed that they weigh the tax consequences of their investment decisions.But when it comes down to it,only about one-third say that help with tax issues is important in their relationship with a financial professional.10Those profes
126、sionals see a much different side of the story.Seven in ten financial professionals say investors fail to consider taxes in their investment decisions.In fact,more than half(56%)say clients are more concerned about minimizing fees than minimizing their tax liability.Many professionals may see this a
127、s a case of being penny-wise and pound-foolish,as 82%say minimizing taxes is an important part of a financial plan.Investors inaction on taxes may be changing.Even though professionals say investors are not actively incor-porating taxes in their decision making,nearly seven in ten(68%)say clients ar
128、e asking about how taxes will impact their portfolio.Investment professionals are ready to respond;three-quarters report that minimizing taxes is one of the ways they demonstrate their value to clients.Professionals understand its not necessarily what investors earn on their investments that matters
129、;ultimately its what they keep that matters most.In fact,71%of investment professionals globally say after-tax returns are more important than pre-tax a number that includes 87%of professionals in Canada,85%in the UK,and 81%in the US.With tax management such an important part of their value proposit
130、ion,79%of financial professionals say they consider the tax implications for their investment recommendations.Even if clients moderate their return expectations because of current market performance,its likely the figure they have in mind will still be higher than what professionals call realistic.F
131、inancial professionals who are able to demonstrate that effective tax management helped get returns closer to client expectations will have an important edge in retaining assets for the long term.56%of investment professionals say clients are more concerned about minimizing fees than minimizing thei
132、r tax liability.Introduction1234Business models will need to adapt to emerging client needsWith client demand for financial planning on the rise,advisors are making the transition to a more holistic business model by expanding services on the planning side and implementing model portfolios on the in
133、vestment side.04Introduction1234Financial professionals know that demonstrating value above and beyond asset allocation is an important success metric.Where once they may have earned new assets with investment selection and portfolio construction prowess,professionals know clients expect more.In our
134、 2021 investor survey,respondents explained what more they want from a financial professional.When asked what services they were most interested in,they cited financial planning(48%),retirement income planning(40%),private investment opportunities(35%),tax-efficient investment strategies(34%),and ed
135、ucating family members about investing(25%)as their top five.10 The challenge in delivering on these services is that they take time.Financial professionals who look to deliver on client service expectations while still delivering a consistent investment experience are finding their way to one parti
136、cular solution that helps them address both needs:model portfolios.“We try to get as close to 100%of our clients having some type of model,”says an RIA from the US.“It goes back to the idea of trying to impress upon them that a lot of the risk management is based off the asset allocation,not necessa
137、rily the stock selection.”Nearly nine out of ten financial professionals surveyed are using model portfolios in their practice.Overall,43%say they are using proprietary models developed by their firm.A little less than one-third(31%)build their own models and 27%are implementing models from third-pa
138、rty providers like asset managers to manage client investments.9 out of 10financial professionals surveyed are using model portfolios in their practice.Introduction1234While the 12%who are not using any models may be a small number,their perceptions offer a glimpse of some key barriers for model ado
139、ption among financial professionals.More than half(54%)say they dont use models because portfolio construction is essential to their value proposition.Fewer(38%)worry about a lack of customization.And about one-quarter(27%)say they have not yet found the right product for clients.Only a smaller numb
140、er(13%)say models make it diffi-cult to answer questions about their fee.Where those who dont use models are concerned that too much of their value proposition with clients is built on asset allocation,the 88%who use models in their practice say they have more to offer than just portfolio construc-t
141、ion.In fact,three-quarters of these financial professionals say their clients value them for their financial planning ser-vices including 89%of financial professionals in the US.For perspective on how her team is positioned with cli-ents,a wirehouse advisor says,“We basically tell people we serve as
142、 their familys personal CFO.”She explains this approach to clients in simple terms:“Anything re-lated to the dollar sign that impacts them,we can im-plement on their behalf,and at a minimum we can give them referrals for certain niches that we dont actually do,like taxes,or if they need long-term ca
