Financial Business
Contact Innovations Inc. Will Showcase Cheque and Edocument Solutions at the 2008 Financial Services Technology Forum
Aug 11, 2008 – Toronto, Canada – Contact Innovations Inc. will be presenting at the 2008 Financial Services Technology Forum with cheque and eDocument Management Solutions on October 28 & 29 at the Design Exchange in Toronto, Canada.
Contact Innovations Inc. (“CI”), Toronto, Ontario, Canada delivers a broad range of Cheque and eDocument Management Solutions to financial industry, governments, utilities, non-profits and business throughout North America. CI has been helping its clients with affordable, scalable, innovative imaging solutions since 1994. CI’s products include: IA (ImageArchive) Cheque BackOffice and Remote Capture, IA Page, IA Statement, IA WebView, IA Remittance and IA FileOptics. For our US clients, CI offers a Check21 ANSI X9.37 Exchange Interface to the Federal Reserve and other 3rd party exchanges. In Canada, CI continues to work with clearing agents and financial institutions to implement TECP (truncation) in 2009.
CI will be demonstrating IA Cheque and IA Remittance Software utilizing Digital Check and Canon Image/MICR Scanners. To learn more about Contact Innovations Inc. and our qualified resellers, check out our website at www.contactinnovations.com. If you would like to talk to us about our experiences and services, please contact Cliff Copeland at 416-784-5191 x227 or visit us at our booth #204.
The 2008 Financial Services Technology Forum focuses on new, cutting-edge enterprise applications and solutions that are sustainable, flexible, and increase profitability, presented via interactive expositions and engaging conference sessions presented to all corporate users, from service providers to small, medium and large businesses alike.
For more information:
To register for Early-Bird Passes, please visit http://e-financial.wowgao.com/registration
More details about the event can be found at http://e-financial.wowgao.com
About WowGao Inc.
WowGao Inc. is an Event Management Company that organizes and manages internationally renowned conferences and expositions focusing on latest innovations and developments in Information Technology Industry since 2003. We have been honored with an award for our excellence. Our featured events are:
- 2008 Financial Services Technology Forum, October 28 & 29, 2008
- 2009 Government & Health Technologies Conference and Expo, April 28 & 29, 2009
- 2009 Wireless & Mobile Expo and Conference, June, 2009
- 2009 RFID Forum, June, 2009
For any media queries:
Director of Marketing,
416-292-0038 ext 812
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Teaching Teens Financial Management Skills With A Prepaid Debit Card
about 17 hours ago - No comments
A prepaid debit card is different from a credit card in that you are not extended a line of credit from which you can borrow against. Rather, you have to send money ahead of time to the prepaid card and the amount of money you can spend with the card is restricted by the amount of money that you load onto it. While this type of arrangement may not be ideal for you, a prepaid debit card can be an excellent tool for teaching your teenager financial responsibility and management skills.
A prepaid debit card is an excellent method for building your teenager’s credit history. By applying for one in your teenager’s name and allowing the teenager to use the card responsibly, he or she can begin building a solid and positive credit history. This will prove invaluable down the road for your teenager.
A debit card is also an easy and convenient method for paying allowances to your teenager. Whether your teenager is still living at home or away at college, loading funds on his or her card is a simple way to provide your teenager with an allowance. In the case of a teenager away at college, debit card is simpler than wiring money or other methods of sending money to your child. In an emergency situation, you know you can get the money to your teenager easily and quickly with a prepaid debit card.
A prepaid Mastercard or Visa also helps teach your teenager financial responsibility without the risk of incurring debt. Frighteningly, statistics show that the average college student has more than $2,000 in credit card debt. With a prepaid Mastercard or visa, you don’t have to worry about your teenager building up an insurmountable amount of debt because he or she can only spend what you put on the card. At the same time, your teenager can get the real world’s experience that using a credit card brings with it.
More and more, our society is becoming dependent upon credit cards. Flights can’t be booked and cars can’t be rented without a credit card. In addition, online purchases are made easier when buying with plastic. Therefore, as a caring and responsible parent, it is your duty to help your teenager learn how to manage their money wisely. A prepaid debit card makes it easy to teach responsibility while making it convenient for you to continue to support your teenager whether in college or still at home.
Offshore Financial Services in Jersey — Aarkstore Enterprise
about 1 day ago - No comments
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Introduction
With money leaving offshore centers in the billions, understanding the nature of offshore clients and what strategies to employ to attract and retain them has become absolutely critical, not just for offshore bankers but also for their onshore competitors.
