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Euractiv
03-07-2025
- Health
- Euractiv
Preparing Europe for the next cross-border health threats, COVID lessons unpacked
For many, the COVID-19 pandemic is a fading memory, but for those working at the coalface of public health, the EU and national governments, it's been seared as an instructive reminder of the need for greater policy infrastructure to support better preparation for future cross-border health security threats. In 2022, the European Commission introduced a Regulation to develop a comprehensive prevention, preparedness and response plan at the EU and member state levels. And in a major step forward, WHO Member States recently took measures to strengthen global collaboration on prevention, preparedness and response to future pandemic threats. Acknowledging that pandemics and epidemics remain significant threats to global public health, Shionogi, together with Euractiv, held a panel discussion on how to tackle the question of preparing Europe for emerging cross-border health threats, in particular, the 'slow pandemic' of antimicrobial resistance (AMR). AMR occurs when germs no longer respond to antimicrobial treatments, and experts argue that further cooperation, transparency and improved procedures are needed to combat the deep-rooted problem. Serious cross-border threats Kicking off the discussion, Antonio Parenti, Director, Public Health, Cancer and Health Security, DG SANTE, European Commission, emphasised the critical role of the Regulation on serious cross-border threats to health (EU 2022/2371) which strengthens EU coordination and collaboration, prevention and preparedness, as well as beefing up different monitoring and surveillance mechanisms, serving as the backbone for future health security preparedness and cross-border health responses He explained that DG SANTE is intensifying collaboration with the relevant internal and external stakeholders through simulation exercises and is intensively working on improving the EU's rapid reaction capabilities, and is addressing the growing threat of AMR with unprecedented co-financing through the EU4Health Programme. Embedding health in the EU's Preparedness Strategy, where health is a vital societal function under the Union Preparedness Strategy, is essential, said Parenti 'Ensuring its resilience means boosting citizen readiness and strengthening civil-military health cooperation. A new Technical Working Group on civil-military collaboration under the Health Security Committee is paving the way for interoperable responses to crises, from pandemics to armed aggression and CBRN threats,' he added. Fragmented approaches Rohit Malpani, Senior Policy Advisor at the Global Antibiotic Research & Development Partnership (GARDP), called on the European Union to take a more proactive and integrated stance in addressing antimicrobial resistance (AMR), warning that current fragmented approaches may fall short in the face of future health crises. Malpani argued that 'The EU should introduce an end-to-end model for which the EU coordinates funding across research, clinical development, manufacturing and access.' He stressed that such a model would help avoid the pitfalls experienced during the COVID-19 pandemic, including shortages of medical technologies and counterproductive competition between member states. 'Instead of setting out incentives and hoping that the private sector will respond with what is required, it is critical that the EU and other countries take an active role in defining its needs and ensuring that those needs are met,' he added. Malpani also emphasised the need for adaptable funding and research models. 'Responding to AMR requires flexible funding, models, and R&D approaches: No single push funding or pull incentive will address all needs,' he said. Drawing on GARDP's experience, he advocated for a diversified strategy that includes developing new antibiotics, repurposing existing treatments, and testing combinations of older generics. He noted that the EU's Health Emergency Preparedness and Response Authority (HERA) is well-positioned to support such a tailored response. Malpani urged the EU to maintain a global perspective. 'While it is critical for the EU to ensure that it can develop and ensure access to key medical technologies to address viral threats and bacterial pathogens of concern, it is also important that it is prioritising threats globally, including against AMR, and for underserved populations such as children and babies,' he said, underscoring the importance of ensuring that new technologies are tested and supported by robust data to effectively curb AMR both within Europe and globally. Strategic and operational coordination Laurent Muschel, Deputy Head of HERA, European Commission, agreed that the EU must adopt a toolbox to cross-border health threats - strengthening strategic and operational coordination through HERA and ensuring readiness via early warning systems, advanced research, stockpiles, and joint procurement. He explained that the upcoming MCM Strategy will focus on innovation, supply chain resilience, and equitable access to vaccines, therapeutics, and diagnostics. Muschel also addressed concerns about AMR. 