Deals & People September 6, 2012

Two Oregon Adviser Teams Combine

True Private Wealth Advisors LLC in Salem, Oregon, was formed by partners Brett Davis and Steve Altman, and partners Todd Gescher and Jason Herber.
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Both teams are from Merrill Lynch Private Client Group, and the two will operate separately under the True Private Wealth Advisors banner.

Davis and Altman, as the Davis/Altman Group, will provide wealth management services to high-net-worth individuals, businesses, corporations and foundations. Gescher and Herber, as the Gescher/Herber Group, will serve corporate retirement plans, cash management accounts, nonprofit organizations, family offices and individual investment accounts.

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Also joining True Private Wealth Advisors from Merrill Lynch are two senior registered client associates: Rebecca Engeln and Deborah Parosa.

The advantage to their advisers is that they are not captive to one custodian or one broker/dealer, according to Altman. The teams operate separate profit-and-losses under one roof, but share some fixed costs. “For many of the services we offer, we can shop the street for greater pricing,” Altman told PLANADVISER. “Secondly, more transparency when it comes to fees. Advisers will now disclose all fees and costs. This includes investment management, custodian, platform and advisory fees.” 

Gescher said their research convinced them they could offer better service with an independent business model, especially when they reviewed the resources that are now available through independent partnerships. “Our team has always been steadfastly committed to serving our clients,” Gescher said. “As owners, we have made significant changes that we believe will be of tremendous benefit to our clients.”

In a related deal, Dynasty Financial Partners said that True Private Wealth Advisors joined their network of adviser teams. True Private Wealth Advisors will leverage Dynasty’s technology, managed investments, institutional research, trust and insurance services, and credit facilities. The company will have access to Dynasty’s investment platform, which integrates the proprietary research of Callan Associates. Fidelity Institutional Wealth Services will provide custody services, and Envestnet will provide portfolio trading tools and reporting.

“Dynasty Financial Partners helps us with research, best-in-class planning tools, trust services, technology, etc.,” Altman said. “They are a first-class organization, and we are fortunate to be their partner.”

True Private Wealth Advisors’ headquarters will be in the historic Capitol Building in downtown Salem, Oregon.

 

Diversions September 6, 2012

Risky Business: Employees Habitually Careless With Laptops

Ever wonder just how carefully employees treat their work laptops?

 
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They use weak passwords, store personal financial information and open attachments that can contain links to malware, according to a CareerBuilder study.

A significant number of workers may be putting their company or themselves at risk by failing to secure their laptop, sharing passwords or clicking on links from unknown sources, according to the nationwide study. The bottom line: Sensitive employer information may not be treated with the kid gloves it deserves.

In addition to office-related data and documents, a significant percentage of workers said their laptops house a variety of personal files. The type of sensitive information on their office computers could be company information, client information, personal financial information and other personal information, workers with laptops said.

You might think with all that sensitive data, workers would treat their laptops with the utmost of care, securing them when the device is unattended and making sure they use security devices. But most workers rarely guard critical information, the survey found. Over half said they didn’t have a laptop security device. Slightly more than half said they don’t lock them when they’re away from their desk. A quarter said they had left a laptop unsecured overnight. Among younger employees—those 18 to 24—theft of laptops was a problem. Thirteen percent of workers in that age group said they had had a work laptop stolen, compared with 5% of all workers.

Malware and other types of fraudulent activity are on the rise, and a seemingly benign interaction can have serious consequences. Yet 9% of workers have downloaded a virus on their computer at work; 18% have opened an attachment or clicked on a link from a sender they didn’t know; and 18% admitted to looking at a website that they knew was not secure while using a workplace laptop.

Surely password protection affords some security, you might assume. Guess again. While half of workers reported they memorize their passwords, 12% keep passwords at their desks, written on their laptop or in their computer case, purse or wallet. Others have openly discussed their passwords with fellow workers, and 27% said that a coworker gave them their password. Those age 55+ were the most likely to share passwords, while those 18 to 24 were the least likely.

The study’s recommendations for beefing up security include using hard-to-decipher passwords, using different passwords for home and work, keeping up to date with the latest antivirus software to deter online thieves and hackers, and keeping personal information separate. It may seem like common sense, but employers need to remind employees not to share passwords, download attachments from senders they do not know or ever leave a laptop unattended. Laptops should be secured with security cables whenever possible.    

 

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