Scope
*This report draws on the findings of the Offshore Banks Survey 2010.
*This survey was conducted in February/March 2010 among banks in Jersey, Guernsey, the Isle of Man, Switzerland, Hong Kong and Singapore.
Highlights
Out of all offshore clients by assets under management, 69% are from Western Europe, and 57% of these are from the UK.
The most important reason that British offshore clients choose to bank in the islands is because they get a more personalized service compared with onshore banking.
The average offshore client has 37% of his holdings in cash and near-cash, and this is expected to fall to 32% in two years’ time.
Reasons to Purchase
*Understand the nature of offshore clients in Jersey.
*Gain insight into the future needs of offshore clients.
*Access strategies for success in the marketplace.
Table of Contents :
Overview 1
Catalyst 1
Summary 1
Methodology 1
Executive Summary 2
Many of the offshore clients of banks in the islands are British and enjoy the personalized service offered by these banks 2
Offshore clients are looking for fundamental offshore services from their banks 2
Jersey bankers need to focus on brand, image and reputation as well as advisory services 2
Table of Contents 3
Table of Figures 4
Table of Tables 5
Offshore Clients of Jersey, Guernsey and the IoM 6
A significant number of clients on the islands and Jersey are from Western Europe, especially the UK 6
The three island centers service a very Western European offshore clientele 6
Jersey focus: Jersey has a high concentration of Western European clients 6
Britons are very important to the island banks, but not uniformly important 7
Jersey focus: British offshore investors have more assets under management in Jersey than the other centers 8
Historic links with Hong Kong make this region particularly important to banks in the islands 9
Jersey focus: Indians are well represented among the Asian client segment 9
Offshore clients bank on the islands because they get a more personalized service than they would onshore 11
UK clients that put their money in the islands are attracted to the islands because they get a more personalized service 11
Jersey focus: Jersey clients find offshore banking convenient because they are ‘on the move’ 11
The average portfolio of an offshore client is very conservative in nature, and this is not expected to change much going forward 13
Cash and near-cash is the most important asset category in the portfolios of offshore clients of banks in the islands 13
Jersey focus: Jersey clients invest more in real estate than elsewhere 13
Offshore clients of banks in the islands are expected to make small adjustments to their portfolios going forward 14
Jersey focus: the portfolios of Jersey’s offshore clients are expected to change very little over the next two years 15
Offshore clients are not likely to move center or bank and have little appetite for risk 16
Offshore clients of banks on the islands are not prone to switching 16
Jersey focus: Jersey clients are value-conscious but loyal to their offshore bankers 16
For more information, please visit :
http://www.aarkstore.com/reports/Offshore-Financial-Services-in-Jersey-36615.html
Debt Reduction Tools – Plan Your Debt Repayment With the Help of These Financial Management Resource
about 1 day ago - No comments
The thing about debt is that it never stops growing, especially when you don’t pay it. Every loan has interest rates which are added to the monthly payment so that credit card companies can make a profit and keep their stakeholders happy. If you are late with a payment or miss it altogether, you will have even more to pay due to the added penalties. Credit card loans are known for their big interest rates but it seems that consumers don’t think about them until it is too late and they are in debt. Now all they can do is manage their debt as good as they can and maybe clear it in the next few years.
Here is where debt management comes in; it is a debt relief option that will help you pay your debt back and it will also make sure to keep your credit score intact. Like any other debt relief option, debt management requires a professional company which you will need to hire so that they can work out a debt management plan for your future payments. This usually involves lower interest rates and fewer penalties and you will see the difference in no time. Your payments will be easier and you will actually see your debt decrease each month as you pay the creditor. This will be a great motivator for consumers that wan to clear their debt but couldn’t due to the high interest rates. Depending on the amount of debt you are in, it will take somewhere from 2-4 years to clear your debt and you will need to make sure that you don’t fall back with the payments.
Once you start the debt management process, make sure that you follow the plan and don’t miss anymore payments because this might mean deep debt again but this time you might even risk a lawsuit that will not only damage your financial state but also your long term credit. Don’t worry about the fees that a debt management company will ask for because you don’t need to pay them upfront but when the plan is complete and you set it to work.
Debt settlement is a legitimate alternative to filing bankruptcy and often makes sense for consumers on the verge of bankruptcy. There are also other debt relief options available so it would be wise to speak with a debt relief specialist to go over your different options. For a free consultation from a debt relief specialist in your area check out the following link:
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Goals Of Corporate Financial Management-Some Thoughts
about 2 days ago - No comments
There is a multiplicity of goals of management. Wealth maximization is a wholesome goal. Maximization of profit, profitability, liquidity and solvency are other goals. But these are sectional and fragmented. Similarly, minimization of cost of capital, risk and dilution of control address particular aspects. Well, all these put together throw much light on the whole gamut of management as such. Now, maximization of economic value is added to the list of goals of management.