143、re.”Introduction1234Meeting a full spectrum of clients demands The value of this approach cannot be overstated,as financial planning is the number one service individuals in our 2021 investor survey said they wanted from their financial professionals.10 Similarly,51%of model users say their clients
144、value them for tax management services another of the top five services investors say they want from a financial professional.Along the same lines as financial planning,professionals who implement model portfolios say their clients value them for their estate planning and trust services(50%).The 45%
145、of financial professionals who see connecting with next-generation heirs as a growth driver should take note of how models can enhance their efforts especially considering the number who worry about the time it takes to do this well.About half(49%)of advisors say their clients value the family wealt
146、h education they provide.“I am doing well with establishing relationships with next of kin,”says an IFA from Spain.“Once a client opens an account with me,I encourage them to also open an account for their kids even if they have low AUM.I then try to explain to their kids about simple financial conc
147、epts and establish a sense of trust with me.”Best strategies for implementation Once the decision to implement models has been made,financial professionals are thoughtful about the best way to transition clients.Given the time needed to make the transition and the need to consider potential tax impl
148、i-cations,its not surprising to learn that half of advisors worldwide and 58%in the US say they implement models on a case-by-case basis.While one-third of professionals said they took the plunge and converted all clients to models at the same time,the same number said they took a phased approach.Th
149、ose who phased in models to their practice offer some insights on where the best opportunities lie.“We use model portfolios for all of our clients,”says a high-net-worth advisor in Switzerland.“It is part of the onboarding process.If we dont have an asset allocation or a model portfolio,then we dont
150、 know what to do with the client.We are not interested in just keeping them for the sake of the AUM.”PROFESSIONALS WHO USE MODELS FIND THAT CLIENTS VALUE THEM FOR A WIDE RANGE OF CAPABILITIES Estate planning/Trust servicesTax management51%Financial planning servicesSupport with unlisted assetsFinanc
151、ial education for families50%35%49%74%Introduction1234Many times,the transition to models ties directly to a change of status in a client relationship.About four in ten(38%)concentrate models with new clients.It stands to reason that if financial professionals are planning to add as many as 20 new c
152、lients annually by 2024,they will need a strategy and investments that will make their efforts to onboard new clients more efficient.Retirement is another change in client status in which financial professionals are finding model portfolios effective.Overall,about 22%use models for clients who are d
153、rawing an income off their portfolio.Most commonly,financial professionals in Mexico(34%),Singapore(32%)and Chile(30%)are using models in this application.In the US,financial professionals are finding that models fit particularly well into one of the cornerstones of the wealth management business:re
154、tirement plan rollovers.Changing jobs can be a significant wealth event for Americans,and there is a lot on the line.For many individuals,their balance from a tax-qualified retirement savings vehicle can be their single biggest asset.The money comes with strings attached including tax penalties for
155、non-qualified withdrawals.Financial professionals may be using model portfolios here to move assets into a rollover IRA seamlessly with an all-in-one strategy.“Ive used models extensively for the last probably 1012 years as Ive grown my self-directed brokerage account/401(k)advice business.Models wo
156、rk really well to communicate value to clients.”Registered Investment Advisor,USIntroduction1234Due diligence and model manager selection Before financial professionals can entrust client assets to a model manager,they must conduct a thorough due diligence review of not just the underlying investmen
157、ts,but the capabilities and track record of the model portfolio manager.For many,the most important model portfolio selection criterion may be risk-adjusted performance(46%),but financial professionals are almost equally focused on ensuring they find models at a competitive fee(45%).When it comes do
158、wn to it,financial professionals are focused on how the models are managed and 42%are looking for active risk management within the portfolio.Another 37%want to be sure the model includes a diverse range of fund managers within the portfolio.Another 35%look to the specific value created by the model
159、 manager,looking closely to see if they comple-ment long-term strategy with tactical asset allocation that can help boost portfolio performance and/or manage risk.“From my perspective,as an external adviser to model portfolios managed by other entities,”says an Italian independent investment consult
160、ant,“it is important that they can make tactical adjustments.”“There is a common view that in markets with a high level of uncertainty it is important to have the core of a portfolio following a baseline scenario,”he adds.“And then to be very flexible,so you can take tactical opportunities.In curren
161、t conditions,that is the right thing to do.”HOW FINANCIAL PROFESSIONALS EVALUATE MODELS Active risk managementCompetitive fees45%Risk-adjusted returnsTactical asset allocationDiverse manager offering42%35%37%46%Introduction123429 I NATIXIS GLOBAL SURVEY OF FINANCIAL PROFESSIONALSAbout one-quarter of
