Trust Performance Report: Institutions Earned Nearly $36 Billion on over $100 Trillion in Total Assets

    Nearly a third of trust bankers say they plan to raise management fees in 2014.

    Trust bankers are no longer hesitant to increase revenue, based on Trust Performance Report’s annual survey of industry assets. The industry generated $35.7 billion in gross revenues on $103 trillion in total assets. This sets a new industry record, but 2014 may do so again. … Read More

    Guarding Against Wire Transfer Fraud

    WSJ Wealth Adviser article by Veronica Dagher

    Advisers shouldn’t be embarrassed to ask clients to verify their identity

    According to his email, the client was vacationing with his wife in Spain and needed a wire transfer of $58,000 before the impending weekend.

    Big mistake. A week later, the adviser is getting a message, a real one, from his client: Why … Read More

    AmeriServ Trust Selects FIS TrustDesk to Help Advance Its Wealth Management Business

    Press Release

    Key Facts:

       – Multi-year account processing agreement enables AmeriServ to focus on supporting customers and growing its business, while controlling back office costs

       – FIS will provide real-time account processing, enhanced compliance, integrated portfolio management, customer online access and more

       – This continues a trend by financial institutions to leverage FIS’ best practices in outsourcing

    FIS (NYSE:FIS), the … Read More

    Student Loans Can Suddenly Come Due When Co-Signers Die

    NYT article by Richart Perez-Pena

    For students who borrow on the private market to pay for school, the death of a parent can come with an unexpected, added blow, a federal watchdog warns. Even borrowers who have good payment records can face sudden demands for full, early repayment of those loans, and can be forced into default.

    Most people who … Read More

    New Tax Risks for Owning Overseas Assets

    WSJ Wealth Adviser article by Arden Dale

    ‘Be alert to anything in a client profile that suggests international activity.’

    Americans who have money, property or business dealings overseas will soon face greater tax scrutiny from Uncle Sam.

    July 1 will mark a key stage of implementing the Foreign Account Tax Compliance Act, or FATCA, which Congress enacted in 2010 as … Read More

    Nine Most Valuable Collectibles

    24/7 article by Vince Calio

    No longer the sole domain of avid collectors, luxury collectibles are now considered viable alternative investments.

    Prices of luxury items, such as classic cars, ancient Chinese ceramic art, and rare coins, have reached record amounts in recent years. Such items can be a good way for wealthy investors to diversify their long-term investment portfolios.

    To … Read More

    When Diamonds Are Dirt Cheap, Will They Still Dazzle?

    NYT article by Robert H. Frank

    Replication technology has the potential to affect the value of items that are now rare and expensive, everything from diamonds to paintings and autographs

    As a seventh grader, I was lucky to land the job of ball boy for the Brooklyn Dodgers during their annual late-March exhibition games in Miami. The experience left me … Read More

    Where The Rich Were Schooled

    Bankrate.com article by July Martel

    There’s a close relationship between higher education and wealth, but some universities can ask their alumni for a bigger donation, based on the size of their personal fortunes.

    WealthInsight and Spear’s gathered data on millionaires around the world to uncover where they earned a college degree and what fields they studied.

    Eight of the 10 … Read More

    IP Guru Says This Picture Is Worth $1 Billion To Samsung, What About Your Clients’ Family Albums?

    Ad Age article by Mark Bergen

    Apple-Samsung phone camera wars may have fueled a temporary bubble in the photo licensing arena but the Oscar “selfie” shows that intellectual property can be extremely valuable — and that trusts that hold it need nimble management.

    It was the tweet heard around the world, but was it worth $1 billion?

    That was the … Read More

    Hello Kids–or Goodbye Assets

    WSJ Wealth Adviser article by Norb Vonnegut

    Weath managers need a formal plan to connect with clients’ children

    Do you have a master plan for keeping your clients’ coming-of-age children as…well, as clients?

    I didn’t really have one. That was a mistake.