Further more, the goal of the management should be to achieve the objective of the corporate owners, who are the suppliers of capital, namely shareholders. The finance manager’s function is not to fulfill his own objectives, which may include higher salaries, earning reputation or maintaining and advancing his personal power and prestige. It is, rather, to the extent manager is successful in this Endeavour, and he will also achieve his personal objectives. It is generally agreed that the financial objective of the firm should be the maximization of owner’s wealth.
However, there is disagreement as to how the economic welfare of owners can be maximized. Two well known and widely discussed criteria which are put forth for this purpose are: (a) profit maximizations, and (b) wealth maximization.
PROFIT MAXIMISATION
Traditionally, the business has been considered as an economic institution and profit has come to be accepted as a rationally valid criterion of measuring efficiency. In support of this contention, the following arguments are usually put forward:
(i) Profit is a prime motive or main incentive which paves the way for better and more efficient performance. It is a reward for entrepreneurial ability. Persons or groups of persons compete with one another and work hard in order to excel others in giving better and more efficient performance simply because they are attracted towards earning more and more profit. This promotes enterprising spirit and leads to economic development of the society.
(ii) Profit is not only an objective, but also a criterion or measuring-rod of efficient management. In this way it is both a goal as well as a measure of good performance. The degree of success or failure over a period can be tested on the basis of the degree of profitability in a company.
(iii) All business decisions are taken keeping in view their probable impact on profit. Thus, it has become a part of the decision-making process.
(iv) In a society or in a business enterprise efficient allocation of scarce resources and their judicious utilization are possible on the basis of profit criterion. Resources flow from low profitable ventures to high profitable ventures.
(v) In a society which is devoid of profit motive or incentive, there will be no place left for mutual competition to excel one another in efficiency, skill and competence. In such a situation the pace of growth and progress is bound to slow down.
Limitations: As a goal, however, profit maximization suffers from certain basic weaknesses: (1) It is vague, (2) it is a short-run point of view, (3) it ignores risk, and (4) it ignores the timing of returns. An unambiguous meaning of the profit maximization objective is neither available nor possible. It is rather very difficult to know about the following: Does it mean short-term profits or long-term profits? Does it refer to profit before or after tax? Does it refer to total profits or profit per share? Besides it is being ambiguous, the profit maximization objective takes a short-run point of view. Prof. Ducker and Prof. Galbraith contradict the theory of profit maximization and observe that exclusive attention on profit maximization misdirects managers to the point where they may endanger the survival of the business. Prof. Galbraith gives the following points to argue his line of reasoning: (1) it undermines the future for today’s profit; (2) it short-changes research promotion and other investments; (3) it may shy away from ‘any capital expenditure that may increase the invested capital base against which profits are based, and the result is dangerous obsolescence of equipment. In other words, the managers are directed into the worst practices of management. Risk and timing factors are also ignored by this objective. The streams of benefits may possess different degrees of certainty and uncertainty. Two firms may have same total expected earnings, but if the earnings of one firm fluctuate considerably as compared to the other, it will be more risky. Also, it does not make a difference between returns received in different time periods, i.e., it gives no consideration to the time value of money and value benefits received today and benefits after six months or one year.
For the reasons given above the profit maximization objective cannot be taken as the objective of management. It can be stated that the appropriate operational-decision criterion should include: (i) It must be precise and exact, (ii) It should consider both quality and quantity dimension, (iii) It should be based on the bigger and the better principle, and (iv) It should recognize the time value of money. For these reasons, wealth (value) maximization has replaced profit maximization as an operational criterion for management decisions.
Consider the example of three business units making profits over three years given below
Year
Unit – 1
Unit – 2
Unit – 3
Rs.
Rs.
Rs.
1
2,00,000
4,00,000
50,000
2
2,00,000
1,50,000
1,50,000
3
2,00,000
50,000
4,00,000
Total
6,00,000
6,00,000
6,00,000
From the above table, it is clear that all the business units making profits of six lakh rupees. But evidently unit – 2 is the best of three, followed by unit – 1 and unit – 3. Hence profit maximization is not accepted as a flawless goal, since it might lead to unfair means adopted and time value of money is not considered.