162、 financial professionals say they also want help in educating clients about how the models work and why they make a sensible choice.Roughly the same number are looking for models to offer integration of ESG(environmental,social and governance)principles(24%).Surprisingly,just one in five financial p
163、rofessionals(21%)say they consider tax management,which,when executed effectively,can enhance a models return potential.In discussing with clients why they chose a third-party model,advisors most frequently emphasis the risk/return profile(61%).They also stress the diversification benefits(53%),the
164、team responsible for running the money(47%)and the performance history of the portfolio(46%).Beyond these critical investment criteria,one-third(34%)of financial professionals say they also stress the strength of the asset managers brand.Nearly the same number(32%)focus on the asset managers indepen
165、dence.Beyond expanding their service offering to match client interests and adopting model portfolios,financial profes-sionals must also adapt to emerging business trends to better meet the challenges of a new market.61%Risk/return profile 53%Diversification 47%Management team46%Performance history
166、Why advisors choose a 3rd party model:Introduction1234Responding to the Great Resignation Like many businesses,financial professionals have felt the impact of the “great resignation.”Almost six in ten(58%)have felt the impact of the trend.More than one-quarter(26%)say it has been a struggle to find
167、qualified applicants to fill open positions on their teams.Financial professionals in Asia are feeling the labor squeeze more than any other region,including 45%of those in Hong Kong saying its a challenge despite a moderate increase in the unemployment rate to 5.3%.Four in ten are feeling the labor
168、 squeeze in Singapore,where unemployment is at 3.6%,and Japan,where its at 2.8%.12One-quarter globally report they are feeling the added pressure of increased staffing cost,including 53%in Hong Kong,39%in Singapore and 40%in Chile.One in five(19%)report losing key personnel as well,including 43%in H
169、ong Kong,31%in Singapore and 32%in Mexico.A smaller number(18%)say the service quality for clients has declined as a result of staff shortages.Clients in Mexico(34%),Uruguay(33%),Singapore(33%)and Hong Kong(31%)are most likely to notice the decline,while those in the US(6%),Australia(7%)and the UK(8
170、%)are less likely.Financial professionals in the US,however,seemed to have found the silver lining as 31%report the great resignation has created rollover opportunities,which,as noted,can be an important source of new assets from both current clients and prospects.FINANCIAL PROFESSIONALS ARE FEELING
171、 THE SQUEEZECanadaChileFranceHong KongUKUSWe are struggling to find quality applicantsWe have lost key staffOur service quality has dropped due to staffing issuesCreated rolloveropportunitiesIncreasedstaffing costsWe have not been impacted7%10%13%6%5%81%39%27%28%28%40%21%29%16%15%10%23%47%45%43%31%3
172、3%53%3%16%11%8%5%13%70%16%5%6%31%17%53%Introduction123431 I NATIXIS GLOBAL SURVEY OF FINANCIAL PROFESSIONALSGrowth prospectsDespite the challenges and changes in the world,the markets,portfolios,and their business,financial professionals have set aggressive growth goals for the next three years.As s
173、een in years past,new assets from new clients always rise to the top of their priorities for business growth.But identifying prospects and winning their business is a time-consuming process.Over the past two years,pandemic protocols have challenged the world to adapt to remote business practices.But
174、 over the past two years,financial profes-sionals have found that tried and true strategies have generated their business growth.Seven in ten(72%)say client referrals have helped move the needle,including 92%in Canada,90%in Australia and 86%in the US.“At this point,nearly all of my clients are throu
175、gh word of mouth from other clients,”says an IFA based in Spain.“70%are referrals with the rest coming from commercial ventures.”Referrals from accountants,lawyers and other profes-sionals(48%)have also helped drive growth.In-person events and experiences such as client seminars and dinners proved t
176、o be effective for one-third of profes-sionals(34%).About one in five also say that social media has been effective in their prospecting efforts,although that is an average.Professionals in Singapore(45%),Colombia(43%)and Hong Kong(41%)had the greatest success with social,while smaller numbers in Sw
177、itzerland(5%),Germany(9%)and the US(9%)found it generated assets.When it comes down to it,no matter where they are or where they look for new business,financial professionals will have their work cut out for them.Theyll have to evaluate how world events could impact their clients.Theyll have to navi
178、gate a more volatile market environ-ment.Theyll have to moderate client expectations and anticipate their reaction.Theyll also need to think about how to adapt their business to changing client needs.There are many challenges and much to consider,but financial professionals are optimistic despite th
179、eir new circumstances.From what they tell us,they are ready to take it on.SOCIAL MEDIA IS FINDING A PLACE IN PROSPECTING EFFORTSWhile professionals in many regions are navigating regulatory requirements and finding their footing with social media,those in Asia and Latin America have hit their stride
