Fran Scholl, of Yardley, has been named memory care daybreak coordinator at The Birches at Newtown Personal Care and Memory Care facility in Newtown Township. Scholl provides case management services to residents in memory care, oversees planning for the memory care program and develops and implements new programming with residents. Prior to joining The Birches, Scholl worked at Seniors Helping Seniors and Sunrise Assisted Living. PHOTO
Grace M. Deon, of Northampton, was recently named president-elect of the Bucks County Bar Association. This is a two-year obligation in which the candidate serves as president of the bar association during the second year of the term. Deon is a shareholder and member of the management committee at the Doylestown law firm of Eastburn and Gray. Her practice focuses on employment, commercial and special education litigation. PHOTO
Martin Buniva, of Mount Laurel, New Jersey, has been promoted to vice president of finance at Warrington technology firm Sabre Systems Inc. Formerly the finance director, Buniva will continue to oversee the daily responsibilities of the entire finance department, while also providing financial planning and analysis support to the company. Prior to joining Sabre in 2009, Buniva was director of financial planning and analysis in the Ship and Aviation Engineering Business Unit for L-3 Communications/Titan. PHOTO
Lisa Bodine of New Hopes Penn Wealth Planning, was recently named to the 2015 Financial Times Top 400 Advisors list. Bodine, of New Hope, is affiliated with LPL Financial LLC. The top advisers were chosen based on several criteria, including years of experience, total assets under management, asset growth and industry certification. PHOTO
Mike Antonelli, of Langhorne, and Ray Sizer, of Yardley, were awarded the Platinum Trade Ally Certificate of Achievement from PECO Smart Ideas. The owners of National Energy Solutions of Fallsington won the award for their efforts in 2014, which earned their business customers utility rebates for energy efficiency lighting projects. National Energy Solutions designs and installs retrofit lighting projects designed to reduce energy demand and save money. PHOTO
Brian Hall, of Perkasie, won the bronze medal and the safety award in the carpentry competition at the Associated Builders and Contractors National Craft Championships in Fort Lauderdale, Florida. The championships featured a field of nearly 200 craft professionals competing for top honors in 15 competitions across 12 crafts. Hall works at Klover Contracting Inc. in Quakertown, and is finishing his apprenticeship program at ABC's Eastern Pennsylvania Chapter. In addition to the bronze medal and safety award, he also received a cash award of $350 from ABC and tools from Hilti and Klein, along with a pair of boots from Keen.
Tara Gore, a mortgage originator for Horsham-based Gateway Funding, and David Mazowski, branch manager, have been named as two of Mortgage Professional America Magazine's Young Guns for 2015. The list, compiled annually, honors young mortgage professionals who have made waves in the mortgage industry over the last year. Honorees must be 35 or younger, and are nominated by their peers.
Grand View Health and the Grand View Wound Care Center have received a Center of Distinction Award from Healogics Inc., which provides advanced wound care services. The West Rockhill medical center was recognized for its clinical outcomes over 12 years, including a patient satisfaction rate higher than 92 percent, a minimum wound healing rate of at least 91 percent within 30 median days to heal, and other outcomes. There were 506 centers eligible for the Center of Distinction award; 172 achieved the honor.
Software product developers Nicholas Hance and Valentino Stoll of Quakertowns Reenhanced LLC have won an award for their tool that is designed to help programmers build better software. They were honored as part of the 2015 Fukuoka Ruby Award competition sponsored by the Government of Fukuoka Prefecture, Japan, and the Fukuoka Ruby and Software Industry Promotion Committee. The award, sponsored by cloud application management platform Engine Yard, provides Reenhanced with 5,000 hours of cloud-based hosting, among other things. The award was presented for the creation of Git Reflow, a software development tool using the popular Ruby programming language.
Dr. Michael H. Levy, director of the Pain and Palliative Care Program at Fox Chase Cancer Center, has received the Lifetime Achievement Award from the American Academy of Hospice and Palliative Medicine, a professional organization made up of 5,000 physicians, nurses and other healthcare providers dedicated to advancing hospice and palliative medicine and improving the care of patients with life-threatening conditions or other serious conditions. The award recognizes outstanding contributions and significant publications that have helped shape the direction of the field of hospice and palliative medicine.