'AMR is treated with the same urgency as pandemics. HERA is investing in novel solutions like bacteriophage therapies and new classes of antibiotics and supporting SMEs through HERA Invest. I believe the EU must reduce dependency on global supply chains by investing in onshore manufacturing and modernising distribution mechanisms to ensure rapid and equitable access to medical countermeasures,' he said. Tomislav Sokol, MEP and member of the European Parliament's SANT Committee, has called for a comprehensive overhaul of the EU's approach to health innovation and preparedness, urging policymakers to focus on research, industrial resilience, and strategic autonomy. Sokol stressed the importance of stimulating funding for basic research and incentivising pharmaceutical innovation, while also ensuring that companies developing new medical products remain anchored in Europe. He welcomed recent EU initiatives, including the General Pharmaceutical Legislation (GPL) and the Critical Medicines Alliance (CMA), which he said are 'giving preferential treatment to production in Europe.' He also praised the establishment of the Health Emergency Preparedness and Response Authority (HERA) and its coordination efforts. However, he argued that further steps are needed. 'I think we have to do some additional things like stronger or mandatory coordination of stockpiling,' he said. Concluding on an optimistic note, Sokol stated: 'If we understand that healthcare and public health should be one of the priority sectors now in the EU, we can really make a difference, and that Europe can be much better prepared for future health crisis and also much less dependent on imports than it is now.' Central role of funding Emmanuel André, Co-Chair of the European Commission's Advisory Committee on Public Health Emergencies (ACPHE) and Professor of Clinical Microbiology at KU Leuven, underscored the central role of funding in Europe's ability to respond to future health threats. 'Funding is the key. If you want to get new medical countermeasures, antibiotics or therapeutics or vaccines, it is, as we say in French, 'nerf de la guerre.' It's really the key,' André said. He called for health to be prioritised in the EU's next Multiannual Financial Framework (MFF), urging the European Parliament, Council, and member states to ensure adequate budgetary support. 'We count on the European Parliament to help us on the Council and member states to make sure that we have sufficient budget to do what we're supposed to do,' he added. However, André warned that Europe cannot shoulder the burden alone. 'Europe should not fund everything. I call for all of the funders to come into the game. It's always the same players – the Gates Foundation, the Wellcome Trust are always there. But it's always the same,' he said. Pointing to recent international engagement, he questioned the financial follow-through. "Saudi Arabia held a nice ministerial meeting on AMR in Jeddah last November. Where is the money from Saudi Arabia? Where is the funding?' he asked. Framing antimicrobial resistance (AMR) as a global challenge, André concluded: 'This is a global issue, and we are not the only ones who have high GDP per capita. There are some others. So it's really a global, worldwide issue, and others also need to play their game.' Robust policy framework needed Huw Tippett, CEO of Shionogi Europe and board member since 2019, has urged policymakers to elevate health on the political agenda and implement robust frameworks to support antimicrobial innovation. Speaking on the pharmaceutical industry's role in combating antimicrobial resistance (AMR), Tippett highlighted the economic and structural challenges that hinder progress. 'We need a robust policy framework, including the right funding mechanisms, as sometimes the business case doesn't add up for pharma companies. We need equity in terms of access. All in all, health needs to be higher up the political agenda,' he said. Founded nearly 150 years ago in Osaka, Shionogi is one of the few major pharmaceutical firms maintaining a long-standing commitment to anti-infective research, with over six decades of experience in antimicrobial development. Tippett pointed to the '100 Day Mission' as a strategic model for future preparedness. 'I think that's an excellent strategic framework. There's a lot that has to be done in it. We've said it already today, we need excellent R&D pipelines through funding and investment, attracting more people back to the space,' he noted. He also stressed the importance of collaboration, particularly with organisations like the Global Antibiotic Research & Development Partnership (GARDP). 'Great funding mechanisms, working together, working as partners and getting to places in the world that you might not be able to get to yourself through great partnerships, such as Shionogi with GARDP. We're experts in the developed world, but GARDP are experts in the low and middle income world,' Tippett said, 'access to medicines is key.' [Edited By Brian Maguire | Euractiv's Advocacy Lab ]
