Finance
France went ‘too far’ in relying on consultants like McKinsey, finance chief admits
The French authorities has relied an excessive amount of on exterior consultants equivalent to U.S. agency McKinsey, French Financial system and Finance Minister Bruno Le Maire stated Sunday.
The assertion comes simply days after investigators in France launched probes into the position that consultancies performed within the French 2017 and 2022 elections, amid allegations of irregular marketing campaign financing and suspicions that work carried out by consultants was under-billed in contravention of France’s strict electoral legal guidelines.
Le Maire admitted that French governments in current historical past have overly relied on consultancies. “I willingly acknowledge it, and I believe that we have now gone too far,” Le Maire informed the Sunday in Politics program on TV channel France 3. “Whether or not it is this authorities, earlier governments … I believe there has certainly been a slip-up,” Le Maire stated.
POLITICO has beforehand reported how consultancies equivalent to McKinsey, Accenture, BCG, Citwell and Capgemini have come to play an enormous position in French politics, profitable billions of euros value of state contracts within the interval since Emmanuel Macron took energy. Within the run-up to his profitable re-election bid this yr, Macron took flak for his dependence on the non-public sector which accelerated in the course of the pandemic, with critics saying the development chips away at accountability and transparency, and in addition disparages the capabilities of the civil service.
France’s authorities has set itself guidelines to cut back spending on non-public sector contracts by 15 p.c throughout ministries. Paris responded to the controversy, dubbed the “McKinsey affair,” by asserting a versatile ceiling on non-public sector contracts that can kick in subsequent yr.
Combining Advisory Expertise and AI-Driven Insights to Deliver Real Financial Impact
BOULDER, Colo. and TAMPA, Fla., Dec. 18, 2024 /PRNewswire/ — Concurrent, one of the fastest-growing RIA aggregators in the United States, has partnered with TIFIN @Work, an AI-powered workplace growth platform, to deliver a more focused and personalized approach to workplace financial solutions. The partnership combines TIFIN @Work’s AI-driven tools with Concurrent’s advisory expertise to deliver clear, actionable outcomes for employees, employers, and advisors.
“Concurrent’s rapid growth has been built on our ability to deliver personalized, scalable solutions that meet the unique needs of clients,” said Casey Bates, Managing Director of Strategy and Growth at Concurrent. “Our partnership with TIFIN @Work strengthens our offering, combining cutting-edge AI technology with our proven advisory strategies to create financial solutions with real impact.”
TIFIN @Work’s AI technology delivers tailored actions to employees, helping them optimize their financial strategies—whether it’s optimizing paycheck contributions or planning for long-term goals. Concurrent ensures these insights are put to work, providing the expertise needed to make decisions that benefit both employees and their employers.
“This partnership is about creating better wealth outcomes with tailored solutions that truly make a difference,” said Marc McDonough, CEO of TIFIN @Work. “By combining our technology with Concurrent’s advisory experience, we’re offering a solution that directly addresses the financial needs of the workplace, creating practical value for all involved.”
The integration of TIFIN @Work’s platform with Concurrent’s advisory services provides employers with a streamlined approach to supporting employees. The result is improved engagement, stronger financial confidence, and greater opportunities for advisors.
About Concurrent
Concurrent is a multi-custodial, hybrid registered investment adviser (RIA) created to give independent advisors all the resources they need to grow their businesses and adapt to the evolving financial needs of their clients. Headquartered in Tampa, Florida, Concurrent was established in 2017 by former advisors, business owners and industry leaders to cultivate a national network of independent providers of unbiased, fiduciary advice.
Investment advisory services through Concurrent Investment Advisors, LLC (“Concurrent”), an SEC Registered Investment Advisor. To learn more about Concurrent, visit www.poweredbyconcurrent.com.
Wealth management, banking and finance concept. Smart banking with technology.
D3sign | Moment | Getty Images
The end of the year is a time of reflection for many, and while some will look back on their experiences and achievements, money experts say it’s just as important to take stock of your finances.
Staying on top of your spending may have seemed like an uphill struggle this year as wages have often failed to keep up with the increased cost of living. In the U.S., Bankrate’s 2024 Wage to Inflation Index found that between January 2021 and June 2024, prices increased 20%, but wages only rose by 17.4% over the same period.
As a result, nearly half of Americans say they are living paycheck to paycheck, according to a recent Bank of America survey.
“The end of the year can be a great time to reflect on your finances, but it’s important not to be hard on yourself,” Tamara Harel-Cohen, co-founder of financial wellbeing app RiseUp, told CNBC Make It.
Harel-Cohen advised against scrutinizing every penny spent because it’s not possible to always meet your financial goals.
Meanwhile, Sarah Coles, head of personal finance at Hargreaves Lansdown, said there’s always room for improvement where money management is concerned.
“It can feel that as long as you get to the end of the year roughly in one piece financially, you’re probably OK. However, this approach leaves you vulnerable to neglecting key aspects of your finances,” Coles said.
CNBC Make It asked four financial experts for their top tips on reflection and money management as the end of the year approaches.
‘Have self-compassion’
It’s a “common phenomenon” in December for people to feel ashamed about how they handled their money, Vicky Reynal, a financial psychotherapist and author of “Money on Your Mind,” told CNBC Make It.
“One thing that I would say is to have self-compassion,” Reynal said. “There’s almost a sense that everybody feels they should be better than they are.”
This can stop us from thinking productively about how to turn things around, Reynal said. The truth is that managing finances is “not an innate skill,” and it’s often not taught by schools or parents.
