Balancing Needs & Wants: Chris Ball, Hoxton Wealth, on Global Wealth Management in an Uncertain World - EP255

Economics Explored

Chris Ball, CEO of Hoxton Wealth, discusses the company's focus on wealth management for internationally mobile individuals, particularly in Dubai. Hoxton Wealth, with offices globally, offers fee-based services to high net worth and mass affluent clients, emphasizing comprehensive financial planning. Ball highlights the use of AI for administrative tasks and the challenges of property investing in the current political climate. He also addresses the debate on retirement income withdrawal rates, advocating for a balanced approach between needs and wants. Ball mentions the impact of geopolitical risks and economic trends on their business and the importance of risk-tailored investment strategies. NB This episode contains general information and should not be considered financial or investment advice.

If you have any questions, comments, or suggestions for Gene, please email him at [e-mail] or send a voice message via https://www.speakpipe.com/economicsexplored.

Timestamps for EP255

• Introduction (0:00)
• Hoxton Wealth's Services and Client Base (4:59)
• Challenges in Property Investing and Political Climate (5:14)
• Client Profiles and Financial Planning (5:28)
• Investment Strategies and Risk Management (14:43)
• Cryptocurrency and Geopolitical Risks (20:35)
• Economic and Demographic Trends (23:59)
• AI in Wealth Management (31:58)
• Technology and Client Communication (34:37)
• Final Thoughts and Contact Information (35:44)

Takeaways

1. The complexity of Global Wealth Management: Managing assets across multiple jurisdictions requires expertise in different tax regimes and regulatory environments, especially for high-net-worth individuals and ex-pats.
2. AI’s Role in Financial Planning: While AI may not replace human financial advisors, it helps streamline administrative tasks, reduce costs, improve efficiency, and allow advisors to serve more clients.
3. Property Investment Challenges: Rising interest rates and increasing regulation make property investments less attractive, especially for those looking for passive income in retirement.
4. Retirement Strategies Vary: Wealth management clients need personalized plans that balance their wants and needs for a comfortable retirement.
5. Crypto’s Place in Wealth Management: Chris Ball believes cryptocurrencies are here to stay. However, investors need to be prepared for volatility and risk with crypto, making it unsuitable for many traditional clients.

Links relevant to the conversation

Chris’s business, Hoxton Wealth: https://hoxtonwealth.com/

Chris’s bio: https://hoxtoncapital.com/staff/chris-ball/

Chris Ball’s LinkedIn page: https://www.linkedin.com/in/chrisballhx/

Fundsmith Equity Fund, mentioned by Chris in the episode: https://www.fundsmith.co.uk/

Controversy over Dave Ramsey’s retirement withdrawal rate recommendation:

https://youtu.be/Rc1nJj4vE_w?si=_7fVgjShgFKg6VX-

https://youtu.be/kghKiz1Mi_8?si=2jAP9DtWKN-LoR50

https://youtu.be/dM6Jqm7PPpg?si=pPvYh08bieusPBzO

Info on tax in UAE:

https://taxsummaries.pwc.com/united-arab-emirates/individual/taxes-on-personal-income

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