WEALTH MAXIMISATION
The maximization of wealth is a more viable objective of management. The same objective, if expressed in other terms, would convey the idea of net present worth maximization. Any action which creates wealth or which has a net present worth is a desirable one and should be undertaken. Wealth of the firm is reflected in the maximization of the present value of the firm i.e., the present worth of the firm. This value may be readily measured if the company has shares that are held by the public, because the market price of the share is indicative of the value of the company. And to a shareholder, the term ‘wealth’ is reflected in the amount of his current dividends and the market price of share.
Ezra Solomon has defined wealth maximization objective in the following manner: “The gross present worth of a course of action is equal to the capitalized value of the flow of future expected benefits, discounted (or capitalized) at a rate which reflects the certainty or uncertainty. Wealth or net present worth is the difference between gross present worth and the amount of capital investment required to achieve the benefits.”
What about a public sector firm the equity stock of which, being fully owned by the government, is not traded on stock market? In such a case, the goal of management should be to maximize the present value of the stream of equity returns. Of course in determining the present value of stream of equity returns, an appropriate discount rate has to be applied. A similar observation may be made with respect to other companies whose equity shares are either not traded or very thinly traded.
From the above clarification, one thing is certain that the wealth maximization is a long-term strategy that emphasizes raising the present value of the owner’s investment in a company and the implementation of projects that will increase the market value of the firm’s securities. This criterion, if applied, meets the objections raised against the earlier criterion of profit maximization. The manager also deals with the problem of uncertainty by taking into account the trade-off between the various returns and associated levels of risks. It also takes into account the payment of dividends to shareholders. All these ingredients of the wealth maximization objective are the result of the investment, financing and dividend decisions of the firm.
OTHER GOALS OF MANAGEMENT
The matter is further complicated by the fact that management may in practice have other objectives either instead of, or as well as, that of profit maximization. A few possibilities are given below.
(a)Growth: The maximization of profit does not necessarily require a firm of large size. Corporate power, however, is often a function of size and this may become a management objective. Non-profit making organisations, such as mutual assurance companies and building societies, where the profit motive cannot operate, often adopt pure growth as an objective.
(b)Risk reduction: Many potentially very profitable enterprises also carry a high risk of expensive failure. Prospecting for oil, for example, is very profitable if a rich strike is made but ruinous if the exploration proves abortive. It may, therefore, be a management objective to ensure survival by the avoidance of risk, profit becoming a secondary objective.
(c)Personal aspirations: People who obtain senior positions in
management are likely to be highly motivated towards their own career
objectives. Important objectives for a manager may therefore be the
improvement of his own salary, career prospects or security. This may mean a desire for quick results which will stand to the immediate credit of the manager involved as against more solid but longer term profit making objectives.
(d)Social objective: Some organisations adopt an altruistic social purpose as a management, objective. Thus they may be concerned to improve working conditions for their employees, to provide a wholesome product for their customers or to avoid anti-social actions such as environmental pollution or undesirable promotional practices.
(e)Efficiency: Some enterprises, such as charities or public services, have as a fundamental objective the provisions of a required service which is not supplied in the marketplace. A suitable management objective for them is the provision of the service at minimum cost.
(f) Orderly liquidation: A firm will sometimes reach a point where it is appropriate for it to go into liquidation. This may be forced on it by a crisis or a failure of its commercial viability or it may be undertaken voluntarily because the purposes of its original foundation have ceased to exist. In either case, once the decision has been taken, the objective of management will be to operate the business until its demise so as to balance the conflicts of interests of employees, shareholders and customers, to fulfil contractual obligations, e.g. to pay creditors and debenture holders, and to bring a tidy conclusion to all outstanding matters.
Where a particular management action has implications for more than one objective, a view must be taken as to the balance to be struck. For example, the objective of the maximization of profit may be in conflict with the objective of minimizing risk. The judgment to be made is subjective and, therefore, not susceptible to analysis although it is usually made by reference to some explicit or implicit overall corporate objective.
Collateral management with the help of financial services software
about 3 days ago - No comments
Collateral management allows lenders to employ less risk than they would have previously, by any number of unsecured financial transactions. Collateral has been an effective means for collecting unpaid debts for hundreds of years, so how does it work today? In today’s industry, it typically is considered bilateral insurance. Although in the last twenty years, collateral has taken many other forms: collateral outsourcing, collateral tax treatment, cross border collateralization, arbitrage, and several others.
