MetLife UK closes to new wealth management business – Money Marketing #metlife


Money Marketing

MetLife UK closes to new wealth management business

The division grew to £5bn assets under management since its launch in 2007 but will now shut over interest rate hit

By Katie Marriner 6 th July 2017 4:03 pm

Metlife UK is closing its wealth management arm to new business, saying low interest rates have made it difficult for the division to deliver value for the company.

The move effectively means the provider is pulling out of the unit-linked guarantees market.

Metlife has told regulators and service providers of its plans and is writing to existing customers and their advisers.

The company will now look to grow its employee benefits and individual protection businesses.

According to a statement, illustrations for new wealth management business will stop at 5pm on 7 July with applications accepted until 5pm on 28 July.

Metlife UK managing director Dominic Grinstead says: Our wealth management business has grown to 5bn assets under management since launch in 2007, which is a testament to the hard work and commitment of our staff and the success of our products.

However, while our wealth management products deliver good outcomes for our customers, the ongoing challenge of long-term low interest rates has made it difficult to deliver value for Metlife. After thorough analysis, we have decided to focus on our employee benefits and individual protection business.

He adds: We will work with our colleagues to support them as we go through this important transition. We are committed to providing the highest level of service to our customers and financial advisers.

In 2015, Metlife launched a lower-cost guaranteed drawdown product that it claimed was the first genuine innovation following the introduction of pension freedoms.

By Katie Marriner 6 th July 2017 4:03 pm

value for the company ? What about value for its customers?

The problem with the small crop of investment-linked retirement income products with locked-in gains (now just two, I believe) is the level/s of initial income they allow, which are a unhappily lower than a straightforward annuity. Most people (not everyone, of course, but most people) want the maximum amount of income their pot can deliver, right from day one.

I have in the past suggested a retirement income product designed to utilise (spend) the entire pot over the remaining (underwritten) lifetime of the policyholder, allowing for a reasonable level of future investment growth, with a guarantee against total fund burn-out, on the basis that this should (in theory) facilitate a higher level of income than an annuity. Whilst such a product wouldn t afford scope for future increases (not without periodic re-underwriting anyway), what it would facilitate is maximum income from day one. But no providers seem to consider such a product feasible. Prudential, for example, declared that the cost of the guarantee would be too great, even though the likelihood of it needing to be called upon would be fairly low and unlikely to crystallise for many years to come. But that s actuaries for you.

I like your idea Julian but I think it should also come with a unicorn and it should weed my garden for me.

What you are basically describing is an annuity but without mortality cross-subsidy or the economies of scale that come from aggregating all the annuitants pension funds. I.e. even worse rates.

Not at all. I have on my PC a simple capital drawdown programme. If you enter an initial fund of £100,000 with monthly withdrawals of £600 (6% p.a.) and average annualised growth of 5% p.a. it shows the residual fund after 25 years will be £50,374. Such a figure allows a pretty wide safety margin for shocks along the way. Of course, it would never be quite that simple in practice and there would have to be charges BUT, with a Steady Eddy fund such as one of Prudential s smoothed returns ones, I don t see why it shouldbn t be feasible.

Uneven Breast Size and Breast Development #breast #asymmetry #unequal #size, #lopsided #breasts,


Breast Asymmetry – When Does It Need Treatment?

Frederick R. Jelovsek MD

“I am 21 years old and for the past several years I noticed my left breast was somewhat larger but nothing to worry about. Now my breast is much larger and it hangs lower. The nipple feels different. It is quite uncomfortable. Anyway, do you think this could somehow catch up with the other breast? “.

What Does It Mean If You Have”>Different Size Breasts

The right versus the left breast of any woman is very often of different size and even a different shape. Although common, these differences are perceptible but not very great. If it is a newly noticed size difference, the first question that should be asked is whether or not there is any solid or cystic growth in one breast that is making it larger than the other. Therefore be sure to visit the doctor, if you haven’t already, to be sure that there are no breast masses causing the discrepancy in size.

The three major determinants of breast appearance are size, shape of the individual breast and the position of the breast and nipple when standing in an upright position.