Yahoo
12-06-2025
- Yahoo
RI pair cleared of charges in fake Jason Kelce merchandise case
CRANSTON, R.I. (WPRI) — Two people from Rhode Island who were accused of selling fake Jason Kelce merchandise are no longer facing charges, according to the Montgomery County District Attorney's Office in Pennsylvania. Joseph Parenti, of Cranston, and LeeAnn Branco, of Bristol, were previously charged with selling nearly 1,200 items valued at $200,000. Items included signed jerseys, helmets, hats and photos. After a thorough investigation, the DA's office said it was determined that Parenti and Branco were misled about the authenticity of the memorabilia they were selling, so the charges were withdrawn. BACKGROUND: RI pair accused of selling fake Jason Kelce merchandise Bill Fischer, a spokesperson for Parenti's company, Diamond Legends, previously told 12 News he was not the lead organizer of the autograph-signing event, but had contracted with Philadelphia-based Overtime Promotions. He added that Parenti's firm fulfilled its obligations by sending memorabilia to Overtime Promotions and paid the company in advance. 'This outcome affirms our continued commitment to the integrity and values we've always upheld since our company's beginning. To say the least, this has been a tough time for myself, my family and our business,' Parenti said in a statement to his customers. 'Diamond Legends will move forward with a stringent and comprehensive responsibility of holding our products to the highest standard of authenticity,' he continued. 'We will also be more vigilant on who we partner with—and do business with going forward—as that has been the lesson of this unfortunate circumstance.' A third suspect, 51-year-old Robert Capone, of Philadelphia, was arraigned in January and released on bail. Court records show he is due in court later this month for a pretrial conference. Download the and apps to get breaking news and weather alerts. Watch or with the new . Follow us on social media: Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Boston Globe
11-06-2025
- Boston Globe
Charges against R.I. pair withdrawn in alleged Jason Kelce autograph fraud scheme
'Throughout this ordeal, Mr. Parenti stood by his original statement that he did not forge any memorabilia nor did he direct anyone to forge memorabilia,' reads a statement sent to the Globe by Bill Fischer, a spokesperson for Diamond Legends, the sports memorabilia store owned by Parenti. Get Rhode Map A weekday briefing from veteran Rhode Island reporters, focused on the things that matter most in the Ocean State. Enter Email Sign Up 'When Mr. Parenti became aware that there may be issues with the authenticity of the memorabilia in question, he pulled it from the marketplace. Mr. Parenti deeply regrets entering into a business arrangement with Overtime Promotions based in Philadelphia.' Advertisement Branco, Parenti, and Robert Capone of Philadelphia were charged in January with forgery, theft, and deceptive business practices, among other charges. Officials said at the time that in June 2024, law enforcement learned of approximately 1,138 items with fraudulent Kelce signatures – including signed jerseys, helmets, mini-helmets, hats, photos, footballs, and other items – when alerted by TCH Humphreys LLC, a sports memorabilia company in Royersford, Penn. Advertisement The items were offered for sale by Overtime Promotions, owned by Capone, and Diamond Legends, and were supposedly 'verified' by Branco, an employee of Beckett Authentication Services, officials said. Prosecutors said earlier this year TCH Humphreys had contracted with Kelce, the former Philadelphia Eagles center, to host an official memorabilia signing at a private event on June 11 and 12, 2024, at the Valley Forge Casino Hotel, and legitimate autographs were verified by Professional Sports Authenticator. Branco and Parenti attended the signing event, and Branco 'secured a photo with Kelce in order to validate her in-the-presence authentication of the forged memorabilia that was never actually signed by Kelce,' prosecutors said. Officials claimed an investigation revealed Capone, Parenti, and Branco allegedly used Becket Authentication Services to create the counterfeit autographs and offer them for sale. According to Delano, authorities in Pennsylvania continue to investigate cases even after charges are filed. In this instance, investigators eventually obtained cell phone evidence with 'all the communications' between Branco, Parenti, and Capone and it showed Branco and Parenti were unaware the signatures were not authentic. 'This outcome affirms our continued commitment to the integrity and values we've always upheld since our company's beginning,' Parenti wrote in an email to customers that was partially shared by Fischer. 'To say the least, this has been a tough time for myself, my family and our business,' Parenti added. 'Diamond Legends will move forward with a stringent and comprehensive responsibility of holding our products to the highest standard of authenticity. We will also be more vigilant on who we partner with - and do business with going forward – as that has been the lesson of this unfortunate circumstance.' Advertisement According to Delano, the charges against Capone remain. Material from a previous Globe story was used in this report. Christopher Gavin can be reached at
