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There are also some great manual massage modes and the EP 1285 massage chair. You can pick from rolling, tapping, kneading and also compression. Use these methods to massage your whole back or a part thereof. Another good feature is the neck roller position. This massage chair permits you to set the height of the rollers. This is perfect for targeting exactly where you would such as the shoulder and neck massage to focus.
First measure your mattress (consisting of mattress pads or toppers) for depth to ensure the fitted sheets you purchase will appropriately cover the mattress. Compare this dimension with the product label. Thread count is the variety of threads per square inch of fabric, both vertically and horizontally. The softest and most durable bed sheets are made with greater thread counts. For durability and softness, choose a thread count of 200 or greater. Thread counts under 200 have a crisp linen feel, which might be appealing to people who are cozy sleepers.
Wooden bed frames with clean vibrant lines and sweeping bent legs offers the bed a casual look. Flexible metal bedsteads provide longer rails with center support and rug rollers, which ensure supreme amenities. White faux leather bed frames with elegant bent legs and sprung slatted bases offers a blend of design and support. Select a bed frame that goes with the design of your bedroom, be it an unwinded wooden look, antique metal craftsmanship, or modern leather frames. When you have actually selected a frame of your choice, match it with a comfortable mattress and various other home furnishings like dressers and chests that belong of your bedroom sets. If you require even more storage in the bedroom, it is necessary to choose bedroom sets with attached drawers for added area. If you do not require even more storage at present, you may require it in future, so purchase bedroom furniture that likewise offers storage choices. While choosing bedroom sets for your house, it is necessary to pick furniture made from solid hardwoods like oak, maple, mahogany, teak, walnut, cherry and birch. Engineered woods like plywood are likewise long lasting. Such purchases are meant to be resilient financial investments and it is good quality alone that can ensure that.
3 Reasons Changing Futons Is Useless
Depending on the quantity of cash you are prepared to invest you could either acquire a completely established massage chair, which is absolutely the dearer option or in the option, you may choose adding an external massager to your recliner chair, which is maybe even more cost effective. Massage recliner chairs have innumerable benefits and benefits and the preliminary and maybe the most crucial of those is the guaranteed fact that you will certainly get quick fulfillment and relief on returning house.
Mesmerizing Examples Of Kids Futon
Taking care of your sofa slipcover sets is much easier than calling in an expert upholstery business to get rid of discolorations and extensively clean. Covers can be removed from your furnishings and laundered in your own washing machine unless the producer's tag shows to dry clean just. After washing, it is suggested to line dry or dry on a low heat setting. Heat that triggers even the tiniest shrinkage could destroy your fit. Coordination of your sofa slipcover sets is the enjoyable part of purchasing slipcovers. There are hundreds of designs in an assortment of colors and trends. Country blossoms, modern stripes or contemporary solids can alter a room's color and design with simply a small amount of money. Fringes or straight sleek lines can enhance your furnishings masking the genuine furnishings with beauty. Sofa slipcover sets are no longer tosses that appear like a crumpled blanket when sat on.
Clients can also discover a rattan garden furnishings sale on a number of various web sites from makers of these products. The internet is a very useful tool to have at one's disposal in this day and age, makers, distributors and affiliated vendors commonly have their sales listed on their web sites where visitors can discover savings on an outdoor sofa that they have had their eye on for some time. It's constantly nice to be able to purchase that one item you've really wanted at a cost that satisfies your expectations and sales occasions are designed for just that purpose. Sales occasions of this nature offer interested individuals with the very best possibility of acquiring an outdoor sofa at substantial savings.
There are several type of these chairs, for case in point leather recliner chairs, worry-significantly less recliner chairs, swivel recliner chairs and massage recliner chairs. Leather ones are the most favorite and popular of all as these chairs supply the convenience and ease of a recliner with the luxury and type of leather. Leather is also a ease and convenience cloth which remains lengthy and of training course seems like fantastic when it does so. These chairs have an electrical massager suited their bodies which can be run as a result of a swap on the chair. They also feature a remote handle to regulate the diploma of recline and the velocity and strength of the massager. Recliners today feature all kinds of abilities and equipment and a single needs to simply select the ones he likes to get the most efficient convenience and ease out of the chair.
Tips On How To Become A Professional When It Comes To Futons
It is important, when installing the headboard, to ensure the primary bolt is tightened up as securely as possible. A loose headboard can landed on in some way, which is especially unsafe for little ones. Some sizing will certainly be needed, considering that the headboard was purchased separately from the bed. If the bolt is too small, keep going up incrementally in size till the right one is discovered. Need to the hole for the bolt's head be too huge, then make it smaller with a washer. Place the washer over the hole for the screw, then screw it through the washer and the hole in the headboard. On those celebrations when the bolt just won't fit under any circumstances, drill a hole about an inch far from the original hole. Another hole should be drilled on the other side of the headboard brace for correct security.
The idea of an ottoman bedstarted with the ottoman design and has actually been around considering that the 1800; it's initially made use of as a foot stool to assist the legs and feet rest while sitting down. Nowadays, the ottoman bed still verifies to be a truly great option when it comes to picking single or double beds for your home. It does not only serve as a routine bed but is now geared up with a great deal of modern features and is a great storage center. The ottoman bed is comfort and convenience all rolled into one. It supplies comfort and design just like a routine bed, but at the exact same time supplies convenience to homeowner considering that it helps organize individual possessions a little simpler. In today's society, people require things that can do even more for them.
Decorative beds are really just like four poster bed. Generally these beds have four corner pillars extending four feet high or more above the mattress. They are simply an extension from the bed and with a beautiful cloth sheet over them. Nowadays these beds come in two groups, initially is traditional and 2nd is modern. Most of the beds are made of metal rod frames, Victoria visual appeals and delicately carved wood frames and posts. Canopies are available in different shapes and sizes. You could find one that suits your design strategy.
Industry Secrets About Futons They Are Still Keeping From You
Other fabrics that might be used for sofas are cotton, wool, jute, and linen. These, nevertheless, are all high upkeep as they stain easily and are not efficient in managing excess wear and tear. Likewise keep in mind to obtain directions on the best ways to clean the fabric that you have actually picked, and methods to protect it, so that it lasts as long as possible. As long as you identified the best ways to maximize your sofa and have it suit any interior area, you are expecteded to have a good looking kids futon piece that can be the star of your room.
It appears simple while purchasing upholstered furnishings for your house. We frequently tend to forget particular indicate examine while choosing then furnishings or rather we forget to make a preventive examine the toughness of the furnishings. Furniture is made to supply comfort through appropriate engineering and a well structured frame to assist support the spine. Contemporary pieces tend to have clean lines, and are typically made with modern products such as MDF, board and foam. While this might sound uninspiring, pick intelligently and you can expect a hard-wearing furniture piece. While modern furnishings might add a speck of antique delight in your room. While purchasing a sofa for your room proportions matter a lot. Prior to really stepping in the sofa shop you have to first examine the theme of your living room. Look for the average dimension of your room, if the other furnishings suffice bulky, you need to prevent purchasing huge and bulky sofas. Lastly, before you purchase, you need to constantly examine that the piece will fit through your doors, particularly if your house has a narrow hall or angled corridor.
Incredibly Effective Ways To Modify Your Futons
Another terrific option for mattresses to be made use of on platform beds are innerspring mattresses. These popular mattresses consist of coiled wires positioned inside them as a support group. These internal and bordered springs support the foam which is put on the edges to make the mattresses usable. These are extremely convenient mattresses as they are flexible from the in and soft from the outside. They are the perfect suitable for the platform beds as they are discovered in any required dimensions. There are varieties in these innerspring mattresses which are discovered without a spring box as well.
While purchasing a recliner you must constantly keep in mind some crucial features of armchairs. Constantly bear in mind its convenience and the reclining capacity. Apart from this colors and product coverings must likewise be inspected. Armchairs made of leather are more practical than chairs made up of other product because their wear and tear rate is much low and you can quickly clean the leather. You can get budget-friendly recliner armchairs online to fit your convenience. You can discover a big option of material and leather choices. Not only recliner armchairs however you can likewise purchase dining space chairs, reception chairs and folding chairs in various styles and sizes online. In the modern trend a reclining armchair has ends up being an essential furniture piece together with other family products. So purchase a reclining armchair to feel its convenience and go unwind on it.
Recliner chairs are among those devices of furniture which give great convenience and rest and at the comparable time, give a stylish and stylish outlook. They boost the overall decor of the space and are likewise exceptionally practical. Each recliner which is on the market out there is built with the purpose of providing the maximum help to the back. Recliner chairs have actually been created in such a technique that an individual might sit on it for numerous hours and do his work with no kind of discomforts. Those struggling with the arthritis illness and pregnant girls specifically benefit from such recliner chairs. The double recliner by Lazy child described as the Rialto Sofa is now probably the most selling item of the company.
