Welcome to Bernstein Global Wealth Management

Helping you build and preserve your wealth through the decades with investment research, financial planning, and wealth management services.

MARKET PERSPECTIVES
US Housing Finance: Let’s Put Quality Before Quantity

History suggests that reports of active management’s death are premature. In fact, conditions appear ripe for a comeback,as my colleague Scott Wallace ably explained in a recent article for Institutional Investor.com’s Global Market Thought Leadership blog, attached below.

Do Risk-Free Assets Still Exist?
The current sovereign-debt crisis in Europe is raising long-term questions about some of the bedrocks of finance and investment theory. Namely, are the concepts of a “risk-free rate” and “risk-free assets” still meaningful when the creditworthiness of so many developed countries is under threat?

Consumer Spending Rebounds, Helped by Improved Labor Markets
US :: Retail sales posted strong gains in the fourth quarter, while the pace of employment growth also improved. A part of the recent spending gains reflects a release of some of the pent-up demand from the recession, which we expect to be a positive driver for growth again in 2012.

Foundation Strategies for an Era of Sub-Par Investment Returns
In my last post I argued that today’s unusually low prospective returns for bonds and near-normal prospective returns for equities will make it very difficult for foundations and endowments to achieve their long-term goals. Here’s our take on the alternative strategies that foundations and endowments should consider.

When Should You Take Your Social Security Benefits
Determining when to start receiving Social Security benefits can present a dilemma: Should you wait and receive higher annual benefits, or would you be better off receiving smaller payouts over a longer period?

BERNSTEIN PERSPECTIVES
Tax Management in Volatile Times

One of the distinguishing features of Bernstein’s portfolio management process is our attention to taxes. But tax management can powerfully conflict with the goal of controlling portfolio risk in volatile environments. Fortunately, we are in an unusual environment in which the tax cost of many trades has been reduced, allowing us to make adjustments to our tax management in order to better achieve our goal of maximizing after-tax returns while minimizing risk.

State of the Art: Bernstein Investment and Planning Research
Bernstein’s Wealth Management Group conducts what is widely acknowledged to be the finest research in the industry tailored to the unique needs of high net worth individuals and families. Here is a sampling of the articles we’ve published over the last few years in some of the most respected investment journals in the country.

Knowing the Score Wealth Planning for Professional Athletes
Professional athletes may suddenly find themselves well-off, but often their spending, saving, and gifting goals pull them in many directions simultaneously. Systematic, quantitative wealth planning that matches objectives with individual circumstances is crucial. Working with a team of professionals that includes an investment expert will increase the likelihood of meeting those goals—or of deferring some of them until certain milestones are reached.

ECONOMIC PERSPECTIVES


Job Gains Bode Well for Stronger GDP Outlook
US :: In recent months, US job markets have shown encouraging signs of revival, as household employment posted the fastest gains since 2005. With hiring for full-time jobs increasing across industries, the improved trends in labor market activity look sustainable and consistent with stronger GDP growth in 2012.

Global Economic Outlook
Global :: Modest growth is expected in 2012 despite ongoing economic and financial problems in the euro area.

European Central Bank More Focused on the Supply of Credit than Its Price
Europe :: Although the European Central Bank may eventually cut interest rates again, this will require a clear deterioration in the economic data. Near term, rates are probably on hold and the central bank’s focus is more likely to be on restoring the supply of credit and underpinning the monetary transmission mechanism.

Vietnam’s Macro Outlook Improves, but Credit Traps Lurk for Unwary Sovereign Bond Buyers
Asia :: Vietnam’s policymakers have an opportunity to regain some macroeconomic stability, and reforms and other developments are taking place that could improve the economy’s resilience. However, the cost of restructuring the public and banking sectors pose credit risks for would-be sovereign bond buyers. »  Welcome to Bernstein Global Wealth Management