    The average adviser is around 50 years old, and the average client is a few years older. That … Read More


Trust Fund Babies: The Pros and Cons of Trusts for Newborns

Some grandparents send stuffed animals or a brand-new copy of The Cat in the Hat when a new member joins the family.  For wealthier, more financially savvy families, however, the ultimate new baby gift is financial security – a trust that will cover college costs, unexpected medical expenses or down payment on a first house. 

One of the couples that … Read More

Mickey Rooney’s Money Barely Outlived Him After Doctors, Family and Lawyers Took Their Cut

One-time Hollywood king died with $18,000 in assets, squabbling heirs and plenty of bills to show for nine decades in show business. Estate planners need to plan harder for life’s surprises or else even star clients risk disaster.

Mickey Rooney started working the vaudeville stage when he learned to walk. He was still working when he died last week.

But … Read More

CNN’s Anderson Cooper Disinherited from $200 Million Vanderbilt Estate

No trust fund for the TV news icon raises questions that everyone should be asking: how much does 90-year-old Gloria actually have left and where will it actually go?

The once-private Anderson Cooper has been making waves telling people that his branch of the Vanderbilt dynasty no longer considers inherited money anything but a “curse.”

He revealed last week that … Read More

Big TAMP Firm FolioDynamix Grabs GlobalBridge for Bank Trust Sweet Spot

Banks that have already outsourced their wealth management programs now have access to a broader trust-to-retail platform. Advisors coming onboard report happy clients and plenty of room to add AUM.

Outsourcing the wealth management function used to be a niche proposition, but the latest developments at platform provider FolioDynamix reveal how the niche has become the new mainstream.

On the … Read More

Nevada Becomes Must-See Tax Haven For Silicon Valley Investors

Crossing the state line to create trusts has become essential for California tech tycoons as well as high-net-worth families elsewhere in the country.

While the East Coast establishment has marveled at the rate at which Nevada emerged as a new destination for New York wealth, the real story here may be closer to home.

Silicon Valley billionaires pay high state … Read More

Mick Jagger’s Girlfriend Leaves Will with Everything for Rock Star but Her Life

While the rock star is getting most of his money back, he’d probably rather undo his suicide girlfriend’s death. Her family feels completely shut out.

Part of the tragedy of L’Wren Scott’s recent death is that despite substantial net worth on paper, her estate really only boiled down to a multi-million-dollar loan to Mick Jagger.

He bought her the condo … Read More

Unlicensed FINRA Arbitrator Raises Audit Questions

If the regulator didn’t double-check its own arbitrators’ credentials, how can investors trust its ability to audit brokers and other client-facing professionals?

It turns out that the James H. Frank who settled close to 40 securities industry disputes was not the attorney that FINRA thought he was.

Frank told the regulator that he was licensed to practice in several states … Read More

Yankees Legend Alex Rodriguez Owes His Lawyers $3 Million

If A-Rod has an asset protection trust, it would be ironic if the same legal superstars that set it up locked themselves out of the ability to take their own client to court.

Alex Rodriguez has gone from the top-paid player in baseball history to fighting just about everyone in his orbit in order to get the Yankees to let … Read More

Burnt-out Actors Find Renewed Fame, Hefty Pay Pitching Reverse Mortgages to Elders

Aging actors pitch reverse mortgages on late night TV, but a growing number of experts say these vehicles can truly be legit financial planning tools.

In an ad for the American Advisors Group, Fred Thompson, formerly of Law & Order and the U.S. Senate, saunters up Main Street, Anytown, calling reverse mortgages, “an effective way for folks like you to … Read More

How To Keep Tax-Sensitive Clients Satisfied

Active tax management gives advisors an advantage when it comes to boosting total returns as well as satisfying non-performance-based investor expectations.

The theory is that advisors who can systematically apply tax-sensitive tactics to a passive portfolio have the ability to deliver richer short- and long-term real returns than their actively oriented competitors – a detail that generally impresses existing clients … Read More

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