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Despite the euro's flaws in its initial design, it has become the largest international monetary union in history. Although the risk of a euro breakup exists, this does not warrant a radically new investment strategy, as concerns about the euro are likely already reflected in asset prices. Based on analysis of current developments and of previous monetary unions, the risks to the euro come from two directions.

The compensation structure for advisors is evolving from a commission- and transaction-based system to a fee-based, asset management framework that is seen as a mutually beneficial transition for clients and advisors. However, the traditional value proposition for many advisors has been primarily based on their investment acumen and their prospects for delivering better returns than those of the markets. No matter how skilled the advisor, the path to better investment results may not lie with the ability to pick investments or strategies.

Today, investors of all sizes are utilizing their capital to do good while also doing well. A multitude of impacting investing options are available for foundations, family offices, and individual investors to align their values with their investment portfolios. Whether it is through ESG-screened ETFs and mutual funds, green bonds, PACE bonds, or private equity funds, impact investing is a win-win that can drive much needed social and environment change while also earning a good market-rate financial return.

Strategic investors and private equity firms around the world turned to transactional risk insurance in record numbers in 2017 to reduce deal risk in a highly competitive mergers and acquisitions (M&A) environment. In the latest Transactional Risk report, it provides details on the demand for transactional risk insurance globally. Other key findings include corporate buyers increasing their use of transactional risk insurance and a demand for both traditional and innovative transactional risk products is rising, particularly for contingent tax risk.

After a spectacular year in 2017, emerging market equities have badly trailed their developed market counterparts in 2018. It has been a rough ride for investors who believe in the superior growth characteristics of emerging market economies, in particular Southeast Asia. But recent economic data has improved amid the downside pressures of a protracted trade war with the U.S., geopolitical unrest, and concerns about the sustainability of the China growth story.

Transactions for the purchase and sale of businesses are rarely all cash deals. No matter the transaction structure, the use of financing to consummate the purchase creates a new dimension and layers of complexity requiring additional scrutiny and analysis by a discerning seller (or its principals). When financing the purchase of your business, there are five things the deal team should consider.

Looking toward the second half of 2018, the struggle between opposing forces—the positive impact of late-cycle economics and negative forces connected to monetary policy and geopolitics—is ongoing and will continue for the near-term. Whether the positive impact of economic growth is likely to exceed the negative impact of rising interest rates and geopolitical uncertainty is the major question facing investors.

Volatility has increased and it can be associated with a range of recent developments—for example, global trade tensions and political uncertainty in the Eurozone. But increased volatility also reflects the fact that we are late in the economic cycle—with the current period of U.S. expansion close to being the longest on record. Investment approaches, portfolio positioning and security selection must be appropriate for the higher levels of volatility typical of late cycle periods.

For private wealth clients, the consideration of tax liabilities adds another wrinkle to already complex investment decisions. It is vital for high-net-worth individuals and families to weigh the tax implications of any changes to their portfolio as taxes can erode gains, hindering their investments’ ability to meet their financial objectives. Although the burden of taxes creates a higher hurdle for private clients than most institutional investors, it is not insurmountable.