diversification
Soft reinsurance market may persist: Willis GroupPosted by RJ and Makay on Sep 13, 2011 |
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In a keynote speech at the PriceWaterhouseCoopers breakfast briefing at the Reinsurance Rendezvous in Monaco, Martin Sullivan, deputy chairman of the Willis Group and CEO of Willis Global solutions, outlined his vision of the reinsurance industry. The overall soft reinsurance market that has persisted since 2004 could become the norm into the foreseeable future, according to Sullivan.
Wealthy investors are increasing utilizing more than one financial advisor for their money management needs, according to the latest research from Cerulli Associates Inc. 33% of households with investable assets of between $2 million and $5 million use multiple financial advisors, and among households with more than $5 million in investable assets, 58% have multiple advisory relationships, Cerulli research shows.
Just as financial advisors allocate clients' money to different asset classes to blunt investment risk, clients are now spreading assets between multiple advisors to hedge another type of risk — falling victim to the next Bernie Madoff. Indeed, an ongoing study by Cerulli Associates of 400 affluent households with at least $10 million of investible assets found that 57% are working with five or more advisors. Nearly 64% are working with at least four advisors.