Associated Press
04-06-2025
- Politics
- Associated Press
Global Times: Readers' Reflections: China is reshaping the global innovation landscape, says Italian scholar
06/04/2025, Beijing, China // KISS PR Brand Story PressWire // May 30, 2025 marks the ninth National Science and Technology Workers Day. In the early morning of the previous day, Tianwen-2, the country's first asteroid probe and sampling mission, soared into the sky, carrying with it humanity's aspirations for the stars and the universe. The nation will thrive when science and technology develops, and the country will be strong when science and technology becomes advanced. The book series of Xi Jinping: The Governance of China contains multiple important speeches on science and technology. In the article 'Strive for Greater Strength and Self-Reliance in Science and Technology' included in the fourth volume of the book series, President Xi emphasized that science and technology respond to the call of the times and have a global impact; they belong to all of humanity. 'We should participate to the full in global science and technology governance, contribute Chinese wisdom, and shape a philosophy of technology for good purposes, so that science and technology better serve human wellbeing, and enable China's science and technology industry to contribute more to building a global community of shared future!' In the fifth installment of the 'Decoding the Book of Xi Jinping: The Governance of China " series, the Global Times, along with People's Daily Overseas Edition, focuses on the theme of 'practicing the philosophy of technology for good purposes and polishing China's new name card in scientific and technological innovation.' We continue to invite Chinese and international scholars, translators of the work, practitioners of its concepts, and overseas readers to share their insights, understandings and reflection on China's philosophy of science and technology development and international cooperation. In the fifth article of the 'Readers' Reflections' column, Global Times (GT) reporter Ma Tong talked to Fabio Massimo Parenti (Parenti), an Associate Professor of International Political Economy at the China Foreign Affairs University, and a scholar of international studies at the Italian International Institute Lorenzo de' Medici. GT: The world today is undergoing major changes unseen in a century. China is promoting cooperation with Global South countries through concrete plans and pragmatic measures, particularly in areas such as technology transfer, digital infrastructure building and patent sharing. In his speech at a national science and technology conference on June 24, 2024, Chinese President Xi Jinping emphasized to be 'open to cooperation in science and technology for the benefit of mankind and pursue a mutually beneficial strategy of opening up.' How do you assess the outcomes of China-Global South tech cooperation in recent years? Compared to traditional cooperation models dominated by developed countries, how do you see China's approach? Parenti: South-South technological cooperation has grown significantly over the past decade, becoming one of the central pillars of Beijing's foreign policy. Unlike the traditional Western-led development models, China's approach is pragmatic, prioritizing mutual benefit and non-interference. The latter has delivered tangible outcomes, especially in technology transfer and digital development, aligning with President Xi's governance philosophy that 'science and technology respond to the call of the times and have a global impact; they belong to all of humanity.' In agricultural cooperation, China has established over 20 agricultural technology demonstration centers in Africa, contributing to global food security. Through the Digital Silk Road initiative, China has helped build fiber-optic networks, data centers, and e-government platforms in many of these nations. An iconic example is China's partnership with Ethiopia, particularly in the telecommunications and agriculture sectors. In 2021, Chinese companies, represented by Huawei, played a key role in expanding Ethiopia's telecom infrastructure, providing low-cost mobile internet to rural areas and improving access to digital services. Chinese experts introduced hybrid rice strains and drip irrigation techniques, advancing local agricultural development. China's approach stands out from traditional Western models of international cooperation due to its focus on reciprocity, long-term infrastructure investment, and the lack of political strings attached. GT: In the article 'Strive for Greater Strength and Self-Reliance in Science and Technology' from the fourth volume of Xi Jinping: The Governance of China , President Xi