| In a recent marketing piece on Forbes.com, Warren Cohn, a former athlete and financial advisor at Morgan Stanley, talks about his experience coming out in his college years. “I knew I was gay, but I was having a tough time accepting it for myself much less sharing it with others. Finally, when I accepted who I was, I came out to my friends and family,” he said. The piece appeared on Forbes’ BrandVoice, a marketing platform where companies can post their thought leadership. Cohn grew up playing sports, including baseball and ice and roller hockey. But after competing in stock market investment challenges in college, he developed an interest in investing. Today, he works with athletes and entertainers in Morgan Stanley’s Global Sports & Entertainment division, which employs fewer than 100 of the firm’s more than 15,000 advisors.
Cybersecurity Concerns Holding Back Technology Adoption
Investors still worry about the security and privacy of digital investing tools, and its preventing many from adopting them. According to a survey of 334 U.S. investors by CoreData Research, seven in 10 thought security and data protection is the area that needs the more improvement and innovation in the financial services industry. Respondents who don’t use mobile investment apps named cybersecurity as the second most-cited reason for not doing so (behind lack of knowledge). Those who do use them also cited cybersecurity as the second biggest drawback of these tools (behind a lack of complexity). “This suggests the mobile investment apps that can demonstrate they have robust, secure and safe propositions will be best placed to win the trust of investors,” said Craig Phillips, head of International at CoreData Research. “Providing investors with a secure digital experience will be key.”
JTC Acquires Merrill Lynch's ITWS Business
Jersey-based independent fiduciary, funds and corporate service provider JTC has confirmed its acquisition of Merrill Lynch Wealth Management’s International Trust and Wealth Structuring business (“ITWS”) subject to regulatory approvals. The ITWS business provides the administration of trust services for Merrill Lynch Wealth Management’s international advisory clients. In addition, Merrill Lynch and JTC have entered into a strategic relationship whereby JTC will offer a range of trust administration services to new and existing international advisory clients. Don Plaus, head of Merrill Lynch’s Private Banking & Investment Group, International and Institutional, said: “We believe our clients will benefit from [JTC's] deep experience in trust administration and structures in our key markets.” READ MORE OF THE DAILY BRIEF |
