Banking on the unified wealth model

first_imgIt seems as if every investment management, advisory, accounting and consultancy firm is offering some sort of technology-enabled unified wealth solution to the ultra-wealthy these days, and it’s about time. While demand for a more holistic view of finances had been rising among high-net worth communities since the financial crisis, obstacles remained to integrate separate technology systems, and therefore financial data, to a single platform—the necessary requirement for holistic wealth management. As expectations have continued to move to even greater integration and convenience, some astute clients are noticing that most wealth platforms have left out an important component – traditional banking data and functionality.Most wealth platforms have left out an important component – traditional banking data and functionality.Current-state wealth management platforms enable consumers to evaluate investment and retirement accounts in relation to cash-flow analysis and long-term investment goals. Ultimately, the move to real time and full wealth platform convergence will be driven by parallel technology emerging through mobile app development in the banking sector.New apps provide clients with an aggregated view of banking, mortgage, savings and credit accounts, as well as automated payment functionality. In many cases, the offerings intended for the mass affluent are already far superior to those provided to ultra-wealthy families even through elite service provider relationships. Integration with investment and long-term planning components would dramatically speed industry adoption of a comprehensive wealth platform. continue reading » 6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Teen arrested after 3-year-old cousin found in trash

first_imgAn 18-year-old has been taken into police custody after he allegedly beat his three-year-old cousin to and stuffed her into a garbage can.The incident occurred Thursday around 5:15 pm along Northwest 27th Circle.According to the report, the three- year-old child was spending the day with her grandmother and her cousin Tristin Tavares Bernard.At some point, the grandmother realized that both the child and the teen were missing.A neighbor eventually found the child stuffed inside of a trashcan and called rescue crews.The child was taken to Joe DiMaggio Children’s Hospital where her condition is currently unknown, however, family members did report that she has severe head injuries.Bernard was arrested later that day after a came forward and told authorities that they saw the teen beating the child with a brick.He now faces child abuse, aggravated battery and attempted murder charges.last_img read more

