Headlines

    Jack Nicklaus’ Brand Is In The Midst Of An Important Transition

    Forbes article by Darren Heitner 

    The company built around the greatest golfer of all time is going through an important transition. 

    The Nicklaus Companies, created as a very person-centric business revolving around golf legend Jack Nicklaus, remains dedicated to promoting excellence in the game of golf, preserving its traditions and growing the game; however, it notices a need to push … Read More

    Smart Year-End Moves to Trim Your 2014 Tax Bill

    From Kiplinger’s Personal Finance by Sandra Block

    If you act before New Year’s Day, you can limit what you owe the IRS.

    This is the time of year when many of us count our blessings, and if you own stocks and mutual funds, you probably have a lot of blessings to count. But eventually, most of us must share some … Read More

    Insecurity Keeps Women From Investing Says Fidelity’s Murphy

    American Banker article by Kristin Broughton

    When Kathleen Murphy took over as Fidelity Investments’ president of personal investing in 2009, she decided to listen more and talk less — a strategy that’s not usually her style.

    “I very intentionally decided that I was going to go slow to go fast,” she said at a Financial Women’s Association event Tuesday evening … Read More

    Longer Life Expectancies Raise the Bar on Pensions

    Morningstar.com article by Mark Miller

    New life-expectancy projections will accelerate de-risking strategies among plan sponsors, including lump-sum offers.

    Americans are living longer. That’s good news for people–but it’s creating challenges in the world of traditional defined-benefit pensions.

    American men are living an average of two years longer than they were in 2000 (the last time the tables were revised), and … Read More

    Merrill And Morgan Battle In ‘Wealth Manage’ War

    NY Post article by John Aidan Byrne

    It’s the battle of the bulges.

    As Merrill Lynch and Morgan Stanley trade blows to dominate the lucrative multitrillion-dollar wealth-management industry, Merrill has cleared a new hurdle this month and was propelled into first place by several analysts.

    “I think Merrill Lynch is a gem,” CLSA industry analyst Mike Mayo told The Post. … Read More

    Houston Wealth Management Firm Must Pay $3.8 Million To Retirees

    Reuters news by Suzanne Barlyn

    A Houston-based wealth management firm must pay more than $3.8 million to a group of 19 ExxonMobil retirees who said the company mismanaged their investments and misled them about its trading strategy, according to a securities arbitration ruling.

    The ruling by a panel of three Financial Industry Regulatory Authority arbitrators found USCA Capital Advisors LLC … Read More

    Estate Tax Provisions For Married Couples in Recent Wills, Trusts May Be Obsolete

    The Woodlands Villager article by Kirk R. Wilson, J.D., LL.M.

    As the result of recent major tax law changes, the tax planning provisions incorporated into wills and trusts created for married couples only a few years ago are now, in many cases, obsolete.

    The first big change was a dramatic increase in the estate tax exemption. The federal government … Read More

    How I Started My Own Wealth Management Firm

    Cosmopolitan article by Heather Wood Rudulph

    Elle Kaplan learned the importance of understanding money after a tragedy left her mother overwhelmed by the family’s finances.

    Elle Kaplan grew up dreaming of becoming a doctor, or maybe a writer. But when a family tragedy left her mother consumed by her new financial responsibilities, it opened Kaplan’s eyes to the importance of … Read More

    Why Aren’t Millennials [Under 35] Saving Money?

    The Atlantic article by Bourree Lmnov

    For one thing, the recession made them hate banks.

    I remember one thing very clearly about the times I applied for an apartment with my friends, and eventually with my boyfriend—we always submitted our tax returns and bank statements individually to our broker to avoid addressing a sensitive issue: how much was in our … Read More

    Finding, and Battling, Hidden Costs of 401(k) Plans

    NYT article by John F. Wasik

    Like millions of retirees who assumed their companies had taken care of them, Ronald Tussey never thought that his retirement plan might be flawed. He trusted his company so much he kept his money in his 401(k) long after he left.

