The Woo Group RBC Wealth Management Hong Kong USA: Investor og egne tjenester vinner varetekt risiko "Real Estate Fund Administrator of the Year" tittel

Virkeligheten er nedover revisjoner kundeforbruk i første kvartal var betydelig og hva momentum eksisterte som quarter endte i utgangspunktet forsvant. Tenk på det på denne måten 3-måneders annualisert tempo i April ekte utgifter hadde vært 3,8% men med revisjoner den falt til bare 1,9%. Tack på nedgangen i virkelige utgifter i mai, og du kan se hvor vi er på vei.

Kommer til inntekter og utgifter rapporten vi Q2 utgifter ville være 2,1%, men som følge av dagens rapporten vi tar våre anslag til 1,6%. Bare i forhold til forferdelige utfallet i Q1 (+1.0%) dette anslaget ser bra. Andre kvartal BNP fremdeles returneres betydelig fra ydmyk første kvartal, men vi er nå på utkikk etter 3,9% vekst (etter gårsdagens BNP rapporter vårt arbeide estimat for Q2 var 4,3%)

Våre tanker: Median Bloomberg estimater for Q2 BNP fremdeles sitter på 3,5%, men har ennå til å gjenspeile oppdatert prognoser for å inkludere ramifications av en svak Q1. Selv om det er mange indikasjoner på at økonomien fortsetter å plukke opp damp i Q2, vi ikke hjelpe, men merker at fallende BNP forventninger er et kjennetegn på hvert år for denne utvinning. Forventningene til et 'utbrudd år senere vike til virkeligheten, og som ble markert i går, vekst kan faktisk ha en 2% fartsgrensen.

A message to investors from John Taft, CEO of RBC U.S. Wealth Management

Achieving a major recovery milestone

The historic financial regulatory reform bill signed into law by President Obama last summer represents an important and necessary first step towards restoring public confidence in capital markets and in the U.S. financial system as a whole.

Investors who were shaken by the market free fall of 2008 and 2009 - and who still haven't recovered from seeing their accumulated wealth take a nosedive in just a few agonizing months - should be encouraged by the progress that policy-makers have made in modernizing our financial regulatory infrastructure. As a result of this law, I believe our financial system will be safer, sounder and more secure than it was before the crisis.

Indeed, financial regulatory reform consists of the most extensive delegation of rule-making authority by Congress to regulators in modern history. It includes more than 250 mandates to draft new rules, create new entities, collect information, and produce reports and recommendations.

It will involve more than a dozen regulatory agencies and will unfold over the next one to two years. As a result, we are now just at the beginning of an extended, deliberate rule-making process and, until that process is completed, we won't know precisely what the "new normal" will be for financial markets and the U.S. financial system.

What you can expect

But we can be certain about a few things.

We know, for example, that investors for the first time will all benefit from having a newly created systemic risk oversight council charged with monitoring the health of our entire financial system - including not just banks, but large, important non-bank financial institutions such as hedge funds. Plus, regulators will have new powers and new tools for dealing with failing financial firms that threaten the integrity of the financial system.

Former U.S. Treasury Secretary Henry Paulson - who was in the eye of the storm in 2008 and 2009 - has said publicly he thinks the systemic oversight council, had it been in place, might have detected the excesses that policy-makers missed. He also said he would have appreciated having had the powers contained in financial reform legislation when dealing with AIG and Lehman Brothers, two firms whose difficulties helped escalate the severity of the crisis.

Add to that the expanded authority regulators will now have to impose more conservative capital, leverage and liquidity requirements on financial institutions, along with a new federal fiduciary standard for advisors who provide personalized investment advice to individual clients, and it all works together to promote a safer, sounder, more stable financial system - which is good news for investors.

Responsible reform

As CEO of RBC U.S. Wealth Management, and as Chairman-Elect of the Securities Industry and Financial Markets Association (SIFMA), I was honored to play a leadership role in advocating for, and helping to shape, responsible reform, including the development of a new fiduciary standard. By responsible reform, I mean reform that strikes a balance between stability and economic growth, between protecting investors and preserving their ability to access a broad range of products, services and advice. It is also essential that the new rules continue to allow clients to choose how they work with their advisors and how they pay for their services.

Beyond legislation, a stewardship tradition

One of the lessons we learned from the financial crisis is that we cannot prevent the storms that occasionally sweep through our financial system (much as we cannot prevent them in the natural world). Another lesson we learned is how well our firm's daily practice of behaving as a responsible steward of our clients' wealth - carefully managing the assets they have entrusted to us and putting their interests first - helped our clients take appropriate shelter when economic skies darkened and markets became volatile.

At RBC Wealth Management, we see our duty as responsible stewards of your wealth as not only making sure investors have access to the extraordinary opportunities available in today's global economy and interconnected financial system - but also doing everything we can to prevent potential problems from spreading as broadly, quickly and deeply as they did during the economic crisis of 2008 and 2009.