If surgical correction is undertaken with cosmetic surgery, the best success is obtained with correction of size alone. If both size and shape are different, the surgical results are not as good because each breast requires a different surgical procedure.

What causes a difference in the sizes of the breasts in a person?

Most doctors assume that breast size differences are either genetic tendencies or random events in which paired organs like the breasts just grow differentially with respect to starting and stopping.

The breasts are stimulated to grow under the influence of estrogen hormone in young girls. It begins with breast budding and about two years after that the first menstrual period occurs. The breast continues to grow for about 2-4 more years and it is during that time that there can be differences in size.

Catchup growth does take place but if you are now 21 years old and breast development has gone on more than about 6 years, then it is unlikely to change now until pregnancy or menopause. Those are the other two events that can change size and shape of the breasts.

Table of Contents

My breasts have two different sizes and I keep using Boobpop tool for almost three months and now they are almost the same size. I will keep using it to enlarge my breasts more!

My left breast is about B cup size and my right is probably an A cup size. My breasts are different shape too. I finally found the bra that I can wear and that doesn\’t show the different. Maybe you heard of it before. Its MySuperBra and they sell it online. Its made for uneven breasts, and it does the work. I like that I can adjust it and position my breasts as I wish.

I am 23 year old.i notice that my breast is not equal to other one is big and other small. This problem is suffering from my starting age. Please tell me immediately because I am very worried about this problem. Please please please.

I am 15 and my right breast is starting to buldge from a 42D from k mart and my left breast is noticeably smaller I read on here that sergons would fix that before I’m 18 do you know of any sergons in the MD area willing to fix my counseling worthy problem

i m 23 year old.i noticed my left breasts is larger than right and loose compare to right breasts. so what should i do?please give the response as soon as possible

The Present Value of the Tax Shield (PVTS) for FCF in Perpetuity


The Present Value of the Tax Shield (PVTS) for FCF in Perpetuity With Growth

Duke University – Duke Center for International Development in the Sanford School of Public Policy

Date Written: December 2002


The discount rate for the tax shield depends on the risk of the tax shield. If the tax shield is risk-free, then the appropriate discount rate for the tax shield is the risk-free rate rf. If the debt is risky, then we must make the distinction between the contractual return and the expected return on the debt.

In this paper, using a simple numerical example, we illustrate the calculation of the present value of the tax shield (PVTS) for a free cash flow (FCF) in perpetuity with a constant growth rate g. We assume that the tax shield is risk-free and the debt is risky. Most importantly, we model explicitly the risk of the tax shield and the debt with a stochastic process.

In addition, the net incomes for the unlevered and levered firms are not equal to the corresponding cash flows for the unlevered and levered firms. Consequently, the discount rates for the taxes paid by the unlevered and levered firms are not equal to the return to unlevered equity Ku and the return to levered equity Ke, respectively. Without a specific stochastic process, it would not be possible to calculate the discount rates for the taxes paid by the unlevered and levered firms.

Keywords: Present value of the tax shield, risk neutral valuation

JEL Classification: D61, G31, H43

Suggested Citation: Suggested Citation

Tham, Joseph, The Present Value of the Tax Shield (PVTS) for FCF in Perpetuity With Growth (December 2002). Available at SSRN: or

Duke University – Duke Center for International Development in the Sanford School of Public Policy ( email )

Box 90312
302, Towerview Dr, Rubenstein Hall, Room 272
Durham, NC 27708
United States
919-613-9234 (Phone)
919-681-0831 (Fax)

The 10 Fastest-Growing Industries for Small Business #growth #strategies,trends,business #ideas,industry #research,starting #a


The 10 Fastest-Growing Industries for Small Business

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Past performance is no guarantee of future results, as the old business truism says. But you also may have heard that you can t know where you re going without knowing where you have been.

To get a sense of which industries small businesses are growing in, the analysts at Raleigh, N.C.-headquartered private-company financial-information company Sageworks ran some numbers for Here s a look at the industries where U.S. companies with $10 million or less in annual sales have shown the highest and lowest percentage change from Jan. 1 to Dec 31, 2012. As a benchmark, the average growth rate across all U.S. small businesses in the time period was 8 percent, says Libby Bierman, an analyst at Sageworks.