emphasizes that 'major science and technology programs should focus on solving the most pressing problems.' In cooperation with Global South countries, China adheres to a people-centered and demand-driven approach, prioritizing long-term investment and capacity building. How do you assess China's contributions in this area? What impact do they have on technological and economic development in Global South countries? Parenti: China's mutually beneficial technology cooperation with Global South countries has made meaningful contributions to enhancing these nations' independent development capabilities. China-promoted training programs in fields such as agriculture, ICT, public health, and engineering are involving thousands of technical personnel from Africa, Southeast Asia, and Latin America. For instance, nations like Kenya, Egypt and Pakistan host joint laboratories or research centers co-funded by Chinese institutions. Similar efforts are evident in educational initiatives under the Belt and Road Initiative (BRI) and BRICS frameworks. President Xi stressed that 'major science and technology programs should focus on solving the most pressing problems.' This philosophy has driven Chinese programs tailored to address desertification in North Africa through solar-powered water pumps and drip irrigation, tackle public health crises via China-supported vaccine production facilities in Indonesia, Egypt, and Brazil, and advance e-commerce and fintech through Alipay-backed mobile payment pilots in rural Africa. Beyond exporting hardware, China is actively promoting the joint construction of innovation ecosystems, such as establishing technology parks like the China-Brazil Agricultural Science Industrial Park, and promoting Satellite and Space Cooperation, providing critical data and services for agriculture, disaster response, and climate monitoring. Joint bilateral projects in green energy, AI, and aerospace, such as China's satellite launches with countries like Nigeria, Pakistan, and Venezuela, are creating numerous opportunities to strengthen these countries' capacities for national independence and autonomous development. The satellite launch cooperation between China and countries such as Nigeria, Pakistan and Venezuela is a typical example of such collaborative efforts. These initiatives are reshaping the autonomy of many Global South nations by providing a partnership model that is not paternalistic and effectively supporting these nations in achieving autonomous and sustainable development. GT: In the article 'Strive for Greater Strength and Self-Reliance in Science and Technology,' President Xi also calls to 'participate to the full in global science and technology governance, contribute Chinese wisdom, and shape a philosophy of technology for good purposes, so that science and technology better serve human wellbeing, and enable China's science and technology industry to contribute more to building a global community of shared future.' Taking the global green transition as an example, how do you evaluate China's technological advancements and industrial progress in new energy? What positive impacts will these have on addressing global climate change, particularly in helping Global South countries tackle energy challenges? Parenti: China's technological and industrial leap in new energy sector is a unique story of the 21st century. In a video address at the opening ceremony of the celebration for the 60th anniversary of the United Nations Conference on Trade and Development (UNCTAD) in 2024, President Xi said that 'all sides need to harness the historic opportunity for innovation-driven development. It is important to build an open, inclusive and non-discriminatory environment for the digital economy, follow the people-centered, AI-for-good principle and strengthen AI-related rules and governance within the framework of the United Nations, actively advance green transition, and help developing countries join the trend of digital, smart and green development.' This vision offers 'Chinese solutions' that aim to be inclusive, innovation-driven, and sustainable. The new energy sector serves as a compelling and practical example of this strategic vision in practice. China has become the world's largest producer of solar panels, wind turbines, and electric vehicles (EVs), and a dominant supplier of lithium-ion batteries. In 2024, the country installed more renewable energy capacity than the rest of the world combined – a feat driven by the research and development efforts of Chinese firms underpinned by national strategies and policy incentives. One illustrative case is the State Grid Corporation of China, which is advancing ultra-high-voltage transmission systems to enable the long-distance delivery of clean energy. The affordability of Chinese-made solar panels has also made large-scale solar farms viable in countries ranging from Kenya and Brazil to Pakistan. Beyond exports, China supports local assembly and manufacturing of EVs, batteries, and solar components in partner countries, with technology transfer often embedded in