Every transaction contains an element of risk, especially on transactions whereby cash is not the method of exchange. Some additional risk-free transactions are in the shape of stock and bond purchases, whereas transactions with a lot of risk include derivative deals, credit default swaps, business loans such as money market transactions and term loans. In the aforementioned transactions, financial institutions will typically demand some type of collateral in the following ways: cash, government bonds, notes, stocks, real estate, art, etc. The requirement for collateral is nearly required in transactions between counterparties including hedge-funds, lenders, brokers, and banks. Typically, collateral can be used in smaller loan situations, but they are of course vital for the larger transactions.
A lot of people are turning towards financial services software for the best advice with regard to collateral, even larger entities including banks are benefiting from software’s effortless functionality. A reputable collateral software program shares insights, methodologies, and strategies for making the right decisions. With predetermined, analytical data, the user is informed of the best decisions for his or her business. This is certainly an option for some.
Here are some useful terms to help understand some specifics regarding collateralization: a credit enhancement allows a borrower to receive the best rates possible. A credit risk mitigation opportunity is for private transactions that diminish risks, which the counterparty may default on entirely or partially. Moreover, a trade facilitation tool allows parties to diminish holds (limits, credit holds), so that parties can trade with one another instead of reaching an impasse. Lastly, an arbitrage opportunity uses tri-party transactions that require collateral.
There are far too many facets of collateralization to focus on entirely, so it may be wise to focus on OTC (over-the-counter) transactions because they are quite common. In these situations collateral is mandatory between two parties whether they are large or small. Despite the size of the financial institution, collateral is a must. For any business transaction risk management procedures must be in place, but often time’s accurate assessments border on the impossible. The best way to design a contract that benefits both parties is to steer away from jargon that confuses instead of clarifies. A contract that clarifies counterparty risks and settles bilaterally is the preferred method, instead of allowing clearing houses to negotiate the terms. For both parties to agree, supervisory guidance is the only option. Moreover, collateral authorities need to make sure that there are no illegal actions underlying the OTC agreement in place.
Three Pillars In Personal Financial Management
about 3 days ago - No comments
Managing your finances has never been more complicated. Today’s world is full of financial options, and every sales agent will claim that you need all of them. The truth is, of course, you don’t need all of them, but you definitely need at least some of them. But what financial products do you actually need?
To help you decide what you need, you should first categorise those needs. There are three main categories, and thus pillars, in finance management that a person will definitely need. These are Protection, Growth and Safety. Each of the pillars can be further divided into subgroups, but at the very least, you should be covered by a product or plan in each main category.
Protection
Protection is the need for monetary coverage in the event of unforeseen accidents. This is usually accomplished by buying an insurance plan. It is not practical for us to keep a large amount of money to mitigate exceptional events. Insurance allows us to pay a smaller sum of money over a period of time and receive protection without having to maintain a large sum for protection on our own. It also protects you against possible income loss and provides you with a means to continue your life thereafter.
There are many difference types of insurance covers, but the main covers that are essential for a person are Life, Total Permanent Disability, Critical Illness, Hospitalisation, Accidents and Income. The best case scenario is where one has not only cover but also appropriate cover in all the subgroups. However, the premium involved in the best scenario may be prohibitively high. Therefore, the best scenario is usually a target which people should work towards.
People are advised to purchase covers for the most important aspects before slowly extending their covers to the other subgroups. The coverage provided at each subgroup need not be sufficient right from the start, but can be slowly stepped up to attain the appropriate coverage. Once you have all the protection you need, you are covered against any unforeseen circumstances in life. There is no worry that your financial plans can be turned upside down.
Growth
Growth refers to the increase of your wealth and the prevention of wealth erosion by inflation. Increase of wealth is of course usually thought of as having a job and a regular income. The biggest downside of this type of income is the fact that you are exchanging time for money. If you stop working, your income stops as well. Besides that, you are also limited by the amount of time available to you a day, therefore putting a cap on income. However, active income is an income source; it does nothing for the wealth you have already accumulated.
In fact, Growth is about taking care of your accumulated wealth, and not about increasing income. Inflation decreases the actual buying power of your wealth over time, and therefore decreasing your accumulated wealth. Income growth is about how to growth your wealth in line with inflation to prevent its devaluation and preferably even churns a profit. This is usually achieved by investing your money. Profits on top of inflation are also a form of passive income.
Investments are a broad group on its own and should be divided further to align them with your investment master plan.
Safety
Of the three main categories, Safety is often practiced in two extremes. Some neglect their safety fund and go around in life relying solely on their insurance or active incomes. However, insurance does not provide coverage on every aspect of your life and should not be expected to act as a safety fund. For example, insurance does not provide cover against unemployment. One should always keep a decent sum of money in flexible accounts so that it is possible to continue paying for taxes, installations and everyday living when one suffers from a loss of income.