In purchasing cheap mattresses, cautious and careful scrutiny is very important despite the brand name. Because worth standards are being followed closely in the making of mattresses, there are levels for the highest quality. Like for examples, long term security, stress distribution, edge support and hygiene are the standard parameters in identifying the quality of mattresses. Various other measures consist of suppleness wherein soft mattresses are most ideal for those side sleepers; for the bulk of back sleepers, medium mattresses are highly suggested and for tummy sleepers, firm mattresses agree with for them. There are, nevertheless, mattresses of decrease prices which levels of suppleness are flexible while some mattresses have one side that is firmer and the opposite is softer in the sense of accommodating sleepers who share an usual bed.
The Reason I Despise Kids Futon
Another cherry wood veneer is the futuristic style and it is included in a dark java color. It has a flat lacquer which makes it look stylish. The five piece English drawer have actually kenlin glides, which assists to ensure the dresser drawers have the ability to easily pull complimentary for continued use for a long period of time. The simpleness of the lines with tapered legs help to offer this traditional dresser a fresh look. You can purchase a master dresser, and acquire optional mirror, or you can get the chest of drawers. This offers you a lot more alternatives to select from can you can find the best direction or to fit into the space in the decoration of your room. Because they're part of the collection, if you opt to buy both styles, you can be assured that will certainly match exactly.
The basic lines of the kids futon enable you to have functionality with grace. They huge dresser with mirror and the high chest can be matched together and the interior is lacquered for additional resilience. There is a minimalist collection that is best for those who like the uncluttered design, and the dark hardware with warm medium brown surface offers an unique look. It has gentle curves to offset the more extreme styling and the huge dresser and matching mirror and 6 drawer chest provide itself wonderfully to this look.
Should Fixing Futons Take A Long Time?
The timeless a single is made from brown leather with a tufted top. This is 1 on the most wanted kinds of coffee tables for those who want to give traditional want to the space. You get other options too for such coffee tables; a few of them have a modern touch and others forecast a more antique appearance. With the advanced innovation, you potentially can check out the ultimate range of different ottoman coffee tables for your living room through the online e-commerce websites and do your shopping there. Online shopping is actually a quicker technique to have a look from the options and an superb solution to compare the rates of distinct dealers. Tufted leather ottoman furniture is a fantastic thing to posses, hence be sure to invest well and buy the excellent quality.
It is a real fact that many people who sleep on bed mattress futon are not aware that bed mattress futons were very first invented by the Japanese. Over lots of decades, the Japanese have actually slept on bed mattress futon put on their floors. This is since they do not see that it is essential to have an bed with a frame, box springs and headboard. All these early bed mattress futon were in fact included thin mattresses, little pillows, and a blanket. Every morning, the bed mattress futon might be rolled up and tucked away in a closet. Today, bed mattress futon units are as popular in western countries as they are in Japan and has quite become a convenience item.
They are numerous different types and designs of dressers. From the closet armoire to the tallboy dresser. You could such as a chiffonier which is a tall, classy chest of drawers with a little mirror attached to it, it was originally meant to store needlepoint work, years ago. Lots of houses have a double dresser which is a long, brief dresser containing 9 to twelve drawers. Or possibly you would such as a chifforobe which combines a wardrobe with a chest of drawers for a really classy and practical dresser. There are thousands of designs to choose from.
Chairs that are geared up with limitless sitting positions permits you to adjust the reclining position as you really want. The footrest of the infinite chairs can be manually managed so that it does not raise or reduced as you adjust the reclining position. The seller permits you to customize the recliner chairs into a wide variety of colors and materials. Prior to purchasing a recliner chair, make sure you do some research and shopping comparison so that you will certainly make an educated choice.
The recliner chair will always will certainly be among the very best chairs for convenience and support and is a should to have in any household house. I was at the furniture establishment recently and the recliner chairs for sale there were all very well made, tough and above all great for my posture. Of all the recliner chairs for sale at the big furniture establishment that day I ultimately purchased an Ashley Sofa Recliner as this was without a doubt the most relaxing one to sit on.
Fitted queen sheets are best for your bed since they works in two methods. Initially, the sheet features as a cover to shield you from the mattress and 2nd, this ultra soft and hassle-free textile will provide you the comfort that you require. Things about bed mattress is that you can not wash it, hence there are still dirt and impurities which are being kept therein. With the use of a quality and resilient sheet, you can have a dirt free of cost product which you can constantly use every day.
Corner sofa beds can be put in various ways to give the very best comfort with low area. It is not called for to put then just in the corners of your space. They can be put in front of your television for you to delight in sports and motion pictures with a bunch of good friends. It can likewise be put by the window where you can delight in the view with a cup of coffee and a book by your side. Up until now corner sofa beds have actually become a good investment. They come as both costly and cheap and you can pick from a big variety of designs available at the store. Corner sofa beds are likewise available at online furniture establishments and online beds store under different furniture brands. They have equal amount of designs available with various sizes. Always keep in mind to look at the quality of the sofa and the materials made use of for the sofa before purchasing the furniture. Naturally corner sofa bed is of a long term investment and you would not prefer to jeopardize on the quality and price of great furniture.
Produce a kid-friendly space that is fun, as well as organized, with ease by making smart design choices. Window treatments such as roman tones give a fascinating and fun aim to the kid's space. Along with having a good time, assist your child remain organized by choosing smart night tables and dressers for the space. Safety is the first consideration when choosing night tables for your child's space. Choose a night table with rounded edges and safe drawer pulls that won't hurt little fingers. Choose a night table with short and large legs for steadiness or you can protect it with a tip-resistant kit.
What Everybody Ought To Know About Futons
Antique chests of drawers on round or bun feet began revealing damage, and began getting replacements of bracket feet. The marquetry antique chests of drawers are an unique course of antique chests of drawers with a design of their embellishment that changed very little over the years. At first the marquetry antique chests of drawers bore natural flowers and leaves. Then the marquetry antique chests of drawers got Acanthus leaves. Later on the marquetry antique chests of drawers were made with conventional patterns and scrolls of foliage that bore little affinity to the sensible forms of the earlier marquetry antique chests of drawers. The lacquered antique chests of drawers of the Orient, Dutch and English origin were perfectly ornamented with metal plates and handles as developed by the English makers of lacquered antique chests of drawers. Wrought-iron hinges and lock-plates had been disposed of in favor of sculpting. In Oriental antique chests of drawers metal work and brass plates were made use of. From antique chests of drawers developed the antique chests of drawers with plain fronts and serpentine shapes independently. Throughout the eighteenth century metal handles and handle-plates were made use of on the antique chests of drawers.
Apart from general bedroom kids futon, you can also use unique pillows to gorgeous your bedroom. As an example, chubby pillows benefit the bed. They give you a sense of convenience and a sense of worth. They also give you a sense of comfort and usually make your bed very welcoming. Can one be stated to have outstanding bedroom furniture without the best bed sheets? I doubt it. Many individuals say they just can not sleep on the bed without the bed sheets. It is suppose to make you sleep conveniently. It is also expected to serve aesthetics purposes. The kind of bed sheets that you carry your bed will make a lot of difference on how your bedroom looks. An extremely important element of bedroom furnishing is the good use of the rugs. Rugs have a way of mixing elegance and grace. It makes your bedroom bubble with freshness and novelty. It also offers a trademark of elegance exotic and captivating.
Usually, there are 3 sort of cushions available in the market, and these can be obtained from your producer or furnishings establishment if they provide customizing alternatives for cushions also. First of all, there are foam cushions that provide the sofa a firm and good look. These cushions likewise your sofa-set set the required volume. For that reason, if you need a foam cushion, you might just be going in for what many people like as their preferred selection. For the right kind of foam cushions for sofas, you might know that there are usually 3 sort of cushions available. These are generally soft, firm and medium. You can select among these densities to match your requirements. However, if you have unique requirements such as lower back concerns, then you can either go in for a firm density cushion. Conversely, a soft cushion might match you, relying on your requirements. In some cases, you might have to remove the cushions from the sofa-set to clean them if they get any marks or you might have to vacuum the sofa-set to remove the dirt. On the whole, they are simple to maintain and therefore are a great selection amongst many people.


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UFC Betting – Under/Over. Over 2.5 rounds +120 Under 2.5 rounds -140 Here, if you think the bout will be over quickly you'll have to wager $140 to make a profit of $100 if the bout is less than 2.5 rounds. If you think over, you'll win $120 for your $100 stake. If a bout were to end midway through a round,
federal open market operations (FOMC). the fed buys and sells government securities in the open market. government securities. pieces of paper promising that the government will repay the amount of the security plus interest, basically a bond. To slow demand pull.
Speaking during a press conference that followed a two-day Fed policy. "You know Facebook, I believe, has made quite broad rounds around.
For those who kept their homes, times are good; but for renters they're really not Oppositely, those who choose to rent may face unannounced rent increases or a landlord's decision not to renew their lease at all. So, for renters who are tired of the uncertainty that can surround their lease agreements, now may be the perfect time to fall in love with owning a home! Homeowners have the freedom of choice.