infrastructure agreements to foster local industrial ecosystems. In his special address to the 2022 World Economic Forum virtual session, President Xi called to 'uphold the principle of common but differentiated responsibilities, promote international cooperation on climate change in the context of development, and implement the outcomes of COP26 to the United Nations Framework Convention on Climate Change.' China is actively shaping the rules and standards of the new energy market through multilateral frameworks such as the UN, the G77 and BRICS. Under initiatives like the BRI, it offers shared infrastructure development to Global South nations without imposing political conditions. GT: In the article 'Strive for Greater Strength and Self-Reliance in Science and Technology', President Xi noted that 'science and technology respond to the call of the times and have a global impact; they belong to all of humanity.' China is leading initiatives such as the Initiative on International Cooperation in Open Science, co-launched with Brazil, South Africa, and the African Union, to promote global technology and innovation cooperation. In the context of key technologies being long monopolized by a few countries, how will these initiatives within the Global South shape the global landscape of technological innovation? Parenti: China's push for open science cooperation through initiatives like the Initiative on International Cooperation in Open Science reflects a broader effort to reshape the global innovation landscape. Central to this initiative is a principle repeatedly underscored by the Chinese leadership that science and technology belong to all of humanity. This paradigm challenges the current high-tech landscape dominated by a handful of countries and major tech corporations. If successful, these South-South cooperation mechanisms could help foster a more multipolar, inclusive, and resilient global technology governance order. China-led South-South science and tech cooperation seeks breakthroughs along three key pathways: establishing knowledge-sharing mechanisms to dismantle structural barriers to technology access; setting up regional innovation hubs across Africa, Asia, and Latin America; and advancing joint research and development projects to replace traditional top-down aid models. A notable example is China's collaboration with Brazil in establishing a joint laboratory for agricultural science and with South Africa in establishing a genomics center, enabling local institutions to jointly participate in the development of tailored solutions. This model of equal and mutually beneficial cooperation demonstrates that true technological self-reliance can only be achieved by fostering indigenous innovation within a fair and inclusive international research environment. By promoting openness and sharing scientific resources, China is not only contributing 'Chinese wisdom' to the world, but also taking meaningful steps toward reshaping a more balanced and equitable global governance system for science and technology. GT: This year marks 70 years since the Bandung Conference, which kick-started South-South cooperation by uniting nations to promote solidarity and respect for sovereignty. Today, however, global issues like a slow economic recovery, shifting supply chains, and the climate crisis are posing new challenges. How are these issues playing out in real-world terms? How do see the potentials for cooperation between the Global South and developed nations? And what particular role can China play in fostering this cooperation and building a shared global future? Parenti: The 70th anniversary of the Bandung Conference is more than just symbolic. The Bandung Spirit – with its call for solidarity, friendship, and cooperation—still resonate today. Yet, modern challenges call for fresh approaches to coordination, not just within the Global South but also between the South and the North. Issues like crippling foreign debt, the digital divide, and uneven development are global problems that erode international solidarity, as nations increasingly retreat into inward-looking policies under domestic pressures. More alarmingly, the West's 'de-risking' strategy toward China is fracturing global trade and investment systems. All of this heightens the risk of a new techno-economic divide, particularly in sectors such as electric vehicles, semiconductors, and biotechnology. To overcome the current impasse, pragmatic cooperation among nations is essential. What's required is a reform of multilateral institutions such as the G20, IMF, and WTO, so they can truly reflect today's global realities, amplify the voice of developing countries, and advance the democratization of international relations. China is uniquely positioned to serve as a bridge in this process. As a technological and industrial powerhouse emerging from the Global South, China understands the developmental needs of the South while possessing the capacity to engage deeply with developed countries' systems. The way forward lies in fostering complementarity between the Western-dominant