    Having worked as an engineer for 37 years, ultimately at ABB Inc., where … Read More

Features

Mike Nichols Proves Even Unconventional Careers Can Earn the Last $140 Million Laugh

After six decades of show business, three divorces and expensive hobbies, master of romantic comedy leaves a great marriage and a healthy fortune behind.

It might be the crowning achievement of Mike Nichols’ understated comic style that days after his death, the Internet is exploding with absurdist rumors that he was the highest-paid director in Hollywood, worth a cool $140 … Read More

Nevada Trust: The Tiffany of Trust Firms Offering Advisors Unique High-End Solutions

Given its unconventional approach to providing a more comprehensive type of service to clients, Nevada Trust, with a mere 20 years under its belt, has positioned itself to continue its rapid growth in Nevada and beyond.

How many trust companies do you know that will provide an end-to-end solution for a client who wants to import thoroughbred horses into the … Read More

$5 Billion Hedge Fund Divorce Fight Highlights Best and Worst Prenup Practices

Griffin split has had Chicago buzzing for months but the core lessons to learn here are universal. Even the hint of duress is disaster for a marital contract.

Wealthy singles everywhere need to follow the way hedge fund wunderkind Ken Griffin is now fighting to keep the fortune he built as an example of how even a divorce plan that … Read More

What You Need to Know About “Selling Away”

A spate of recent high-profile incidents of “selling away” client assets – moving money off the broker-dealer custody and records platform — should have financial advisors and others who manage money on the alert. Even if you don’t fully know the rules, you could find yourself violating federal securities law.

Independent powerhouse LPL Financial terminated its relationship with top broker … Read More

Brad Pitt and Angelina Jolie in Tax Soup Over Extravagant Pre-Wedding Gifts

After almost a decade together, the couple finally made it legal a few months ago. Recent reports of extravagant gifting raise questions of how much gift tax they burned on each other.

When Brad and Angelina vowed not to take their marriage vows until their gay and lesbian friends had the same right, accountants on both sides must have screamed.… Read More

Richard Branson to Lose Millions in Fatal Space Tourist Test Flight

Exploding experimental spacecraft puts all-star waiting list at risk. Will Leonardo DiCaprio, Justin Bieber, Ashton Kutcher and the rest gamble with their lives or line up for 5- to 6-figure refunds?

The tragic high-orbit disintegration of Richard Branson’s SpaceShipTwo may set the future of commercial space tourism back another year or two, but the celebrities who paid in advance for … Read More

Oscar de la Renta Leaves Big Hole in $300 Million Family Empire

The designer was an institution but it might be time for his heirs to make the hard choice about whether the family business can continue in its current form. An eleventh-hour succession plan may not be enough to perpetuate his legacy.

When legendary glamour merchant Oscar de la Renta vowed never to retire, it became inevitable that his death would … Read More

Nevada Joins South Dakota at the Top of the Dynasty Trust State Rankings

Once again, we’ve ranked the dynasty trust jurisdictions in order of the protection they provide wealthy families looking for a place to shield money for more than a few generations. This year the bulge bracket is shifting – and we even see change near the top.

The 3rd Annual Dynasty Trust State Rankings Chart has been released and can … Read More

Bill Gross Continues To Cost Pimco Billions In Lost AUM

Love or hate the Bond King, any firm that lives by the star manager can only suffer once Gross turns into Grossgate. Institutions were already sick of the gossip, now the fast money has no reason to stay.

Three weeks after Bill Gross bailed on the fund complex he built, the flow of pension fund money out of Pimco keeps … Read More

Nate Silver Builds Democrats a Statistical Coffin and Markets a Lifeboat

Nervous investors of every political persuasion can take comfort knowing that the pollster Monte Carlo now strongly favors a Republican upset next month.

If the typical advisor had a crystal ball anywhere near as accurate as Nate Silver’s, everyone would have sold and gone away back in September. Instead, it’s been a volatile four weeks and it’s probably going to … Read More

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