For the past year, the Fed has been fighting to get its target interest rate back into what it considers a more normal range and cut back on its massive portfolio of mortgage-backed bonds. America's central bank, the Federal Reserve, has several methods by which to fight recession.
By implementing effective monetary policy, the Fed can maintain stable prices, thereby supporting conditions for long-term economic growth and maximum employment. What are the tools of monetary policy? The Federal Reserve's three instruments of monetary policy are open market operations, the discount rate and reserve requirements.
Don't fight the Fed, it's on investors' side, strategist says – Don't fight the Fed, it's on investors' side, strategist says 4:23 AM ET Tue, 26 March 2019 David Dietze of Point View wealth management discusses the inversion of the yield curve. Round end on dowel – How? – The SawdustZone – 3. Clamp this piece to your router table so that bit center is in line with the groove, and as close to the bit as possible without actually touching it.
For the Frost science museum, an aggressive' plan that failed Five things home buyers should never say When it comes to leaseholds, delay will cost you dear Slowing house price growth is sign of a cooling economy, warns nationwide house prices and the UK economy | VOX, CEPR Policy Portal – After the vote for Brexit in June 2016, the UK economy seemed to have avoided the predicted real estate slowdown. According to the Nationwide Building Society's House Price Index, annual UK house price growth was 4.5% in January 2017, slightly higher than the 4.4% annual house price inflation in January 2016 before the referendum.Long leaseholds – it doesn't have to be a deal breaker | Vail. – Long leaseholds – it doesn't have to be a deal breaker. There has been a lot of press coverage this year about the rise in the number of new residential builds that are being sold as leaseholds, in many cases unbeknown to the purchasers.3 things homebuyers should never say to a Realtor.. After all, 89 percent of recent buyers purchased their home through a real estate agent or broker, Here are three things you should never say to your real estate agent or broker: 1. 'I don't want to commit to one agent.'Breaking the biggest stories in celebrity and entertainment news. Get exclusive access to the latest stories, photos, and video as only TMZ can.
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If I can keep going, I keep going. Otto is a great Swede, a Viking warrior." Fury was cut over his right eye in the third.


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One year ago or so I was talking about something I called DAD or desired advertising (like this one or this one) that was based on delivering the right ad to the right person, and the right ad to the right person is linked to the variable "time". And the variable time (when I want it) is expressed by the user in different ways, but always as an exteriorization of a desire. When the people browse in a search engine, or search content within a site or navigate particular content, or even accept to open an email, quick message, orContinue reading
Month: August 2007
Avinash Kaushik – an amazing interview
I'm so glad of presenting to you this interview with Avinash Kaushik. If you are reading this blog is because you are, at least, interested in web analytics, and off course you know him, but just as a formality here is Avinash's BIO. Avinash is an Independent Consultant with a focus on speaking and consulting engagements that help organizations unlock the power of web research and web analytics to create truly data driven organizations and gain a strategic competitive advantage. He is also the author of the book Web Analytics: An Hour A Day, published by Wiley. Analytics Evangelist forContinue reading
How to define and optimize funnels
If you want to analyze any special process from your site with the funnel function here are some tips. The first thing you should consider is that your site is a system, taking into consideration the very basic concept (wikipedia: from Latin syst?ma, in turn from Greek ??????? syst?ma, is a set of entities, real or abstract, comprising a whole where each component interacts with or is related to at least one other component and they all serve a common objective), and as every system is extremely important to understand what things flows through it, how those flows occurs andContinue reading
Recycling your mind for a better analysis
As much as we learn about our career and became better professionals as much things we do with no mental process involved. Once a journalist asked Pete Sampras what does he think about when playing tennis, and Sampras answered, I just react don't thinking process involved. The same thing occurs to us, and even when this allows us to become more and more pragmatic, we should never lose our curiosity. So when you start using or just try any web analytics tool, start from the very beginning, understanding what every indicator means in terms of web analytics and in termsContinue reading
The hard task of understanding text messages
Since most of cell phones have no QWERTY keyboard people should create an easier way to write their messages, so today you should program your head with this new codes if you want to understand what your colleague, client, supplier, or friend are telling you. Because sometimes the obvious it is not so, here is a useful list of some those codes: A3 – Anytime, anyplace, anywhere AAMOF – As a matter of fact AFAIK – As far as I know AFK – Away from keyboard ASAP – As soon as possible B4 – Before B4N – Bye for nowContinue reading
Google model. Formal Business, informal behavior.
This is a very Google like way to communicate when something is not working fine. I'll try to apply it with my clients… Just in case you can't visualize the text: "Google Trends is very popular right now and we could't process your request please try again in a few seconds".Continue reading


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Your house looks beautiful! I love the fireplace vignette you put together… everything looks lovely. As far as late to the home tour party, I guess I'm late too, I'm actually working on my post right now. I was busy shopping instead of blogging and decorating, ya know?
Chic and tidy, with heart-warming details.
Excellent table setting, too. Nice job, Kendra. 🙂
Love your home tour. I see so many things I like such as the basket and the ticking and the deer and your French style furniture. Featuring this at Wow tonight. Thanks for joining!
Your homes is delightful, I love the way you have decorated….its warm, cozy and beautiful.
Have a Merry Christmas!
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Suzuki Alto 2012 Review
The Suzuki Alto may not sing as sweetly as a church choir, but when it comes to economics it hits all the right notes. VALUE With prices starting around twelve grand and petrol sipping performance the new Suzuki light passenger car is perfectly in tune with a rarely opened wallet. This fact has not escaped the notice


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A letter sent Friday from North Dakota University System Chancellor Mark Hagerott may have ended the tenure of UND President Mark Kennedy.
Hagerott on Friday sent a letter to Kennedy that congratulated him on being named the sole finalist for the presidency of the University of Colorado, and said he considers the news to be a "de facto notice" of Kennedy's resignation of his position at UND.
The letter was obtained by the Herald just prior to this edition being sent to press. UND spokeswoman Meloney Linder confirmed to the Herald that the letter from Hagerott is legitimate and that Kennedy did receive it Friday.
"I would like to thank you for all your efforts on behalf of the University of North Dakota and the North Dakota University System over the last three years, and we wish you the very best in your new role in Colorado," Hagerott said. "While I have not received your formal notice of resignation, on April 10, 2019, you sent a statement to the UND community. In it, you stated that you were 'excited for this new opportunity, but sorry to leave UND' and that you 'look forward to … returning to witness UND's continued success.' "
It was a cap to a hectic week of news at UND. Tuesday, the Herald reported on swirling rumors that Kennedy was considering leaving UND and would be offered a job in Colorado. Wednesday, that news was confirmed.
However, Kennedy is simply the sole finalist for the position, and the Colorado Board of Regents is spending up to two weeks to fully consider him for the job before voting final approval. During that time, Kennedy will visit Colorado and the four campuses that he could eventually oversee.
Hagerott's letter noted that Kennedy has been quoted "in many news accounts as stating that your last day as president of UND will be June 15, 2019."
"Under the circumstances, we view the April 10, 2019, statement, along with your statements to the media outlets since then, as a de facto notice of resignation effective June 15, 2019."
Hagerott then continued: "On behalf of the North Dakota University System, I accept your de facto notice of resignation."
Linder, reached late in the day, would only confirm that the letter is legitimate and that Kennedy received it. She said neither she nor Kennedy had further comment.
As the Herald reported Tuesday that rumors circulated about Kennedy, he and the university declined to comment. Wednesday, after his selection as finalist was made official, he released a statement that said he had mixed feelings about the news.
He said he and his wife, Debbie, are "excited for this new opportunity but sorry to leave UND. We look forward to keeping in close contact with our many friends in North Dakota and returning to witness UND's continue progress."
Later in the day, the Herald asked Kennedy if his statement meant the presidency in Colorado was "a done deal." He responded that he should have clarified his statement.
"It would be presumptuous to say it's a done deal until after this period," he said. "I maybe should have put 'we would be sorry to leave UND.' It is not a final deal. It is highly unusual that it is not the final selection, but that option remains until the regents vote again in two weeks."