The reverse extreme occurs when some people keep an exceeding huge sum of money for safety. They commonly believe that one’s best protection is when money is readily available in one’s pocket. While this is not entirely untrue, keeping more money than required as a safety fund causes loss of wealth due to inflation and other opportunity costs. There is no reason to keep a huge sum of money to pay off hospital bills when one has an insurance policy for hospitalisation.
A safety fund should be decent enough to maintain your day to day living from six months to twelve months, but not more or less than either. A safety fund more than that means loss of wealth and a safety less than that places you at risk.
Once you have understood the basics of personal finance management, you should dive deeper into each category to uncover your options. Most of us will not have the resources to handle each of the categories at a go. The basics will help you to prioritise your needs and allocate your resources according to your needs. It will also give you a clear view on the aspects where you are lacking and adjust your allocation.
Personal Financial Management Made Easy
about 4 days ago - No comments
Managing personal finance may not be everyone’s cup of tea, especially for those who have no experience in business and management. An accurate financial plan will ease your work and guarantee a successful completion of your financial goals. Here, on our website, we provide helpful information for an accurate finance comparison that will obviously make your work easier.
Managing personal finance may not be the easiest job. If you are one of those who manage their finances themselves, you will surely not find this activity as being the most enjoyable in the whole world. It requires a lot of time and attention, but it is indispensable to your or your family’s financial well being. You can find a helping hand here, on our website, where you have the updated information you need in order to do a realistic finance comparison.
A key component for efficient management of your personal finance is financial planning. This dynamic process requires regular monitoring and reevaluation. Otherwise, you risk missing points of evaluation and this could damage your finance control. You should keep under control this circular process by repeated verifications and intelligent manipulation. The following five steps should organize and make your planning easier.
The first step is an assessment of one’s personal financial situation. You will do it by compiling, onto a piece of paper, all the personal assets, income and outcome. You should use a simplified balance sheet for listing the values of personal assets (for instance, car, house, stocks and bank account) along with the values of liabilities (such as credit card debt, bank loan and mortgage). Moreover, you should make sure you list personal income and expenses, on a personal cash flow statement form.
The second and most enjoyable step is setting the goals. With this stage, one should formulate his or her material desires in a financial language. You can set long-term goals can such as retiring at 65 years old with a significant personal net worth. You can also make short-term plans, for example: buying a house or a car by paying a monthly mortgage for 3 years but no more than 25% of monthly income. You can also establish several goals both long and short-term, in the limit of your financial resources.
After setting the goals, you must develop an efficient plan in order to accomplish them. The plan should detail the exact actions that you need to undertake. This is the third and most difficult part of your personal finance management as it asks for thorough research for the most convenient loan, investment or mortgage deals. An easy way to approach this matter is by using the services we offer here, on our site, where you will find thousands of updated offers available for adequate finance comparison. In this manner, you can avoid or diminish planned financial sacrifices such as reducing expenses or increasing your employment income.
Execution of one’s personal financial plan, monitoring and reassessment are the fourth and, correspondingly, fifth steps in efficient personal finance management. Discipline and perseverance are necessary for accomplishing this part of the plan. As time passes, conscious fulfillment of every action included in the financial plan must associate with continuous monitoring and reassessment until the fulfillment of the financial plan.
Managing your personal finance has never been easier. With access to all the pieces of information you need, you can do a realistic finance comparison and you can develop a more efficient personal financial plan. Here, we offer you the possibility to compare thousands of offers on credit card, loans, insurance and investment deals in UK and not only.
Offshore Financial Services in Switzerland — Aarkstore Enterprise
about 5 days ago - No comments
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Introduction
With money leaving offshore centers in the billions, understanding the nature of offshore clients and what strategies to employ to attract and retain them has become absolutely critical, not just for offshore bankers but also for their onshore competitors.
Scope
*This report draws on the findings of the Offshore Banks Survey 2010.
*This survey was conducted in February/March 2010 among banks in Jersey, Guernsey, the Isle of Man, Switzerland, Hong Kong and Singapore.
Highlights
Out of all offshore clients, by assets under management, 35% are from Western Europe, and after all the outflows, North American clients account for just 5%.
A major shift in the average portfolio of offshore clients is expected over the next two years, with the proportion of assets in cash and near-cash falling from 22% to 16%, and equities rising from 23% to 29%.
When selecting their offshore bank, clients look for excellent customer service, as well as confidentiality and financial stability in their bank.