LOS ANGELES, March 27, 2015 (GLOBE NEWSWIRE) -- City National Bank, Americas Premier Private and Business BankSM, announced today that it has hired Peyman Salehi as senior vice president and manager of the Beverly Hills private client services team.
Based out of the City Nationals Roxbury office in Beverly Hills, Salehi leads a team of private client services professionals and will be adding new bankers to better serve clients. Salehi and his team provide customized credit, investment management, wealth planning and trust services to high-net-worth families, select nonprofits and professional services firms. He reports to Gwen Miller, executive vice president and manager of private client services in the greater Los Angeles area for City National Bank.
With more than two decades of wealth management and banking experience, Salehi most recently served as the managing director for JP Morgan Private Banks high net worth team in Chicago. In this capacity, his team provided comprehensive wealth management solutions and services to high-net-worth clients in the downtown Chicago area.
We are very happy to have Peyman lead our private client services colleagues in Beverly Hills and know we will be better able to serve more clients under his leadership, said Gwen Miller, executive vice president for City National Bank. Peyman brings with him more than 20 years of experience helping clients meet their private banking goals and his background fits nicely with our clients and our colleagues.
Salehi earned his bachelors degree from Loyola Marymount University and his juris doctorate from Southwestern University.
For an image of Salehi, go to: https://www.cnb.com/PublishingImages/Salehi-Peyman.jpg
About City National
City National Corporation (NYSE:CYN) has $32.6 billion in assets. The companys wholly owned subsidiary, City National Bank, provides banking, investment and trust services through 75 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. City National and its investment affiliates manage or administer $60.8 billion in client investment assets, including $48.1 billion under direct management.
For more information about City National, visit the companys Web site at cnb.com.
(C) Copyright 2015 GlobeNewswire, Inc. All rights reserved.
BMO Private Bank recently released the results of a study they performed on the retirement outlook of affluent Americans as part of their Changing Face of Wealth series. Those surveyed have at least $1 million in investible assets, which represents, perhaps, a low bar to set for affluent; however, some of the answers are still intriguing and suggest a movement among the affluent towards earlier and far more active retirement.
A number of the returns were largely what youd expect from this sort of exercise. 99 percent of respondents currently have an investment portfolio or share one with their spouse. 85 percent plan to use the money in their portfolios to fund their retirement, while 45 percent hoped to use it as an inheritance (this question allowed for multiple answers). Only 5 percent consider themselves aggressive investors. When asked about where they planned to retire, 96 percent responded In the US which should hopefully assuage some of the growing panic over high-profile high-net-worth individuals renouncing their citizenships. Nothing too terribly controversial to see here.
That all being said, there were some statistics that grabbed my attention. The first is that 20 percent of respondents either have already retired or plan to do so before the age of 40. Thats a staggering number. At first blush, I chalked the result up to those born into money that werent really working before they retired to a life of (even more) leisure. First generation wealth creators tend to hold on to the reigns longer, whereas those born into affluence often have less motivation to burn the candle at both ends. These assumptions are obvious cliches, but they also exist for a reason.
I contacted Jack Ablin, CIO of BMO Private Bank, to get his thoughts on the matter, and he offered an interesting alternative explanation: Millennials. Now before you roll your eyes and close the article, this isnt the usual rant about the lack of work ethic among These darn kids today. Ablin thinks that Millennials simply have different priorities both professionally and socially from those that came before them. Theyre less wedded to a single career path than previous generations, and the term retirement applies to them differently in that major career changes are far more common and significantly less traumatic events than for, say, baby boomers.
A common thread that Ablin sees is young people who, for lack of a better term, sell out to the corporate world for a number of years in order to make their fortunes, then instead of doubling down and moving into upper management to comfortably accumulate further wealth, they quite literally take the money and run to pursue passion projects, do charity work or start their own companies. This hunch is borne out in the survey as well, as 21 percent of respondents plan to continue earning in their retirement through working part time, a further 21 percent want to start a new career and 11 percent intend to start their own business. So the answer, it appears, isnt that the early-retiring respondents were spoiled rich kids who werent really working, as I so judgmentally assumed, but that affluent Millennials arent actually retiring, at least not in the sense of the word to which most of us have become accustomed.