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text: IA_0917_EU 2020\vision Ten disruptive technologies\that will reshape the world\of financial planning First \word Welcome to the first digital \edition of International Adviser, \introduced by editor Mark Battersby\\\\\\\\\\\\\ We have a great new line-up of content in our first digital edition of International Adviser, which is more relevant than ever before. The analysis in Your Region is designed to catch some of the key recent moments that have shaped what is going on at a local level. Our Best Practice section shines a light on the different types of remuneration models used by advisers across the world, complete with financial planning perspectives from three different jurisdictions. We pick through the welter of regulatory changes to make sense of how these authorities are increasingly monitoring the way advisers and providers are working, wherever they are in the world. There is also an intriguing twist revealed about UK inheritance tax in the Tax Matters section and our Masterclass is a technical run-through of the non-dom changes now the Finance Bill has finally been voted through. So, plenty to get to grips with in a much more interactive way than before. Mark Battersby, editor, International Adviser The Brexit conundrum Recently resumed negotiations between London and Brussels are aimed at securing a deal to protect the rights of those already living abroad, but a question mark over which scenario expats will be confronted with when the UK exits the EU is exercising advisers' grey cells, says Eugenio Montesano\\ 'High net-worth expats are of interest to all countries and their tax offices, and I would be surprised if that changed' Paul Stanfield, secretary general, European Federation of Financial Advisers and Financial Intermediaries Plenty of challenges lie in wait for UK expatriates as well as those Europeans who are looking to relocate to Britain, and their financial advisers are busier than ever in helping to guide them through post-Brexit times. 'It's better to relocate before Brexit occurs as they will be grandfathered into the current arrangement' Jason Porter, business development director, Blevins Franks Recently resumed negotiations between London and Brussels are aimed at securing a deal to protect the rights of those already living abroad, but a big question mark hovers over which scenario expats will be confronted with when the UK exits the EU. 'It's in all our interests to make sure consumers have a clear, uninhibited path to be able to save' Pat Lardner, chief executive, Irish Funds Industry Association The general consensus is that it remains unlikely any post-Brexit deals with European countries would allow Britons to continue to move overseas in their later years as easily as today. But the buzzword, much like a year ago, remains the same: uncertainty. "From an IFA's perspective it is too early to be making any major decisions until exact or more precise details are known," according to Paul Stanfield, secretary general of the European Federation of Financial Advisers and Financial Intermediaries. He added: "However, it was not particularly difficult for holders of UK passports to move around Europe before the single market, so one might assume it won't be impossible following Brexit negotiations. It is also important to consider that IFAs, asset managers and DFMs are mostly interested in high net-worth expats. Such people, according to Stanfield, "are generally of interest to all countries and their tax offices, and I would be surprised if that changed". Better now than later This vision is commonly shared in the industry. "People that have sufficient wealth to support themselves in their new European country of residence, buy property, spend their money and invest in its economy will still be welcomed," agreed Jason Porter, business development director at tax and wealth management firm Blevins Franks, which provides financial and tax advice to British expats whose wealth averages £500,000. "Brexit may mean that they have to complete additional paperwork in respect of residency permits, etc, but places such as France, Spain, Portugal, Greece, Cyprus and Malta will still want foreign nationals who are going to live and spend their money there," Porter said. His firm has experienced a surge in interest from prospective expats racing to beat the Brexit deadline, with the number of monthly inquiries to its website doubling in a year and business increasing substantially. "People are looking for information; they are interested to know if they should be moving before or after Brexit. Our view is that it may be safer to relocate before Brexit occurs." Porter predicts those who moved pre-Brexit "are effectively going to be grandfathered under the current arrangements in place" and will be allowed to stay. "We have anecdotal information from some of our member firms that they are seeing an increase in the number of new British expats or, at the very least, growth in the interest in regards to emigrating," Stanfield concurred. Dublin's open arms Individuals are not the only ones contemplating the possibility of leaving Britain's shores. On the other side of the Irish sea, Dublin seems poised to benefit from a surge of corporate activity while the City of London adjusts to avoid Brexit turmoil. "We have seen firms publicly announcing plans to expand or create new footprints in Dublin. This brought a steady flow of new products and participants in the industry across both asset management and investment servicing," said Pat Lardner, chief executive of the Irish Funds Industry Association. The representative, however, is against the idea of pitting jurisdictions against each other. "Our orientation has never been 'we only win if somebody loses'," he said. Instead, after the referendum the trade body has intensified its lobbying to support product providers and financial advisers in defending savings patterns from the disruption brought about by political developments. "Whatever comes after the negotiations, we must guarantee the availability of a broad spread of services and products distributed to the end investor," Lardner said on the issue of funds' passporting rights. Lardner is confident a deal will be struck. "It's in the interest of both policymakers and providers of financial services to make sure consumers have a clear, uninhibited path to be able to save. "This is not a political statement. If we want economies to continue to function, these needs are inescapable for all sides of the debate on Brexit." As policing of regulation steps up around the world, which of the following scenarios is most likely? A significant cull in the overall numbers of financial advisers A small reduction in the overall numbers of financial advisers No change in the overall numbers Most financial advisers surviving and a small rise in overall numbers Most financial advisers thriving and overall numbers growing significantly Strength \and security \with RL360° 360° perfectly describes our \all-encompassing approach to \investment, protection and tax-planning \solutions for our global clients. \And we do it all from the offshore \financial stronghold of the Isle of Man The future of fees In the first of three articles looking at how firms can thrive amid ongoing regulatory change, Phil Billingham sets out a road plan for adviser remuneration, and three IFAs from across the globe give their reactions\ The debate around the right type of remuneration for financial advisers, notably fees versus commission, is an emotionally charged one. Traditionally, the message has been that fees are good and commission is bad. Hence, all advisers should charge fees. The implication is that if you don't, you must be a crook or at least a commission-hungry salesperson. I'd like to step back, take a look at some of the parameters and think about what the future may hold. First, we need to be clear that there is only ever client money, from which all our income derives. This is especially true if your 'offering' is the provision of advice. Selling is completely ethical, as long as it is absolutely clear to the client what is happening and how you are getting paid If your 'offering' is that 'I sell as much XYZ product as I can', then XYZ must pay you. But who does that? Selling is completely ethical, as long as it is absolutely clear to the client what is happening and how you are getting paid. Models and the regulator Second, what is the likely regulatory environment? Currently, there are three basic 'models': 1. Traditional commission. The advice is 'free' but we get paid for product sales. And by 'we', I mean all of us who grew up with this model in place. 2. The commission disclosure model. It's still commission but it must be disclosed to the client in both % and cash terms. 3. The UK, Australian and soon to be South African 'RDR' model. Clients choose to pay a 'fee' which can be taken out of the product. The main difference – so far – from model 2 is that it's bottom-up. The client tells the provider what to pay. If there is insufficient 'perceived value' there is no entitlement by the adviser to the payment. It is at the client's discretion and can be switched off. We need to be clear that regulators prefer model 3, and prefer model 2 if they can't yet get model 3. Having been in this business for 35 years, and worked under all three models, I believe there are real commercial advantages in operating ahead of current regulatory rules. We kept being told 'clients will not accept disclosure' and 'clients won't pay fees'. Both these statements have proved to be false. The most profound advice I ever heard was to set up a practice where 'clients would cheerfully pay our fees'. The genius of that word 'cheerfully' is easily underestimated. Take the 'cheer' factor test (right). The most profound advice I ever heard was to set up a practice where 'clients would cheerfully pay our fees' A painless transition In summary, there is good news and bad news. The bad news is that if you don't yet use a fee-based model, but you plan to spend at least another five years in the business, you will end up doing so. The good news is that this is good news. Firms in the UK and Australia that have already made this transition report: higher client retention; higher underlying income streams; higher profitability; more referrals from other professionals; and higher capital values on exit. While not dismissing the impact of this drift in regulation in contributing to the 'advice gap', the focus of this article is simple: how can financial advice firms survive and thrive during these periods of regulatory change? The first thing to look at is remuneration. If we are in control of that, if we buy ourselves the time to implement in a way that suits us and our clients, then the more successful, the more profitable and the less painful the inevitable transition will be. Continued on page 4 All in the blend The active versus passive debate presents \a dilemma, but Clive Moore believes idad \has found a formula that delivers the best \of both worlds\\\ Thanks in part to a welcome focus on reducing costs for investors, passive investments – mainly in the guise of ETFs – have become a more popular recommendation for advisers and portfolio managers in recent years. In addition, a protracted period of the average active funds underperforming has exacerbated this trend. The aim of this article is to examine whether passives are the best option for investors, or whether active management is actually now a better approach. Passive persuasion Why has passive investment become so popular? It offers investors low-cost access to financial markets, instant diversification and predictable, benchmark-like performance. Passive, capitalisation-weighted strategies are effectively momentum-based and naturally, in a self-fulfilling way, they tend to do well in rising markets, led primarily by a concentrated number of stocks. A good example of this was the telecoms, media and technology bias in the run-up to the 2000 correction. 