180、.More than four in ten in Colombia,Singapore and Hong Kong are finding that an effective strategy for outlets such as LinkedIn is helping them rise assets and meet growth goals.43%Colombia41%Hong Kong45%SingaporeIntroduction123432 I NATIXIS GLOBAL SURVEY OF FINANCIAL PROFESSIONALSAbout the surveyNat
181、ixis Investment Managers,Global Survey of Financial Professionals conducted by CoreData Research in March and April 2022.Survey included 2,700 respondents in 16 countries.About the Natixis Center for Investor InsightThe Natixis Center for Investor Insight is a global research initiative focused on t
182、he critical issues shaping todays investment landscape.The Center examines sentiment and behavior,market outlooks and trends,and risk perceptions of institutional investors,financial professionals and individuals around the world.Our goal is to fuel a more substantive discussion of issues with a 360
183、 view of markets and insightful analysis of investment trends.Meet the team:Dave Goodsell Executive DirectorStephanie Giardina Program ManagerErin Curtis Assistant Program ManagerJessie Cross AVP,ContentLearn moreIntroduction123433 I NATIXIS GLOBAL SURVEY OF FINANCIAL PROFESSIONALS1“Women as the nex
184、t Wave of Growth in US Wealth Management.”McKinsey&Company,McKinsey&Company,29 July 2020,https:/ MARKET STATISTICS.”LGBT,http:/www.lgbt- by Country.”Worldometer,https:/www.worldometers.info/gdp/gdp-by-country/4 FactSet5“Transcript of Asia and Pacific Department Press Briefing.”IMF,25 Apr.2022,https:
185、/www.imf.org/en/News/Articles/2022/04/26/tr042522-transcript-of-asia-and-pacific-department-press-briefing 6 FactSet7 Natixis Investment Managers,Global Survey of Individual Investors conduct-ed by CoreData Research,February-March 2019.Survey included 9,100 inves-tors from 25 countries.8 FactSet9“S&
186、P Cryptocurrency Broad Digital Market Index.”S&P Dow Jones Indices,https:/ Natixis Investment Managers,Global Survey of Individual Investors con-ducted by CoreData Research in March and April 2021.Survey included 8,550 investors from 24 countries.11“United States New Home Sales.”United States New Ho
187、me Sales-May 2022 Data-1963-2021 Historical-June Forecast,https:/ Total Labor Force)(Modeled ILO Estimate).”Data,The World Bank,https:/data.worldbank.org/indicator/SL.UEM.TOTL.ZS.The MSCI All Country World Index is a free float-adjusted market capitalization weighted index designed to provide a broa
188、d measure of equity-market perfor-mance throughout the world.The MSCI ACWI is composed of stocks from 23 developed countries and 24 emerging markets.S&P 500 Index is a widely recognized measure of US stock market perfor-mance.It is an unmanaged index of 500 common stocks chosen for market size,liqui
189、dity,and industry group representation,among other factors.It also measures the performance of the large-cap segment of the US equities market.The FTSE 100 Index is one of the worlds most recognized indices and ac-counts for 7.8%of the worlds equity market capitalization.It represents the performanc
190、e of the 100 largest blue chip companies listed on the London Stock Exchange,which meet the FTSEs size and liquidity screening.The index represents approximately 85.2%of the UKs market and is currently used as the basis for a wealth of financial products available on the London Stock Ex-change,Natio
191、nal Stock Exchange of India and others institutions globally.Sustainable investing focuses on investments in companies that relate to certain sustainable development themes and demonstrate adherence to en-vironmental,social and governance(ESG)practices;therefore the universe of investments may be li
192、mited and investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria.This could have a negative impact on an investors overall performance depending on whether such investments are in or out of favor.Not all affiliated investment
193、 managers integrate ESG considerations into deci-sion-making to the same extent.Investors should always review the offering documents on before investing in any fund or strategy to fully understand the methods and extent an investment manager incorporated ESG factors into their investment and voting
194、 decisions.Real estate investing may be subject to risks including but not limited to de-clines in the value of real estate,risks related to general economic conditions,changes in the value of the underlying property owned by the trust,and de-faults by borrowers.Alternative investments involve uniqu
195、e risks that may be different from those associated with traditional investments,including illiquidity and the potential for amplified losses or gains.Investors should fully understand the risks asso-ciated with any investment prior to investing.Commodity-related investments,including derivatives,ma
196、y be affected by a number of factors including commodity prices,world events,import controls,and economic conditions and therefore may involve substantial risk of loss.Cryptocurrencies are subject to numerous market risks,they are speculative and volatile,can become illiquid at any time,and are for
197、investors who can tol-erate the full loss of their investment.Diversification does not guarantee a profit or protect against a loss.The views and opinions expressed may change based on market and other conditions.This material is provided for informational purposes only and should not be construed a
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