traditional international institutions and the newer initiatives led by China. Together, they can help build a non-hegemonic model of development cooperation grounded in mutual benefit, respect for sovereignty, and non-interference. This approach is not about confronting the West, but about offering an alternative model of governance – one that opens up new possibilities for shaping a more inclusive global development narrative. This story first appeared in Global Times: Company: Global Times Contact Person: Anna Li Email: [email protected] Website: City: Beijing Disclaimer: This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. This content was first published by KISS PR Brand Story. Read here >> Global Times: Readers' Reflections: China is reshaping the global innovation landscape, says Italian scholar
Yahoo
31-03-2025
- Business
- Yahoo
I'm a Financial Planner: 4 Moves My Upper-Class Clients Are Making Under Trump
President Donald Trump's second term is just getting started, but he's already made some sweeping changes that have affected the economy and individuals' wallets. To prepare for the next four years, many wealthy Americans are making money moves to ensure they're in a good spot for the rest of Trump's term. Find Out: Learn More: To find out the money moves upper-class Americans are making, GOBankingRates spoke with Matt Parenti, CFP and partner at Private Vista, who works with these clients firsthand. Here are the top moves he has been seeing. Parenti's upper-class clients have been moving more money from investments into cash in response to market volatility. 'As with any change in administration, uncertainty can create volatility, and in Trump 2.0, we're seeing a bit more uncertainty on where policy will land — particularly around trade,' he said. 'With markets hitting all-time highs within the last few months and ongoing volatility, we're seeing more high-net-worth clients looking to harvest gains and move a few percentage points of their portfolio to cash or money market. 'This is not a wholesale move to cash; rather, it is a way to take some gains near the top, keep enough cash for short-term needs from the portfolio — so they don't have to sell during volatile markets — and have some potential dry powder for opportunities,' he continued. 'They have the added benefit of earning a bit more on cash these days than we have seen the prior decade, particularly by parking it in high-yield savings, CDs or money markets.' Be Aware: Parenti's high-net-worth clients have been repositioning more of their portfolios toward alternative investments since Trump took office. 'Privately traded investments, or non-market correlated investments, have the benefit of diversified returns and can act as a ballast in volatile markets as we've seen,' he said. 'Additionally, with public markets having had strong returns the last two years, rebalancing toward alternative investments has been a way investors are evening out their asset allocation.' Many upper-class Americans have been revisiting their estate plans to ensure they are optimized for the current environment. 'While so far it appears the historically higher lifetime exemption — the amount of an individual's estate that is not subject to estate tax — will remain higher under extended tax cuts, estate planning has been an area high-net-worth investors have been watching very closely over the last few years as the current tax law gets close to sunsetting,' Parenti said. 'With more long-term certainty, or at least a longer time horizon on the current laws, investors are readying to refresh their plans to the new laws.' While upper-class Americans are making some changes to their financial plans, overall, they are sticking to their long-term strategy, Parenti said. 'Our high net-worth clients make some marginal changes to their portfolios year-to-year, and are always looking to stay current and take advantage of tax law; however, when it comes to their long-term financial and investment plan, they know that over the long term, these four year periods come and go very quickly and that drastic or emotional decisions — high or low — can cause pain,' he said. 'Looking back historically, no one political party has a significantly better investment record when it comes to returns during their time in office,' Parenti continued. 'Making a few percentage point changes to your portfolio can help on the margins, and taking advantage of estate tax and income tax law can save money, but drastically altering a portfolio based on who is in office, our clients know, can potentially do more harm than good. They are making some minor adjustments but keeping their eye on the long term and staying invested.' More From GOBankingRates 5 Types of Vehicles Retirees Should Stay Away From Buying 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years 4 Things You Should Do if You Want To Retire Early 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth This article originally appeared on I'm a Financial Planner: 4 Moves My Upper-Class Clients Are Making Under Trump Sign in to access your portfolio