'With active, if you pick the right funds, it is possible to outperform in both bull and bear markets. A case of having your cake and eating it' Clive Moore, managing director, idad Also, the concentration of risk in financials and property-related stocks ahead of the 2008/9 crash. Prior to each of these extreme sell-offs, passive investments outperformed active strategies as a rule. However, just as passive strategies are forced buyers of overpriced assets during bubble scenarios, they also become forced sellers when the tide turns – capturing all of the risk, all of the time. Active advantage By way of contrast, active managers have the flexibility to pick cheap and undervalued sectors and high dividend yielders. They can also use cash when valuations look stretched. They therefore should be able to perform better during market shocks and in the immediate aftermath as investors seek to buy value when recoveries gain traction. This was seen after the problems in 2000 and 2008. Another point to consider is the role of the financial adviser or portfolio manager in using active funds. With passive investments, the best you are going to get is the index return minus the charges. With active funds, if the portfolio manager picks the right funds, it is possible to outperform in both bull and bear market scenarios. A case of having your cake and eating it. The best of both worlds Passive funds can be an ideal tool for portfolio managers to gain low-cost, efficient exposure to particular asset classes, but they do have significant pitfalls. Actively managed funds will generally cost more, but this extra cost should be outweighed by the value brought by the manager. At 8AM Global the funds consistently deliver strong performance for investors as a result of the active manager input, but we believe that for a complete investment solution the addition of passive funds to the mix will add real value both in terms of cost reduction and performance. The Global Cautious and Global Balanced portfolios 8AM Global is managing for idad incorporate a blend of the manager's best actively-managed funds as well as low-cost passive funds. The methodology allows us to deliver global investment exposure while also managing the level of risk to investors. The portfolios are run in such a way that the performance will be achieved within controlled volatility bands, meaning investors in the portfolios will retain a suitable risk profile regardless of market conditions. Timing it right So which strategy is better – active or passive? Our conclusion is that if one wants to build a comprehensive investment portfolio to meet investor requirements, a blend of active and passive strategies is the way forward. Advisers and investors should view these strategies as complementary, not competing. At idad the only side we take in this debate is the side of the investor – and their interests are best served by a combination of the right investment approaches at the right time, management of costs and a clear focus on maintaining a suitable risk profile. The Global Cautious and Global Balanced portfolios give advisers the comfort and security of knowing their clients will be exposed only to an appropriate level of market risk and they will benefit from the experience and expertise of the 8AM Global fund management team. All of this is available within one, easy-to-buy fund structure. Guiding \star Mark Battersby takes a look at key regulatory changes that are leading the way for the financial services industry across the globe, starting with the Isle of Man's 2017 Roadmap\\\\\\\\\\ One of the most seismic changes in the regulatory space that is widely affecting international financial services is the Isle of Man Financial Services Authority's 2017 Roadmap, which sets out a new regulatory framework for insurance business. There will be policyholder specific commission disclosure from 1 January 2019 across all markets where international life companies headquartered on the island are active, though the regulator backtracked on an earlier deadline of 1 January 2018 for generic key information commission disclosure. Key industry players in UAE have foreseen the direction of travel and adjusting their business strategies accordingly Key players The biggest fallout will be for expats based in the UAE. The key players in the industry have foreseen the direction of travel in this market and have started adjusting their business strategies accordingly. One of the UAE's own regulators, the Insurance Authority (IA), announced in August plans to tighten capital requirements for licensed brokers and to set out new reporting requirements for them to disclose all commissions in financial statements to the IA. 'There are predictions of a 50% cull in the number of financial advisers in the Middle East, many of whom have been heavily dependent on upfront commission payments' This move mirrors what happened in the UK before its RDR regime went live, aimed at encouraging full accountability on the remuneration brokers receive ahead of an as-yet-unspecified timetable for the introduction of disclosure to clients in this market for the first time. Logic suggests that the Middle East will follow the Isle of Man regulator's 1 January 2019 commission disclosure deadline, but chances are there will be further twists and turns in the regulatory journey before greater clarity prevails. In the meantime, it is predicted there will be a 50% cull in the number of financial advisers operating in the Middle East, many of whom have been heavily dependent on upfront commission payments. Leading UAE adviser Mondial chief executive Sean Kelleher, who has already made significant changes to his business model, told International Adviser that the transparency issues being tackled by the leading regulators of the world, such as properly documenting and making sure clients understand what they are buying, "are all becoming our issues in the UAE, and that is a good thing". UK limbo period ends Back in the UK, the Finance Bill, delayed since the snap general election earlier in the year, finally got voted through. As a result, the non-domicile threshold was reduced to 15 years out of the past 20, down from 17. With the limbo period for financial advisers and clients now over, and the new non-dom rules backdated to 6 April 2017, much of the industry seems to view the regime as fair and reasonably well balanced. In a separate issue, the UK's HM Treasury decided to make pension transfers into recognised overseas schemes a statutory right. HM Revenue & Customs also set out new guidelines as to how people can downsize their home but retain the value of their previous residence for inheritance tax reduction purposes. HMRC's guidelines here prompted international accountancy body the ICAEW to brand them "only slightly less impenetrable that the legislation itself", which raises the question of whether these regulations should have ever seen the light of day. Spotlight on Europe In Europe, as the Brexit negotiations continue to absorb significant resources the busy regulatory agenda continues, including the European Insurance Distribution Directive, Priips and the General Data Protection Regulation. One spotlight in the European Commission's activities is its planned tax haven blacklist due to be finalised at the end of the year and possibly four kinds of sanctions targeted at these jurisdictions. The commission's Tax Code of Conduct Committee is scheduled to come up with a provisional blacklist by the end of September, with the 28 European Commission member states giving the final rubber stamp of approval before the list and potential menu of sanctions gets up and running. Regulatory muscle Finally, mention should be made of new regulatory authorities coming on stream in South Africa and Hong Kong. In the case of South Africa, after almost a two-year delay, president Jacob Zuma finally signed the Financial Sector Regulation Act (2017) into law, establishing two new regulators – the Financial Sector Conduct Authority and the Prudential Authority. In Hong Kong, the newly launched Hong Kong Insurance Authority released life premium figures for the territory for the first time, and within two years will take over direct regulation of insurance intermediaries from three self-regulatory organisations. Making \it easy Blackrock's multi-asset approach takes \the complexity out of diversifying \client portfolios For professional clients/qualified investors only Investing has never been simpler with Blackrock's multi-asset experts. As we know, economic growth is still sluggish and yields are low. Short periods of heightened market volatility are becoming more frequent and monetary policies are moving further down different paths. Geopolitical tensions continue to grow, together with concern over the outlook for the global economy. The variation in the price of global assets is at its highest level since the beginning of the global financial crisis, with these valuations not necessarily reflecting the fundamental realities and appearing stretched. Advisers are likely to need even greater insight, more skill and better tools if they are to navigate such a complex environment and achieve their clients' investment goals. 'Advisers need even greater insight and better tools to navigate such a complex environment and achieve their clients' investment goals' Importance of diversification Investors no longer rely on just a single asset class. For most, their financial ambitions will fall into one of two categories: the desire to build a stable portfolio core, 'growing' their wealth, or to generate income. Regardless of an investor's aim, even the most sophisticated tend to agree that multi-asset funds are the most efficient route to diversification. Market 'shocks' have become a regular occurrence and they have underscored the importance of multi-asset. No single asset class can be relied upon all the time and this is true even when markets are relatively calm. Diversification can smooth the investor's journey by reducing risk and enhancing returns. To take advantage of this, all advisers have to do is identify the type of diversification that could work for their clients' individual circumstances and goals. It is important to remember, however, that diversification cannot ensure profit or protect against loss in a declining market. It is a strategy used to help mitigate risk. Blackrock has built a family of multi-asset funds for this very reason. Let's take a closer look at some of the strategies that can help your clients achieve their goals. Some key questions in clients' minds today are "Where can I find more income?" and "What can I do to grow my wealth?" Multi-asset for income Traditional fixed-income yields are now typically half what they were before the financial crisis. The 'greying globe', years of easy money and quantitative easing has made life tough for income investors. Many income investors – who are normally quite conservative – have been forced further up the risk spectrum to secure the same level of yield since they can no longer rely on traditional yielding assets to generate income. However, yield levels are more constant in equities and opportunities can be found here. We believe the most apparent source of income in today's market is from non-traditional assets. Though these yields on non-traditional assets have come down in many cases, there are still attractive opportunities. Flexibility and selectivity The performance of Blackrock's multi-asset income strategies is proof of the possible benefits of diversification. Managers allocate across more than 10 asset classes, 40 countries and 20 sectors*, broadly diversified among stocks, bonds and less traditional sources of income. Today, the selectivity at the heart of these strategies is vital when searching for income. Investors who stray too far can quickly find themselves in trouble or in assets they do not understand. While generating income, Blackrock is actively focused on minimising risk – considering this from the perspective of the client. We aim to keep the risk of the multi-asset income strategies below that of a 50% equity/50% bond portfolio. We look at