As the world changes around us, our concepts and terminologies need to adapt to keep pace. Traditional retirement planning isnt going anywhere just yet, but this study suggests that advisors should be prepared for the possibility that if a 35-year-old client comes into their office to discuss his retirement, hes probably not planning on spending that time on the golf course or writing his memoir.
By Lauren Tara LaCapra
NEW YORK, March 24 (Reuters) - Morgan Stanley bid adieu to another senior executive who was thought to be on a list of potential successors to Chief Executive Officer James Gorman, but a new generation of CEO candidates is rising inside the bank.
On Tuesday, Morgan Stanley announced that Chief Financial Officer Ruth Porat, 57, would be leaving at the end of April to head back to Silicon Valley where she has professional and personal roots, to become CFO of Google Inc.
Porats departure did not surprise other executives inside the bank, who pointed to her age - a year older than Gorman - and the belief that he may not leave for five more years.
Soon after Gorman took over in 2010, there were at least four contenders for his seat: Porat, Colm Kelleher and Paul Taubman, who jointly ran investment banking and trading, and Greg Fleming, whom Gorman brought in to run asset management, later adding wealth management to his responsibilities.
Two of those, Porat and Taubman, are gone or soon to be gone. The other two, Fleming, 52, and Kelleher, 57, may be too old to be CEO when Gorman retires, management experts and Morgan Stanley insiders said. Fleming has been approached for other CEO spots, and may tire of waiting to head up Morgan Stanley.
You just cant anticipate that people who are high potential and seasoned are going to wait, so it is critical to have at least two generations of candidates that are being developed, said Jane Stevenson, who runs the CEO succession practice for executive search firm Korn Ferry.
Kelleher and Fleming are involved with long-term succession planning within their respective businesses, and aware that neither may be the next CEO of Morgan Stanley, a person familiar with the matter said. They still play important roles because if the unexpected happens - if Gorman becomes ill or gets injured or cannot continue in his role for some reason - either would be qualified to take his place immediately.
One main player in the organization is Ted Pick, the 46-year-old global head of equities and research, whose business has blossomed and made up for lost revenue from a declining focus on fixed-income trading. Sources inside Morgan Stanley widely expect him to move into bigger roles. (link: http://reut.rs/113jq8v)
Gorman has also made several moves to beef up the ranks of possible successors, people familiar with the matter said.
On Tuesday, Gorman named Porats replacement: Jonathan Pruzan, 46, an investment banker who co-heads Morgan Stanleys financial institutions group.
The bank also announced executive changes last week. It added investment banking and trading executive Clare Woodman to the operating committee and marketing executive Mandell Crawley, 39, and investor relations head Kathleen McCabe, 42, to its management committee.
Morgan Stanley also shuffled three executives - Andy Saperstein, 48, Raj Dhanda, 47, and Mohit Assomull, 41 - into new roles across wealth management and institutional securities.
Eric Heaton, who runs the private bank and is working to build Morgan Stanleys loan book, and Celeste Brown, 38, the banks newly appointed treasurer and former head of investor relations, are also viewed as relatively young heavy hitters in the organization. Ages for Woodman and Heaton were not public but bank sources estimated that they are in their 40s.
Executives named in this story either declined to comment or did not immediately respond to requests for comment.
Gorman himself became CEO in the aftermath of the financial crisis, a time when the bank was making a huge strategic shift to focus less on risky trading activities and more on the wealth management business where Gorman spent much of his Wall Street career.
Some insiders had believed Gorman might formally appoint either Fleming or Kelleher as his No. 2, by naming one as president for example. But sources at the bank now say that is unlikely to happen because such a move would signal to other executives that they do not have a chance at the CEO job any time soon. (Additional reporting by David Henry; Editing by Grant McCool)