Our work in support of responsible financial regulatory reform was motivated by the same steadfast commitment to stewardship that always has been - and always will be - core to our mission, the foundation of our brand promise and an essential part of the experience we create for all clients.

Create your path forward

Financial regulatory reform isn't perfect. And there is still an enormous amount of work that has to be done to implement the framework Congress has created. Still, it represents a good, solid first step toward a stronger financial system - and that should hearten and bolster the confidence of you, our investor client.

Japan's population continues to age as number of children hits new low

The number of children in Japan has fallen to a new low, while the amount of people over 65 has reached a record high as the population ages and shrinks, the government said.

There were an estimated 16.33 million children aged under 15 as of 1 April, down 160,000 from a year earlier, the internal affairs and communications ministry said on Sunday. It was the 33rd straight annual decline and the lowest level since records began in 1950.

Children accounted for 12.8% of the population, the ministry said. By contrast, the ratio of people aged 65 or older was at a record high, making up 25.6% of the population. Jiji Press said that, of countries with a population of at least 40 million, Japan had the lowest ratio of children to the total population - compared with 19.5% for the United States and 16.4% for China.

Last month, the government said the number of people in the world's third largest economy dropped by 0.17% to 127,298,000 as of 1 October 2013. This includes long-staying foreigners.

The proportion of people aged 65 or over is forecast to reach nearly 40% in 2060, the government has warned.

Our disciplined approach integrates your objectives into a personalized plan that can be updated as life changes occur. We combine our sophisticated investment planning tools with our professional resources to help match your objectives with customized solutions.

- Understanding Your Financial Objectives - We begin by asking questions to understand you and your financial objectives.
- Determining Smart, Time-Tested Strategies - Next, we qualify and quantify your financial and personal information to match your objectives with sound strategies.
- Implementing Thoughtful, Creative Solutions - Using these strategies, we develop customized solutions tailored to your objectives, drawing from a wide selection of world-class products and services.
- Providing Timely, Ongoing Service - We periodically review your situation to help ensure your financial objectives are being met.

Wealth Management Professionals
The Wealth Management Professionals serve as a resource to RBC Wealth Management® financial advisors. They develop a stronger understanding of your personal financial objectives, gather valuable information and support complex financial and wealth strategies issues for the clients of RBC Wealth Management.

Christine Gehring, CIMA, CFP®
Vice President - Wealth Management Consultant

Before joining RBC Wealth Management in 2003, Christine spent 12 years in the financial services industry. She received her B.A. from the University of Southern California and holds the Certified Investment Management Analyst (CIMA) designation. As part of her responsibilities, Christine helps RBC Wealth Management Financial Advisors address the wealth management needs of individual clients. She provides her expertise to Financial Advisors who work with endowments, non-profits and foundations. Christine also assists Financial Advisors with the use of wealth management tools, including sophisticated software programs that help provide appropriate solutions for their clients' needs.

Janelle Nelson
Vice President, Portfolio Analyst

Janelle Nelson has been a Portfolio Analyst with RBC Wealth Management's Portfolio Advisory Group since 1993. An industry professional since 1984, she has been with the firm since 1991, and was previously affiliated with several Wall Street firms, including Citigroup (Smith Barney) and Morgan Stanley. She has been broadly quoted on the markets in local and national media, and is a popular speaker for individual investor events. Janelle is part of a team that actively manages two equity income strategies for the firm, the Guided Portfolio: Prime Income and Guided Portfolio: Dividend Growth. Within the team, she takes a strategic focus on non-traditional cash-flow securities and energy-related companies. Janelle holds a B.A. from the University of Minnesota in political science and economics.

Liz Jacovino, CFP®, CTFA
Vice President - Wealth Strategies Consultant/Estate and High Net Worth

Liz has spent the past decade working with advisors and clients, showing them how to preserve wealth and value in their estates for future generations. Liz is a graduate of Johnson and Wales College. She holds the CERTIFIED FINANCIAL PLANNER™ certification and the Certified Trust Financial Advisor (CTFA) designation. Liz is also Adjunct Professor at Pace University's College for Professional Education, where she teaches estate planning. As part of her responsibilities, Liz works with RBC Wealth Management Financial Advisors to develop appropriate wealth management solutions for clients in the areas of estate and business succession planning. Liz places special emphasis on helping clients control estate and gift taxes. She specializes in reviewing clients' existing estate and business succession plans, and making recommendations for changes, when appropriate.

Brian Cap
Senior Corporate Credit Strategist, PAG - Fixed Income Strategies Group, RBC Wealth Management

Brian joined the Fixed Income Strategies Group as a Senior Credit Strategist in September 2008. As a corporate strategist, he focuses on various domestic and foreign investment grade and high yield bonds and preferred stocks. Individual credits covered include a variety of industries such as the financials, metals, cable/media, telecommunications, energy and homebuilders. His career in the financial services industry spans over 28 years. Brian uses his knowledge and expertise to provide timely analysis, information, and recommendations on the many issues in these sectors for Financial Advisors and trading.