a number of different risk measures, leveraging our Aladdin risk platform. It is particularly important to avoid the spikes in market risk and our diversification and active risk management decisions enable us to do just that. Tony Marek, CFA, global head of product strategy for Blackrock Multi-Asset Strategies explains: "Our process starts with the risk-first approach to portfolio construction. Risk-first means everything we do begins with our risk budget. We can never own more risk in the portfolio than a 50/50 mix of global bonds and global stocks. Using that risk budget, we work with almost two dozen teams around the world at BlackRock to build the best income-generating portfolio we can." Agility and risk management are key to multi-asset income-oriented funds. Our managers are unconstrained in search of yield. At times they can use this freedom to hold back – they will not chase income at any cost and are not afraid to hold cash. Multi-asset as a core Compared with buying individual stocks and bonds, multi-asset funds can be a simple way to start investing for growth. Even professional investors use multi-asset funds as convenient core solutions as they offer instant access to a spread of investments. With holdings diversified across asset class, country and sector, their mandates are flexible – an important characteristic of core solutions – with a mission to provide a rate of return competitive with that of global stocks at a lower level of volatility over a full market cycle. It is an objective our multi asset strategies have consistently met, delivering competitive returns with a third less risk than a traditional equity portfolio. Multi-asset solutions are also an option for investors seeking growth, though their advisers should look carefully at the type of growth they are trying to achieve. 'Even professional investors use multi-asset funds as convenient core solutions as they offer instant access to a spread of investments' Clearing complexity So, while investing has seldom seemed so complex, there are some simple solutions. Each of our multi-asset strategies harnesses all of Blackrock's resources – that's more than 1,800 investment experts and over 185 multi-asset specialists, trusted to manage $372bn* in multi-asset strategies for our clients. As your clients' trusted adviser, all you need to do is decide which of our strategies – for income or growth – might best match their needs, risk appetite and goals. *Data as at 30 Jun '17 Rules of \inheritance There are some valuable UK IHT \benefits of being Italian, French, \Indian or Pakistani. Alex Ruffel, \a partner at Irwin Mitchell Private \Wealth, explains four tax treaties that \are worth their weight in gold for those \clients wishing to take advantage of them\\\\\ The general rule is that if a person is domiciled in the UK, all of their assets are within the scope of UK inheritance tax, which is charged at the rate of 40%. However, if they are not UK-domiciled – a 'non-dom' – only their UK assets are covered by UK inheritance tax. The meaning of 'domicile' deserves an article on its own but, in essence, a person is domiciled in the jurisdiction that is their permanent home, regardless of their citizenship or place of current residence. There is also a special deeming provision: if a non-dom has lived in the UK for 15 out of the past 20 consecutive tax years, they are deemed domiciled in the UK for tax purposes. Take, for example, Jurgen, who is a German citizen who has lived in the UK for 16 years. He is deemed domiciled and, when he dies, UK inheritance tax can apply to all his assets in the UK and elsewhere. 'Domicile is key. A person who wishes to use one of the four treaties must maintain their non-UK domicile under the general law' Lucky escape This is an issue faced by many long-term UK resident non-doms but a lucky few escape it due to tax treaties between the UK and certain other countries that predate the deemed-domicile rules and effectively override them. There are only four such treaties – with France, Italy, India and Pakistan – but they are extremely valuable. A tax toolkit for non-doms Neil Chadwick looks at controversial non-dom regime changes in the finance bill, asks how they might adversely affect long-term UK expats and suggests top tips to shield clients from the taxman's wrath\\ On 6 September 2017, the UK government issued the Finance Bill 102 2017-19, which, subject to Royal Assent, confirms that most of the provisions for the taxation of non-UK domiciles (non-doms) – previously dropped at short notice due to the general election – will be introduced retrospectively from 6 April 2017. These changes have clearly been met with very mixed views as, on the one hand, long-term UK expats looking to return to the UK as non-doms were hoping the legislation would remain in the long grass indefinitely. However, those that had already restructured their affairs to be 'finance bill friendly' will be relieved that their efforts were not wasted. 'The objective is to gradually erode the rich vein of tax benefits for long-term non-doms, while at the same time preventing a mass exodus' A fine balance The objective of the UK government is to gradually erode, where possible, the rich vein of tax benefits that can be achieved through long-term non-dom status, while at the same time preventing a mass exodus. The complexity and amount of all the relevant legislation prohibits a detailed analysis of every change and so, to illustrate one of the key differences, the focus of this article will be on UK inheritance tax (IHT) only and specifically the following new rules: • deeming an individual to be UK domiciled for all tax purposes once they have been resident in the UK for 15 of the previous 20 years; and • a new deemed domiciled rule for individuals who were born in the UK with a UK domicile of origin on their return to the UK. Rules of alignment These rules will apply to non-doms who have lived in the UK for more than 15 tax years and people born in the UK, with a UK domicile, who obtain a domicile of choice elsewhere and later return to the UK. Such persons will become 'deemed domiciled' and will generally be subject to the full scope of the UK tax system. Also, the remittance basis will no longer be available to those who are deemed domiciled. At the same time, the existing IHT deeming provisions will be aligned with the new 15 years out of 20 rule. Non-doms affected by these restrictions may use trusts to mitigate tax on their foreign assets. These structures are generally referred to as excluded property trusts. Also, although it's beyond the scope of this article, it's worth mentioning that the inheritance tax benefits previously associated with the use of corporate structures to hold UK residential property are no longer exempt. 'Those that have restructured their affairs to be 'finance bill friendly' will be relieved that their efforts were not wasted' Protection plan The new rules treat the interest in the holding entity as subject to UK IHT. For that reason, it is important that only non-UK assets are held in excluded property trusts if the objective is to protect the trust fund against IHT. Excluded property trusts set up by non-UK doms prior to becoming UK-deemed domiciled will also have protected status and have the ability to roll up capital gains and non-UK source income within the trust, free of tax, until the receipt of a benefit by the settlor or other beneficiaries. While nothing is certain in politics, the general consensus is that MPs will find it difficult to justify any objection to these provisions and, for that reason, individuals that may have circumstances similar to those in the following case study should take advice sooner rather than later. Brain \training \for the\future In the first of a series of three articles, \PwC isolates 10 of the most disruptive technological forces that are affecting the industry and says financial advisers must adapt to the new world order or perish\\\\ Digital technology is changing the world we live in at a fundamental level. In many aspects of our daily lives and the way we conduct our business, digital technology has driven greater efficiency, improved customer experience and enabled new business models. But the financial services industry has been at the tail end of that disruptive curve, and is only now feeling the full effect of this technological revolution. PwC has isolated 10 of the most disruptive forces affecting the industry and the key areas for financial advisers to be aware of – and capitalise on – for the benefit of their clients. 1. Financial technology will drive the new business model The rapid growth of a vibrant fintech sector is transforming perceptions of what financial services can deliver and how it is experienced. Whereas customers previously accepted the limited digital offerings presented to them, they are now questioning why their financial products provide such a different experience to other aspects of their lives, or why the digital channels for managing their business's finances are inferior to their personal finances. Fintech is forcing the industry to change its standards, allowing advisers to join the dots. 2. The sharing economy is rethinking financial services The interconnected nature of the sharing-economy is now having a significant impact on financial services. From the fundamentals of blockchain to crowdfunding and peer-to-peer lending, the sharing economy is changing business models and forcing a rethink of how the industry functions. Clients and institutions are demanding a greater knowledge base from advisers and also a better suite of options, especially around life and banking products. 3. Blockchain technology will shake things up The technology underpinning bitcoin has been talked about in utopian terms. While the short-term reality is more limited, it is opening up opportunities in cross-border payments and driving efficiency in intra-company processes such as performance reporting. 4. Digital will become the mainstream Digital technology is going to be crucial to every financial services company's success. Whether retail or business focused, customer-facing or back-office process, it is imperative that businesses move from a mainly analogue model to a digitally enabled organisation. A purely digital business may be suitable for some but, for most, the best option will be a hybrid of human interaction enabled by digital technology. This presents a clear opportunity for the key advice and guidance required when considering how the delivery of international funds and other products will evolve. 5. 'Customer intelligence' will be a key driver All financial services companies hold a wealth of data on their customers. This will be monetised when the revised Payment Service Directive comes into force and allows third-party access to this information. Understanding this customer intelligence and deploying it for the benefit of the consumer or business will be the key growth driver. Crucially, this must not be an exercise in cross- or upselling but rather focused on delivering customer value. IFAs will have an important role to play when presenting options for banking products to clients. 6. AI will start a wave of 'reshoring' and localisation Artificial intelligence and robotic process automation are enabling the digital business but they will also mean profound change for the financial services industry. PwC estimates that AI alone could result in a 30% reduction in the financial services workforce. 7. Cloud tech will become the dominant model Cloud technology is driving a wave of innovation and experimentation within the financial services industry. The ability to rapidly scale and to flex according to demand is a key advantage which companies will prioritise in conversations with advisers. Conservative PwC estimates have found that moving to the cloud could save banks with more than $1bn in assets 5-10% on their IT spend, which could add as much as 40 basis points to their return on equity. 