Fastest-Growth Industries for U.S. Small Businesses in 2012

  1. Residential building construction: 14.77 percent
  2. Building custom software and servers for businesses: 14.29 percent
  3. Machinery, equipment, and supplies merchant wholesalers: 13.75 percent
  4. Management, scientific, and technical consulting services: 12.31 percent
  5. Architectural, engineering, and related services: 11.40 percent
  6. Foundation, structure, and building exterior contractors: 11.37 percent
  7. Building finishing contractors who make additions, alterations, maintenance and repairs: 11.32 percent
  8. General freight trucking: 10.41 percent
  9. Services to buildings and dwellings, including pest exterminators, janitorial services, and landscaping: 10.11 percent
  10. Other specialty trade contractors, including site preparation activities and other specialized trades: 10.04 percent

Slowest-Growth Industries for U.S. Small Businesses in 2012

  1. Skilled nursing care facilities: -3.29 percent
  2. Printing and related support activities: 1.86 percent
  3. Automotive repair and maintenance: 2.81 percent
  4. Offices of physicians: 3.00 percent
  5. Highway, street, and bridge construction: 4.24 percent
  6. Insurance agencies, brokerages, and other insurance-related activities: 4.32 percent
  7. Lessors of real estate: 5.07 percent
  8. Other miscellaneous manufacturing including jewelry and silverware, sporting and athletic goods, dolls, toys, and games, office supplies other than paper, and signs: 5.55 percent
  9. Offices of health practitioners other than physicians and dentists, including chiropractors, optometrists, mental health practitioners, speech and occupational therapists: 5.98 percent
  10. Other amusement and recreation services including bowling centers, golf courses, and recreational centers: 6.03 percent

The good news for entrepreneurs is that much of the fastest growth is in service businesses, which can be started without a lot of money to buy equipment and inventory, says Bierman. Software development, management consulting and architecture firms have been frontrunners have been for a few years now, says Bierman.

Not all of the businesses on the fastest-growing list are service based. In particular, the residential housing market has just started to recover, and that is supporting businesses related to the construction industry, including foundation and exterior construction and specialty contractors. A lot of construction projects were abandoned during the recession and so part of the bounce in construction is businesses and individuals picking back up old half-finished projects.

Business services and construction are looking strong in the coming years. They provide services that are, maybe not critical, but very much needed by other businesses and people who are trying to even grow their homes, Bierman says. I don t see these industries going anywhere. Maybe their growth rate won t be as high as it has been, but I don t think it will be a decline anytime soon.

A list of the fastest-growing industries for all businesses would include manufacturing, says Bierman, but most successful manufacturers have more than $10 million in annual revenue. Manufacturing as a whole has been something that has pretty positive news lately, she says. If those manufacturers are having pull, the middlemen, or the wholesalers that are transacting those sales, will continue to see growth, too.

During the depths of the recession, many industries were contracting. Now, almost all industries are growing, albeit some at more sluggish rates. The slower-growth companies are not seeing impressive growth rates because they are entrenched in technology that is becoming obsolete, such as printing. But some of those industries are seeing slower growth simply because they have relatively inelastic demand. For example, an economic recession does not change the fact that sick people need to go to the doctor. The growth rate for physician s offices does not typically change drastically.

Overall, the home health-care industry has seen positive growth rates in revenue over the past year as consumers look for an alternative to moving into a nursing care facility, says Bierman. Skilled nursing care facilities come up on this list as a shrinking, but that s partly because of the restrictions placed on the data. For this research, Sageworks included only those businesses with less than $10 million in annual revenue. The decline in skilled nursing care facilities may be an indication that smaller facilities are losing ground to their larger competitors or home health care alternatives, she says.

If you thinking about starting your own business, what industry are you considering and why? Leave a note below and let us know.