Reasons to Purchase
*Understand the nature of offshore clients in Switzerland
*Gain insight into the future needs of offshore clients
*Access strategies for success in the marketplace.
Table of Contents :
Overview 1
Catalyst 1
Summary 1
Methodology 1
Executive Summary 2
Swiss banks’ offshore clients are international, heavily invested in fixed income, and likely to take on more risk going forward 2
Offshore banks looking to attract clients should provide excellent customer service 2
To attract and retain offshore clients, banks must address client issues surrounding safety and confidentiality, excel at customer service, and help clients enjoy high returns 2
Table of Contents 3
Table of figures 4
Table of tables 5
Swiss Banks’ Offshore Clients 6
Switzerland draws its offshore clients from all around the world 6
Western European clients are important to Swiss banks, but many of their clients also come from much further afield 6
Germans make up the largest part of Switzerland’s Western European client base 7
Swiss banks have attracted wealthy individuals from major Asia Pacific countries 9
Offshore clients keep their money in Swiss banks because they feel it is safer offshore 11
Many German clients still see Switzerland as a safe haven for their money 11
Hong Kong clients with money in Swiss banks also feel as though their money is safer offshore 13
The average portfolio of an offshore client is heavily invested in fixed income, which is not likely to change much going forward 14
Fixed income accounts for 37% of all Swiss assets under management 14
Offshore clients are expected to embrace riskier asset classes going forward 15
Offshore clients are not likely to move their assets 17
Swiss banks’ offshore clients are not likely to switch their offshore center or offshore bank 17
For more information, please visit :
http://www.aarkstore.com/reports/Offshore-Financial-Services-in-Switzerland-36631.html
Using Smart Financial Management To Stop Foreclosure
about 5 days ago - No comments
If you’re a homeowner facing the threat of bankruptcy in the near or even distant future, the single most important thing you can do to protect your assets is to stop foreclosure. The loss of a job, cuts in hours or overtime, retirement, the death or illness of a family member, and several other factors can threaten your assets as a homeowner, but taking careful and deliberate steps in dealing with your creditor can potentially stop the home foreclosure process and get out of debt altogether.
As simple as it sounds, many people facing imminent or even distant foreclosure proceeding fail to do the simplest thing possible to avoid the process; contacting your mortgage lender as soon as financial problems arise which would prevent you from paying all or a portion of your mortgage on time. Surprisingly, this happens more often than not. Most of us would feel embarrassed faced with such circumstance and don’t even thing to let the bank know about whatever situation may have befallen us for fear that they will attempt to expedite the collection process and take as much as possible as quickly as possible; leaving us impossibly in debt and facing no other option than to declare bankruptcy. In fact, this assumption could not be further from the truth, and is the first mistake most make faced with this situation. Far from wanting to harm their customers, creditors and banks very much want to assist their customers in regaining financial control over their life. It is, after all, in their best interest to be receiving payments from you in some regular variety, not possible should you decide to declare bankruptcy. If worse comes to work, the bank has the right to foreclose on your property, but this too is a last resort for the banks if for no other reason than the unwanted obligation it ties them to. When the bank forecloses on your home it must then either sell it to a private buyer or auction it off. Both processes are expensive and time consuming.
Most every bank and the majority of private lenders have programs available to their clients designed to keep them in their homes. Again, though, these payment plans are usually only available to debtors who are two payments or less behind. The more behind you are on your payments to the bank; that is, how long you’ve been in default, the less options you have.
Many Americans are unable to save for their retirement because they are over burdened by debt, the majority of which has been built up over time as a result of high interest credit card debt. No doubt they all work hard for their money (in fact, the majority earn more than enough to live comfortably) yet some cannot qualify for mortgage financing because their debt to income ratio is too high. Unfortunately for most people, much of their hard earned dollars are consumed paying credit card debt that never seems to disappear. This sort of compounding debt can easily spiral out of control and for many hardworking Americans can result in foreclosure of your assets.
There are many services being promoted which promise complete elimination or drastic reconsolidation of your credit card debts, mortgages, auto loans and even student loans. It’s wise to exercise extreme caution prior to dealing with such agencies and organizations. As with any financial situation, due diligence should be preformed in order to eliminate the possibilities of being taken advantage of. These programs often do more harm than good to their customers and, while they may be able to lower your monthly payments, they will ultimately raise the interest paid to their organization drastically over time. Debt elimination is just one alternative to dealing with the problem of debt.