8. Cyber-security will be one of the top risks With increasing dependence on technology comes a growing risk from cyber-security threats. The threat now also has a regulatory angle. With the advent of GDPR firms will be at risk of major fines, in addition to the financial and reputational costs of a cyber-security breach. 9. Asia will emerge as a key centre of innovation in tech Asia has a major advantage in shaping the future of the industry: much of its populations are underserved by financial services today, and in many instances companies and ecosystems are inventing new financial services industries from scratch. China is a particularly good example of this phenomenon, with the absolute dominance of technology companies in providing payments systems, but the same trend can be seen in South Korea, Vietnam and many other Asian economies. 10. Regulators are also turning to technology Regulators are leveraging technology both as a catalyst to achieve policy objectives, such as stimulating competition through fintech, and improving stability in the markets through advanced monitoring and surveillance of market activity. Technology is making regulators' jobs more complex and increasing the speed of change, but also providing the tools with which to address those challenges. These 10 technological forces are already having a profound impact on the industry, and that is something that is only going to increase with time. The digital age is here to stay. Advisers and their clients must adapt to this new world order – or get left behind. United \state of \Brussels Brian Dunhill of financial planning firm Dunhill Financial tells Eugenio Montesano how he negotiates the complicated tax issues for his US expats based in Brussels by keeping their investments stateside\\\\\ "We have many advantages as expatriates," explains Brian Dunhill, chief executive of Brussels-based expat financial planning firm Dunhill Financial. "There are some disadvantages, too, the biggest one being that tax reporting is very confusing. During our first meeting, all clients ask me: 'What do I report, and to whom? My answer, invariably, is that they have to report everything to everyone. To whom do they have to pay taxes – that is the question." This dilemma is one with which Dunhill is confronted day in, day out in his job as a financial planner specialising in the English-speaking expatriates residing in Europe, with a core emphasis on retirement planning for predominantly American expats. The US requires its citizens to file income tax returns and report their worldwide income regardless of where they live or how long they have lived abroad. An expat himself, the 35-year-old was born in Brussels, where he lived until the age of 11. He then moved to the US in order to complete his education. In 2011, he moved back to Belgium to set up Dunhill Financial. Today, the company counts assets under management of $65m and has 140 clients, 120 of whom are American. 'Tax reporting is confusing. All clients ask me: 'What do I report, and to whom? My answer is they have to report everything to everyone' Brian Dunhill, chief executive, Dunhill Financial Tax conundrum An expat typically offsets double taxation and reduces his or her US taxes through Foreign Earned Income Exclusion (FEIE), Foreign Housing Exclusion and Foreign Tax Credit. However, FEIE covers a limited amount of income, expense thresholds must be met in order to benefit from the Foreign Housing Exclusion and US tax limits apply to foreign tax credits. This means expats who earn more than $105,000 per year find themselves owing US tax on their income in spite of their exclusions, deductions and credits. Moreover, US income tax returns may not be the only filing requirement for US expats. If any of their foreign accounts meet the Foreign Bank and Financial Accounts (FBAR) reporting threshold of $10,000 anytime during a year, they must also file an FBAR Financial Crimes Enforcement Network Report 114 for that year. Dunhill's answer to the tax conundrum afflicting US expats is to keep most of their investments in US financial institutions to avoid higher taxes charged on assets purchased outside the US – passive foreign investment companies (PFICs). "By keeping assets in the US we are avoiding all PFICs, we are able to file US taxes very quickly by automatically getting the IRS 1,099 form, which reports income from self-employment earnings, government payments and interest and dividends, and we conventionally get all reporting standards. "Just as importantly, clients do not have to fill in the FBAR report for accounts that are held in the US. For regulatory reasons we also feel much safer with the assets being in the US because we have all the relevant insurance on the deposits – FDIC (Federal Deposit Insurance Corporation) and on securities investments – SIPC (Securities Investor Protection Corporation)." The fee debacle Another reason for keeping clients' assets in the US revolves around one of clients' worst nightmares: fees. "It is so much cheaper to manage assets in the States than in Europe," Dunhill says. "The same product in the US will cost a fraction of what it costs outside. For instance, in Europe I use Platform One, a UK and International platform service. "The cheapest service they have comes at 0.3% on top of which they charge the client for every single trade, whereas all of our providers in the States give us the platform for free and charge just the trades. This means savings of up to $3,000 in fees every year on a $1m account, which is the target clientele of Dunhill Financial." 'It is so much cheaper to manage assets in the States than it is here in Europe' Fatca 'not a concern' However, Dunhill's prevalent rationale for keeping clients' assets in the US is to avoid falling under the remit of the Foreign Account Tax Compliance Act (Fatca), a set of rules tackling tax evasion by US taxpayers through the use of offshore accounts, which came into effect in June 2013. "We would prefer to be in the system of the country of residence if we could, but typically clients come around to it when we show them that the price of the same product in, say, France versus the US is twice as much." At the same time, even if they wanted to invest in local jurisdictions, getting around the obstacle might prove a daunting task as Fatca requires foreign financial institutions to report certain information about financial accounts held by US investors. "A lot of French banks will tell the client: 'You can't have a bank account because of Fatca.' That's a disservice," says Dunhill. According to the IFA, Belgium is instead much more of an 'expat friendly' country. "When you talk to the head of the expat divisions at KBC or ING, they want to get as far as they can without crossing over the line to where they can get in trouble. They will help with the mortgage, the savings account, the chequing account, the insurance – all the things that are not subject to Fatca. "That's where the Belgian banking system has done an excellent job: they know exactly what extent they can get to before it hurts their clients. However, them too, when it comes to investment accounts, say: 'We're sorry. We can't deal with it.'" He concludes that there are 11 million people in Belgium, of which only 11,300 are American. "The four major banks are going after 2.7 million people each, not, 2,800. It's a small demographic for them but a huge demographic for me." UK equity: known unknowns Amid all the uncertainty surrounding sterling and the UK economy, what is clear is the potential that this type of environment creates for talented active managers to generate alpha for their clients The UK economy has shown signs of slowing in 2017, with low GDP growth in Q1 and a similarly weak number (0.3%) reported for Q2. Estimates suggest weaker economic growth still for 2018, although there is considerable uncertainty in these numbers, particularly given the unknowns regarding Brexit negotiations. A numbers' game Moving on to inflation, there has been a clear spike up since Q3 2016, despite the June CPI numbers showing a slight decline to 2.6% (from 2.9%). Longer term, inflation is generally expected to reduce as the impact of sterling weakness declines. However, there is uncertainty over the timing. 'Long term, inflation is expected to reduce as the impact of sterling weakness declines. However, there is uncertainty over the timing' Much of the inflation spike has been driven by the weakness of sterling and again there is even more difficulty than usual in predicting the short- to medium-term direction of travel in the currency. This last issue raises a further point over the relevance and impact of UK economic growth to the overall UK stock market. For a significant number of large-cap companies within the UK a large proportion of their earnings is derived from overseas and, as a result, they are much less affected by UK economic growth. Such names dominate the FTSE 100 (and the FTSE All-Share) and as a result of the decline in sterling have pushed that index higher, despite concerns over the domestic economy. Among all the near-term uncertainty surrounding sterling and the UK economy, what is clear is the potential that this type of environment creates for talented active managers to exploit share price movements and generate alpha for their investors. 'This type of environment creates opportunity for talented active managers' Life \listings If you are interested in advertising in the professional services section, please contact \Kim Sidhu on +44 (0)20 7382 5970 or email firstname.lastname@example.com\\\\\\\\\\\\ Meet \the team Company information Editor Mark Battersby +44 (0)20 7065 7567 Group editor Richard Hubbard +44 (0)20 7065 7577 Senior reporter Kirsten Hastings +44 (0)20 7382 5973 Senior reporter Eugenio Montesano +44 (0)207 382 5979 Head of content & advertising Frank Reed +44 (0)20 7065 7579 Sales executive Kim Sidhu +44 (0)20 7382 5970 Head of marketing Amber Bates +44 (0)20 7382 5980 Event co-ordinator Sade Alao +44 (0)20 7065 7583 Head of production Caroline Howlett +44 (0)20 7065 7570 Chief sub-editor Sarah Duree +44 (0)20 7382 5983 Senior designer Adrian Dobbie +44 (0)20 7065 7589 Subscriptions & CRM manager Bill Brand +44 (0)20 7382 5974 Commercial director Elliot Jacobs +44 (0)20 7065 7561 Group editorial director & co-founder Dylan Emery +44 (0)20 7065 7565 Group managing director & co-founder Jamie Hinchliffe +44 (0)20 7065 7572 CEO & co-founder Rod Boulogne +44 (0)20 7065 7560 Click here for IA tax panel Click here for IA Intermediary panel Email firstname.lastname@example.com or go to www.international-adviser.com Published in Great Britain by Last Word Media (UK) Ltd, Fleet House, 1st floor, 59-61 Clerkenwell Road, London EC1M 5LA, UK © Last Word Media (UK) Ltd, 2017. All rights reserved. No part of this publication may be reproduced or transmitted without the written permission of the owner of the copyright. The commission of any unauthorised act in relation to this publication may result in civil or criminal actions. Nothing in this publication amounts to a personal recommendation or endorsement. The material contained in this publication is intended for information only and does not constitute the provision of advice. Neither the writers nor the publisher accepts responsibility for any loss or damage caused by use of or reliance on the opinions or views expressed. Last Word is an independent financial publishing and events company. We produce magazines, websites and run events for professional investors in the UK, Europe, Middle East, Asia and for the global cross-border market. www.lastwordmedia.com


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So what's in a name? Nothing really, it doesn't say anything about who you are, where you've been, what you've done, or what you can do as a person. It is, in many ways, just an arbitrary label that means nothing, unless you happen to be from one of those random island cultures where everyone's name is actually the story of their life and goes on for days. Hell, my real name isn't even Charlie. You might as well call me "He-who-travels-the-world-playing-music-drinking-partying-high-banging-exotic-women-and-hating-hipsters-fat-people-etc."
