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Christopher Hyzy, the chief investment officer for Bank of America’s Global Wealth and Investment Management unit, assesses the global markets in the midyear issue of Kiplinger’s Personal Finance magazine. “We’re in a buffalo market. It’s not a bear, not technically a bull – but it’s in the bull family,” says Hyzy. “It’s heavy, rather hairy and unattractive at times. It can roam for long periods, but then get nervous out of the blue and run the other way.” Hyzy anticipates a general shift from growth to cyclical value through 2017.
Read the full interview here
CNNMoney cited U.S. Trust’s “Insights on Wealth and Worth” study, in discussing the investments of wealthy millennials: “The overwhelming majority of Millennials surveyed – 93% – believe that a company's social and environmental impact is key to their investing decisions. That's up from 74% two years ago.” U.S. Trust’s Jackie VanderBrug tells CNNMoney: "Impact investing is hitting the mainstream.”
CBS MoneyWatch drew on U.S. Trust’s “Insights on Wealth and Worth” in an article about “what it takes to become a multimillionaire.” The article says, “The average multimillionaire started saving at the tender age of 14; working for pay by age 15; giving time or money to charity by age 23; and investing in the stock market by age 25. Only 10 percent of those surveyed inherited their wealth.”
Glamour Magazine notes, “Millennial women are 3.4 times more likely to be entrepreneurs than women from other generations.” Quoting data from U.S. Trust’s “Insights on Wealth and Worth” survey, Glamour says, “They're also more likely to be the primary or an equal income earner in their relationships than previous generations—and one-third say they're the ones making the big money decisions in their households.”
Chris Heilmann, managing director of Bank of America, appeared recently on The Wall Street Journal’s podcast, “Do You Have What It Takes to Be Wealthy?” He notes that 89% of respondents to the U.S. Trust survey “Insights on Wealth and Worth” say they made investment gains through investing in stocks and bonds. Only 10% said they generated wealth through inheritance, Heilmann says.