Instead of engaging in a confrontational mortgage elimination program, many organizations offer services that may well work more efficiently with your bank to help you eliminate mortgage payments by paying off the mortgage using funds generated from a new promissory note. Though it helps in the process, you may not even need a mortgage to participate in such programs. They can be used to pay-off auto loans, student loans, medical bills, credit card debts, unsecured loans, and any other kind of debt, secured or otherwise, imaginable.
Put as simply as possible: failing to pay any of your debts can seriously affect your credit rating. Whenever possible, any income available after paying for food and utilities should be used to pay your monthly mortgage payments. If your employment income has been stopped or reduced, first consider eliminating or reducing your other expenses (such as dining out, entertainment, cable, second automobile, or even telephone services). Take any responsible action that will save cash – you’ll be very thankful you did.
There may come a time prior to foreclosure when it may become all too apparent to you that you can no longer afford to keep your house. Typically in this situation your lender will usually agree to give you a specific amount of time to find a purchaser and pay off the total amount owed. You will be expected to obtain the services of a real estate professional who can aggressively and successfully market the property in the short timeframe allowed to find a qualified buyer.
If the property’s sales value is not sufficient to pay the loan in full, a second sales option should be available to you; your lender may be able to accept less than the full amount owed as settlement for the account. This option can also include a period of time to allow your real estate agent to market the property and find a qualified purchaser. Monetary assistance may be available to satisfy additional lien holders and/or help toward paying a few moving costs.
Explore every reasonable alternative to avoid losing your home but beware of scams. Keep an eye out for equity skimming (a buyer offering to repay the mortgage or sell the property if you sign over the deed and move out) and phony counseling agencies: offer counseling for a fee when it is often given at no charge. Remember that information is your best defense against becoming a victim of predatory lending especially for a desperate homeowner.
The foreclosure process can be among the most embarrassing financial situations you’ll ever face. Keeping in mind these few helpful hints can not only make the process bearable, but tip the scales in your favor.
Finding a Partner for Your Financial Management
about 6 days ago - No comments
Choosing to partner with a bank to reach your financial goals is no decision to make lightly. Some stick with the same bank for years not because the bank offers competitive terms, but out of habit. Making an informed decision requires some research. After all, what may be at risk is the ability to reach one’s monetary objectives as well as peace of mind.
To begin, decide on bank service priorities. Do you need a savings account? Is the ability to invest through the bank important? Perhaps desired services will include retirement planning or trust management. For those looking to conduct business banking, details on small business loans and lines of credit may be a consideration. Compose a list of needed services. The list will help direct your research of banks, both locally as well as online. Visiting a particular website may help clarify the bank’s services and products and whether they are a good fit for your needs.
Identify branches located nearby. Accessibility will probably be a large consideration, unless you are looking specifically for an online bank. Choose banks near home or work with plentiful ATMs located conveniently to places you frequent. With the cost of gas these days, finding a bank close by will cut down on drive time. On the other hand, online banking is a very attractive feature as it gives account holders online access to their accounts 24/7. The only thing to be aware of when opening an account with an online bank is that deposits may take a day or two to clear before the funds are available.
Examine the fees for services used often. Perhaps you use checks to pay bills or conduct transactions online. Make sure to compare these fees as some banks will offer plans that cover a group of services. Another route is to monitor monthly statements to gain a better idea of transaction patterns and then seek a plan to complement that.
Don’t be afraid to speak to a bank representative to gain a better idea of how the bank’s services will fit with your needs. She The bank representative will be happy to take the time to explore a potential financial partnership and answer any questions you may have. This will also provide potential clients with a real sense of the bank’s approach to customer service.
In this day and age, it’s vital to find a bank with identity theft prevention tips and security measures in place. Especially when it comes to online banking, it’s a bank’s priority to educate clients about how they can protect themselves from ID theft. Good banks are not in reactionary mode to these sorts of crime. They are taking full advantage of security measures to prevent it.
Most people want not only a bank that offers layers of security, but also one with a solid reputation. This comes in the form of name recognition with high ratings and easy access. These banks are established regionally or nationally and provide access both close to, and far from, home.
After deciding on which bank to do business with, establish a relationship with its representatives. Take the time to make yourself known to bank employees. Expressing appreciation for good service is always welcome and opens the lines of communication when problems arise.
Sometimes things don’t go as planned. While your bank should strive to exceed customer expectations, there are occasions where it may fall a little short. Give bank representatives the opportunity to right any wrongs. Be willing to work through a problem with them. Negotiate better terms if needed. A bank that views you as a long-term client will work hard to keep the business. View these challenges as a way for both parties to build the partnership – a worthwhile effort over time.