So there's nothing intrinsically important in a name except that many many people really care about their name. That's why if you want to get along with people it is a very good skill to be able to remember people's names and call them by name often. So when you're you're in Russia, and you've already met four other Olgas at the bar but to Olga #5 her name is as special and as beautiful as she is, and she's a pretty smoking hot 6 foot tall blonde. So treat her name like it's important and she will feel special and she will make you feel special. Names matter to people.
It's so easy when you meet people for their name to go right in one ear and out the other. This is bad form. I often had this problem often so I developed a system remembering new names:
1. Ask their name.
2. Repeat their name and clear up any spelling confusion, "Hi Sarah! Is that Sarah with an "H" or without?" This lets them know that you're serious about actually knowing their name and not just asking their name to be polite or make conversation.
3. Then after I've fully processed their name that's when I say, "Hi, I'm Charlie.", as I look them in the eye (important).
4. Write their name down or make a note on your phone. If I have a wingman with me and we've just met people, especially a group of girls, I let him step in and talk for a second while I pretend to send a text or something, while I really have opened up my notes on my Blackberry and put in everyone's name along with some identifying characteristic. We also discussed in Boris' team equipment entry the usefulness of having a very low-tech pad and pen for this sort of thing.
A couple other tricks I use include:
1. Boris, ¡Raul!, El Matador and I all know the Cyrillic alphabet and find it very useful. It's fun and easy to learn and has paid big dividends for us. When I meet a girl from a country that uses the Cyrillic alphabet I always write their name down for them. For some reason girls are often super impressed by this! I have had fairly long chats with Bulgarian girls in Bulgarian, and then when I write down their name for them they are much more impressed by that than my ability to actually speak their language.
Another use for this alphabet for us is in other countries is it serves as a secret language for us. English is fortunately spoken worldwide, which is good for us dumb gringos, but not good if you want to have a private conversation. This is where Cyrillic comes in handy. I will write down a girl's name right in front of her when we meet without her having any idea what I'm doing. Or I can write Boris a little note like, "Her boyfriend is over there!" or "Easy target!" or whatever in English but in the Cyrillic alphabet and pass it to him without fear of detection. This comes in useful when you have a notebook full of girl's names and don't want it to be obvious how many girls you're been hitting on. Learn Cyrillic, it's easy. I taught it to Boris and ¡Raul! over two or three drinks when they first got to Bulgaria and they had it down immediately.
Also Cyrillic is a good way to remember the pronunciation of new difficult words. The problem with English is there is no standard way to pronounce anything. There are so many ways to pronounce the letter "A" for example. So when I am trying to repeat what I learned earlier – "You're beautiful, want to come to my hotel" in Farsi, when I look back on my notes in the Latin alphabet I will often have no idea how to pronounce again. This is where Cyrillic comes in handy – each letter has its own sound that never changes, so you can just sound it out and have reasonable success with pronunciation.
2. Another trick for remembering names I use if I can't make a note easily is to think of someone else I know with the same name. For me this works great – if I just picture the face of the other person with the same name I will always be able to call up my new future ex-wife's name. This obviously works only with names you are already familiar with. When I meet girls from places like India or Israel where the names are very unfamiliar I am shameless and write their names down in front of them or even ask them to write them down for me. "Wow, you're my first Flapkina!"
3. If you forget a name, don't worry. Just ask again, and be shameless about it. Just say, "I'm sorry what's your name again?" The keys are to do it with confidence and do it early. If you are direct you may even gain points for forthrightness. Just don't act embarrassed, and remember this time, you dumbass. Write that shit down! If I'm winging for a friend who forgot a girl's name I will be extra shameless and ask for it right in front of him.
A funny story about this: When ¡Raul! and I were in Guatemala, I went out with a hot Guatemalan girl and after dinner and drinks took her back to our apartment. When ¡Raul! and our friend the AZZ got back from the bars that night, my girl called a couple girlfriends to come over and we had a little Guatemalan after party. When ¡Raul! took his new girl to his room and started banging her, in the middle she said, "I'm so sorry, I forgot your name." He told her and he was not at all offended, after all he was fucking her, and as she was coming one of her many times she kept saying, "¡Raul!, ¡Raul!, ¡Raul!, I'll never forget that name ever again!"


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Full disclosure here. I am not a "fan" of the Diablo series. I don't have a feeling either way towards the series as I only played Diablo III on PS4 for about an hour and then moved onto something else. I fully recognize what the series is, one that's been treasured for decades now and has had a real resurgence since Diablo III came out and has continued to be relevant since. I've got friends who still play it religiously and I'm glad to see an old series is still capable of being that good in the eyes of those who stand behind it.
However, it appears that Blizzard has decided to really test their fanbase on this series with the new mobile version of the game, Diablo Immortal. Now at first glance, I thought it was a cool idea. After all, Diablo seems like a great game to translate into mobile form, allowing fans of the series to be able to take the game on the go with them and also open the series up to new fans. Business-wise, it makes sense and in terms of the player base, it sounds like it should work.
But it hasn't.
In fact, the reaction has been mostly negative it would appear. And thus we've started another war between gamers and games journalists, with several articles coming out post-BlizzCon calling fans of Diablo "entitled gamers", "whiny, spoiled brats" and much more. On the flip side, the social media outrage, the endless stream of memes and angry rant videos, they keep pouring in from the gamers' side.
So to me, a non-fan who's on the outside looking in, after taking in these first few days of reaction, what are my thoughts?
Well for starters, once again I'm absolutely appalled by the flood of non-critical outrage from both sides. Again, games journalists are slapping their audience in the face, calling them children, spoiled, entitled, whatever else they like throwing around. Hell, I've seen articles somehow attributing this outrage to toxic masculinity, sexism and misogyny. Cause y'know, that's still the flavour of the day with those folks. I don't know why we have to keep explaining this, but to any games journalist worth their salt, how can you so easily bash your own viewership constantly like this? It's pathetic and appalling.
On the flip side though, there's the other morons. Dear moronic gamers: HOW MANY TIMES DO WE HAVE TO TELL YOU TO STOP SENDING DEATH THREATS?!!!
I mean seriously, what the fuck?! I get it, Blizzard is trying to hop on the microtransaction train and use your favourite series to do so. It's shitty and they shouldn't have used the main stage of BlizzCon (which let's be honest, it's not a convention, it's a marketing event) to crush your hopes of Diablo IV and instead pump out a not-so inspired looking Diablo game that apparently according to some is a blatant copy/paste of Chinese mobile game, Crusaders of Light, which was made by the same company who is developing Diablo Immortal. Take that as you will.
But let's be honest, folks. Is this worth getting so upset that we need to be sending death threats over it? If you said anything other than "Uh, the correct answer is there's no reason to send death threats to people…", YOU'RE WRONG!!!
In the end, as someone who doesn't have a horse in the Diablo race, I'm okay with the game existing. What I'm not okay with, is the backlash Blizzard and journalists are sending towards gamers who are being critical about the game and who are, quite honestly, disappointed that the new Diablo isn't another grand adventure like the previous games have been, it's just an uninspired mobile game that will be rifled with microtransactions.
And as a gamer, no one should be happy with that result. Period.


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Rand weakens on fears of a weak #Budget2019
CAPE TOWN – The rand weakened as Finance Minister Tito Mboweni's Budget Speech drew closer on market fears that the minister's maiden budget could come across as weak and negatively impact the rand.
The domestic currency weakened to R14.15 a dollar from a day's open of R14.04.
TreasuryONE senior currency dealer Andre Botha said Minister Mboweni would have to tread the line very carefully, especially when discussing the state of state-owned entities (SOEs) in the country and how to salvage them.
"There is some real concern that the budget could come across as weak and this could impact the rand negatively. Rating agencies will watch the developments quite closely and a bad budget will almost certainly see the vultures circling with regards to South Africa's credit rating," said Botha.
Corporate treasury manager at Peregrine Treasury Solutions, Bianca Botes, said now that economic D-day was upon us markets would seek clarity and answers for embattled SOEs with the focus on Eskom and SAA, taxation and the government's debt and the wage bill.
"Minister Mboweni will aim to strike a balance in a very tough environment where stakeholders, such as ratings agencies and unions, are at odds about what the budget should contain," said Botes.


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Cast : Alex Gonzalez, Adriana Ugarte, Alberto Ammann
Genre : Action
Movie Rating : 15+
Movie Synopsis : Mikel is about to marry Julia, OWNER of a large jewelry she inherited from her parents. During the party announcing their engagement, Mikel meets Ari, one of the waitresses reception. The attraction that arises between them will make Mikel get interested in the world of Ari: illegal car racing. He falls for her and decides to leave Julia, without knowing what are the plans for Ari with him.