“So we pick it up as we go, and we’ll inevitably make mistakes. But all we can do is, rather than simmer in in guilt and shame, we can use that and reframe it in terms of: What can I do differently? What do I want to do differently next year financially?” Reynal added.
‘5 cornerstones of sound finances’
Hargreaves Lansdown’s Coles suggested an audit of five key money areas.
“We should specifically take stock of the five cornerstones of sound finances: Are your short-term debts under control? Do you have the right things in place to protect your family – including life insurance and a will? Do you have enough emergency savings to cover three-to-six-months’ worth of essential spending? Are you on track with pension saving? And are you investing to make more of your money where you can?” she said.
Understanding where you are financially within these five key areas can help you create the foundations of a budget and new money goals, Coles added.
Don’t make budgeting complicated
A lot of money resolutions in the new year fail because they tend to be overcomplicated, according to Reynal.
“People, sometimes, will come proudly to me and say: ‘I’ve set up this spreadsheet, it’s 30 tabs. I’m going to be recording all my expenses.’ But that’s not sustainable,” Reynal said. “I would always encourage people to keep it simple and find the right tools.”
She suggested using budgeting apps and investment platforms that cut out the work for you.
“It will simplify and enable a cycle in which you’re feeling empowered. You’re getting small wins, and that kind of perpetuates a virtual circle in which you’re starting to build confidence that: ‘Look, I managed to do it this month, and so maybe I’ll manage to do it next month,’” she added.
Harel-Cohen agreed, saying even a “five-minute check-in” with yourself in the morning about how you’re going to spend money during the day will help you make better decisions without feeling overwhelmed.
“Remember, improving your financial wellbeing is a marathon, not a sprint,” Harel-Cohen added.
Small, lasting improvements
The second reason that many money resolutions fail is because they’re too ambitious, according to Reynal.
“There’s a lot to be said about small wins in terms of building confidence, building a sense of agency, and building momentum,” she said, adding that setting “small, actionable goals,” is the route to success.
Harel-Cohen advised automating monthly payments into your savings account to achieve long-term goals such as holidays or retirement.
She said: “After setting this up, just sit back and forget about it.”
Consider your feelings
It’s okay to treat yourself on occasion too, according to Ylva Baeckström, a senior lecturer in finance at King’s Business School.
Spending money shouldn’t always be anxiety-inducing, she said. “What did you really spend on things you don’t really need? And how did it make you feel spending that money? Did it make you anxious or stressed or did it make you feel good?” Baeckström said.
“If it made you feel anxious you need to change your habit. However, if it made you feel good, it may be worth continuing to allow yourself this particular luxury. Allow yourself some treats that make you feel good and cut the spend that makes you feel anxious,” she added.
Finance
Seven Hills Realty Trust Closes $45.0 Million Bridge Loan to Finance the Acquisition of a Hotel in Boston, Massachusetts
NEWTON, Mass., December 17, 2024–(BUSINESS WIRE)–Seven Hills Realty Trust (Nasdaq: SEVN) today announced the closing of a $45.0 million first mortgage floating rate bridge loan to finance the acquisition of Club Quarters Hotel, a 178-room hotel located at 161 Devonshire Street in Boston, Massachusetts.
The loan has a three-year initial term with two one-year extension options, subject to the borrower meeting certain requirements. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by JLL, which advised Arch & Devonshire LLC, the borrower.
Tom Lorenzini, President and Chief Investment Officer of SEVN, made the following statement:
“The Club Quarters Hotel benefits from being near the Massachusetts State House, Faneuil Hall, Boston Common, the Boston Theatre District and many significant historical sites. The closing of the loan to finance the acquisition of this hotel demonstrates our ability to identify and execute compelling loan investment opportunities. Furthermore, we continue to be active in the market and maintain a strong pipeline of quality loan opportunities to generate attractive risk adjusted returns for our shareholders.”
About Seven Hills Realty Trust
Seven Hills Realty Trust (Nasdaq: SEVN) is a real estate finance company focused on originating and investing in first mortgage loans secured by middle market transitional commercial real estate. SEVN is managed by Tremont Realty Capital, an affiliate of The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with nearly $41 billion in assets under management and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. For more information about SEVN, please visit www.sevnreit.com.
WARNING CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These statements may include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “will,” “may” and negatives or derivatives of these or similar expressions. These forward-looking statements include, among others, statements about SEVN continuing to be active in the market and maintaining a strong pipeline of quality loan opportunities and SEVN’s investment focus, ability to complete additional loan investments in the future and ability to generate attractive risk adjusted returns for shareholders. Forward-looking statements reflect SEVN’s current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause SEVN’s actual results, performance or achievements to differ materially from expected future results, performance or achievements expressed or implied in those forward-looking statements. Some of the risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the following: the ability of SEVN to make additional investments; the success of SEVN’s investments; SEVN’s available liquidity, access to capital and cost of capital; and various other matters. These risks, uncertainties and other factors are not exhaustive and should be read in conjunction with other cautionary statements that are included in SEVN’s periodic filings with the Securities and Exchange Commission, or SEC. The information contained in SEVN’s filings with the SEC, including under the caption “Risk Factors” in its periodic reports, or incorporated therein, identifies important factors that could cause SEVN’s actual results to differ materially from those stated in or implied by SEVN’s forward-looking statements. SEVN’s filings with the SEC are available on the SEC’s website at www.sec.gov. You should not place undue reliance upon forward-looking statements. Except as required by law, SEVN does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
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