Whether anger impacts negotiation outcomes depends on ethnicity of negotiator

first_imgShareDavid Ruth713-348-6327david@rice.eduAmy Hodges713-348-6777amy.hodges@rice.eduWhether anger impacts negotiation outcomes depends on ethnicity of negotiatorHOUSTON – (May 6, 2013) – It’s said you should never go to bed angry, but what about to the negotiation table? Researchers at Rice University and New York University suggest that ethnic backgrounds can influence the effectiveness of expressing anger in negotiations. In a series of studies, the researchers found that angry individuals of East Asian descent are perceived as tougher negotiators than their angry European-American counterparts, and consequently elicit greater cooperation at the negotiation table.“There’s no denying it — emotions play a very important role in negotiations,” said Hajo Adam, visiting assistant professor of management at Rice’s Jones Graduate School of Business. “However, no prior research has investigated how the cultural background of the emotion expresser impacts the negotiation results.”Results from four studies revealed that angry negotiators are perceived as tougher and more threatening when they are of East Asian rather than European-American descent, despite the fact that both parties are perceived as equally angry. As a result, parties in a negotiation are more likely to make concessions to angry East Asian counterparts than to angry European-American counterparts.Other findings:In study No. 1, participants indicated that they would cooperate more with angry East Asian counterparts than with angry European-American or Hispanic counterparts, ruling out the possibility that the predominantly European-American participants cooperate more with angry counterparts regardless of foreign culture.In study No. 2, nonangry East Asian negotiators elicited similar cooperation as nonangry European-Americans in negotiations, ruling out the possibility that individuals were cooperating more with East Asian counterparts than European-American counterparts in general.In study No. 3, both East Asian and European-Americans perceived East Asian counterparts as being tougher and more threatening negotiators than European-Americans and made larger concessions as a result.In study No. 4, participants again made larger concessions to an angry East Asian than to an angry European-American counterpart; however, this effect only emerged for participants who held the stereotype of East Asians being emotionally inexpressive and European-Americans being emotionally expressive. It did not appear when participants did not hold this stereotype, which suggests that the effect emerges because of cultural stereotypes about the emotional expressivity of different cultural groups.Adam said he hopes the research will add to the body of literature on the interplay of culture and emotions in social interactions, especially as places of employment grow more diverse and rely more on interpersonal communication.“The workplace is an increasingly diverse place, and it has changed dramatically in recent years,” Adam said. “More and more, employees must interact with their fellow workers and other company stakeholders from different cultures, and emotions play a huge role in negotiating this interpersonal dynamic.”Details on the study procedures:Study No. 1 recruited 98 participants (64 men, 34 women, average age of 32.01) from Amazon’s Mechanical Turk website to participate in an online negotiation. All participants were from the U.S. and the vast majority of them (79.6 percent) were of European ethnicity. Participants were told they would be randomly matched with another user to conduct an online negotiation; in reality they negotiated with a simulated counterpart. Participants played the role of a project manager negotiating an IT contract and were provided with information about their counterpart, identifying them as European-American, Hispanic or East Asian. After participants made a first offer, they received feedback that read, “Wow, this offer makes me really angry. … I expect a better offer; I’m pretty pissed off.” After receiving the message, participants were told the negotiation was over and were asked questions about their behavior intentions.Study No. 2 included 120 participants (55 men, 65 women, average age of 33.24) from Mechanical Turk. All participants were from the U.S. and the vast majority of them (80.8 percent) were of European ethnicity. Participants were presented with a longer version of the same basic scenario as in study No. 1; however, instead of leading participants to believe that they were to negotiate with another participant, they were simply told to read a scenario and imagine how they would react to the situation. Participants were told that their counterpart in the negotiation responded to their initial offer in either an angry or an emotionally neutral fashion. The counterpart was described as either European-American or East Asian. At the end of the experiment, participants were asked what their final offer would be.Study No. 3 included 288 participants (122 men, 166 women, U.S. college students with an average age of 20.58). Approximately half the participants were of European descent; the other half were of East Asian descent. Students were randomly assigned as “Student 1” or “Student 2” and were paired with a student of the same sex to negotiate how to work on a student project. “Student 1” was randomly assigned to one of two anger conditions: In one condition, they were instructed to express anger; in the other condition, they were instructed to remain emotionally neutral.Study No. 4 included 110 participants (52 men, 58 women, average age of 32.27 years). All participants were from the U.S., and the majority of them (83.6 percent) were European-American. Participants took part in the study on Amazon’s Mechanical Turk website and were told that they would complete two separate studies. In the first part of the study, participants were told they participated in a pilot test for another experiment. This part of the study actually assessed whether participants hold the stereotype of East Asians being emotionally inexpressive and European-Americans being emotionally expressive. In the second part of the study, participants engaged in a computer-mediated negotiation with a simulated counterpart who expressed anger throughout the negotiation and was described as either European-American or East Asian.The paper, “Not All Anger is Created Equal: The Impact of the Expresser’s Culture on the Social Effects of Anger in Negotiations,” was co-authored by Aiwa Shirako, visiting professor of management and organizations at New York University, and is available online at Faculty research grants awarded to the authors by New York University and Northwestern University funded the research.-30-For more information, contact David Ruth, director of national media relations at Rice, at 713-348-6327 or news release can be found online at Rice News and Media Relations via Twitter @RiceUNews.Related Materials:Hajo Adam headshot (Photo credit: Rice University):Hajo Adam bio: on a 300-acre forested campus in Houston, Rice University is consistently ranked among the nation’s top 20 universities by U.S. News & World Report. Rice has highly respected schools of Architecture, Business, Continuing Studies, Engineering, Humanities, Music, Natural Sciences and Social Sciences and is home to the Baker Institute for Public Policy. With 3,708 undergraduates and 2,374 graduate students, Rice’s undergraduate student-to-faculty ratio is 6-to-1. Its residential college system builds close-knit communities and lifelong friendships, just one reason why Rice has been ranked No. 1 for best quality of life multiple times by the Princeton Review and No. 2 for “best value” among private universities by Kiplinger’s Personal Finance. To read “What they’re saying about Rice,” go to If you do not wish to receive news releases from Rice University, reply to this email and write “unsubscribe” in the subject line. Office of News and Media Relations – MS 300, Rice University, 6100 Main St., Houston, TX 77005 FacebookTwitterPrintEmailAddThislast_img read more