Catherine Clifford

Types of Psychotherapists (Licenses) #psychology,psychotherapy,counseling,mental #health,emotional #growth #and #healing,american #psychological #association,alaska #psychological


A license to practice in the mental health field indicates that the state of Alaska has verified that a practitioner has completed a professional training program, has completed a period of supervised experience, and has passed a formal examination in their specific profession. While a license is not a guarantee that the practitioner is ethical and competent, it does increase the likelihood that they are, requires continuing professional education, and provides some oversight to the professional’s practice. In Alaska a person can offer services that resemble counseling without a license, but not psychotherapy and cannot use the title Psychotherapist or Psychologist.

Listed below are the primary licenses for mental health practice. These are brief summaries of the requirements involved. The actual statutes that specify the requirements are quite complex and can be researched here.

Doctoral Level Licenses

Licensed Psychologist (Ph.D. Psy.D. or Ed.D.)

Psychologists complete a master’s degree then a doctoral degree in clinical, counseling, school, or industrial/organizational psychology, one year of pre-degree and one year of post-degree supervised experience, and pass a psychologist�s licensing examination. Psychologists’ training emphasize understanding thought, emotion, and behavior, psychotherapy, psychological testing, and research.

Psychiatrist (M.D. or D.O.)

Psychiatrists first become licensed medical doctors. Additionally, they must complete a three-year residency program in psychiatric medicine. Psychiatrists’ training emphasizes the biological basis of thought, emotion, and behavior. Psychiatrists can prescribe medication. In recent years, psychiatrists have moved more towards working more with medication than psychotherapy, though many psychiatrists still offer psychotherapy along with medication services.

Masters Level Licenses

Advanced Nurse Practitioner (A.N.P.)

Advanced Nurse Practitioners complete a two-year master�s degree in nursing, complete a supervised clinical and psychotherapy training internship as part of the degree program, and pass a certifying examination. Not all advanced nurse practitioners have psychiatric training. Most psychiatric advanced nurse practitioners offer both psychotherapy and medication services.

Licensed Psychological Associate (L.P.A.)

Psychological Associates complete a two-year master’s degree in clinical or counseling psychology (M.A. or M.S.), two years of supervised post-degree experience, and pass a psychological associate’s licensing examination.

Licensed Professional Counselor (L.P.C.)

Licensed Professional Counselors complete a two-year master�s degree in counseling or clinical psychology (M.A. or M.S.), two years of supervised post-degree experience, and pass a written professional counselor�s examination.

Licensed Clinical Social Worker (L.C.S.W.)

Licensed Clinical Social Workers complete a two-year master�s degree in social work (M.S.W.), two years of supervised post-degree experience, and pass a written social work examination.

Licensed Marriage and Family Therapist (L.M.F.T.)

Licensed Marriage and Family Therapists complete a two year master�s degree (M.A. or M.S.) with emphasis in family therapy, approximately two years of supervised post-degree experience, and pass a marriage and family therapist examination. While their training specializes in marriage and family therapy, they may also be qualified as individual therapists, and psychotherapists with other licenses may be qualified to conduct marriage and family therapy.

Invoice Factoring -an advance on money due to you from a business


Invoice Factoring

Its what your looking for

What is factoring:

Invoice factoring is essentially an advance on money / cash due to a business, by means of the sale of the invoices to a bridging company. This is not a loan against invoices but an outright sale of selected invoices ( one or many ) or the full debtors book, to a bridging finance company, but with recourse to the seller of the full invoice value.

Why use single invoice factoring or selective invoice discounting

This is a very simple and reasonably quick method (within 2 weeks of receipt of all documents) used by businesses to improve cash flow or working capital as and when needed. There is no lock in period and no penalty for early settlement. You elect to bridge one or a few invoices not the entire debtors book.

Costs Once

Once off set up fee of approx 3 % to 5 % depending on the size of the invoice bridging required. Monthly cost of between 4,5 % and 6 %

Pre-Conditions to Discount Invoices:
The goods /services must have been delivered / rendered and the customer must have accepted the goods / services with no pending disputes. The company requesting the bridging should be profitable and have a clean credit record.

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