Headlines

    Financial Adviser to Stars Found Guilty in $11.3M Fraud Case

    Sacramento Business Journal article by Mark Anderson

    The man who is still under indictment for allegedly conning Eddie Murphy’s ex-wife out of $7 million was found guilty by a federal jury Tuesday in Sacramento in a separate federal fraud case for conning a financial adviser out of $11.3 million.

    Troy Stratos, 49, was found guilty of four counts of wire … Read More

    Elon Musk’s Ex-Wife on Secret to Getting Rich: ‘Be Obsessed’

    CNBC article by Robert Frank

    There is no shortage of hypesters and hucksters offering the “secret” to getting rich. The reality is that all kinds of people get rich in all kinds of ways, most of them involving being the right person in the right place at the right time.

    Sure, working hard, being smart, overcoming failure and breaking convention … Read More

    Billionaire Closes 97 Percent of Hotel Rooms on Hawaiian Island of Lanai

    Fox News article by Alex Tirpack

    In the second half of the year, a slim 11 hotel rooms—that’s 3 percent of the normal volume—will be open for guests on the Hawaiian island of Lanai.

    That’s thanks to Oracle billionaire Larry Ellison, who bought 98 percent of Lanai for $300 million in 2012 with a vision: to turn the state’s smallest … Read More

    Hedge Funds Close Doors, Facing Low Returns and Investor Scrutiny

    NYT article by Alexandra Stevenson

    For decades, nearly everything that the billionaire Julian Robertson touched turned to gold. Mr. Robertson, founder of the hedge fund Tiger Management, seeded a network of hugely successful “Tiger Cubs” — companies that in turn seeded more talent. It became the closest thing the hedge fund industry had to a dynasty.

    Since the start of … Read More

    401(K) Plans Must Monitor Investments, U.S. High Court Rules

    Bloomberg article by Greg Stohr

    The U.S. Supreme Court said 401(k) plans have a duty to monitor the investment options they offer, in a ruling that may help investors press lawsuits over underperforming funds and excessive fees.

    The justices unanimously revived claims that Edison International’s 401(k) plan should have shifted investors from the retail class shares of three funds into … Read More

    Life Insurance and the Funeral Trust

    LifeHealthPro article by John D. Ferenchik

    The funeral trust is a unique product that combines the protection of life insurance with the security of an irrevocable funeral trust.

    The funeral trust is a unique product that combines the protection of life insurance with the security of an irrevocable funeral trust.

    There has been much discussion recently regarding the benefits of … Read More

    Salesforce Delivers ’2015 Wealth Management for Connected Investors’ Report

    Salesforce [NYSE: CRM], the Customer Success Platform and world’s #1 CRM company, released its “2015 Wealth Management for Connected Investors” report.

    Based on an online survey of more than 1,100 adults who currently have money invested (referred to as “investors”), the report found that not only are millennials (ages 18-34) putting pressure on financial advisors to use newer technologies in … Read More

    Pimco Equities Chief Maisonneuve Leaving Firm as Funds Close

    Reuters article by Jennifer Ablan and David Gaffen

    Pimco’s global equities Chief Investment Officer Virginie Maisonneuve is leaving after less than a year and a half as the bond investment giant narrows its stock-investing focus, it said on Thursday.

    The firm said it would liquidate two Pimco equity strategies: Emerging Markets, which Maisonneuve oversaw, and Pathfinder, which is managed by … Read More

    Facebook’s Tool for Your Digital Estate Plan

    MarketWatch article by Steve Cook

    Failure to plan for your digital legacy can be tragic.

    Recently, Facebook announced a new feature called Legacy Contact that lets users of the social network authorize another person to access or modify their accounts after they die.

    A Facebook Legacy Contact can, among other things, write a post to display at the top of … Read More

    US Workers Miss Billions in Retirement Matches

    Reuters article by Liz Weston

    U.S workers are losing at least $24 billion in retirement plan contributions each year by failing to take full advantage of company matches, according to recent research by 401(k) adviser Financial Engines.

    One in four retirement plan participants misses out on some or all of the match, costing themselves an average $1,336 annually, said the … Read More

Features

B.B. King’s House of Blues Goes Dark: When National Treasures Die

Unlike a lot of working octogenarian entertainers, he stayed on the road because he liked it, not because he needed the cash. Royalties rolling in and $5 million in the bank ensured that the longest blues career on the planet ended on a high note.

B.B. King didn’t die a billionaire at the age of 89, but it looks like … Read More

Investor Enemy, Advisor Friend: Bernie Sanders Takes Anti-Rich Platform on Campaign Trail

Clawing wealth back from elite families may play well as an abstraction in small-town Vermont, but big money elsewhere is going to push back. Still, if the senator influences the debate, advisors may get a lot more room to add value.

Bernie Sanders has been the great hope of Occupy Wall Street types for years, lobbying to raise taxes on … Read More

Money Can’t Buy You Love: Why PIMCO Hiring Ben Bernanke Won’t Return $100B in Lost AUM

Trophy recruiting may be great for firms with cash to burn, but what the wounded fixed-income fund colossus really needs is an old-fashioned rainmaker.

Whatever Pimco is paying “Helicopter” Ben Bernanke, odds are good he’d be crazy to turn it down. Estimates of his annual paycheck are comfortably in the high seven to low eight digits.

In return, the former … Read More

Estate Tax Repeal: Has Hillary Become the Estate Planner’s Best Friend?

While nobody seriously expects the Republican-controlled House of Representatives to eliminate the federal inheritance tax in the next 18 months, all bets are off beyond 2016.

Repealing the estate tax has been a political hand grenade for so long that when the House finally pulled the pin and voted a few weeks ago, everyone yawned.

Even if the bill makes … Read More

Grudge Match: Why the Blattmachr / Oshins 365-Year War of Words Won’t End

Debate over whether Nevada’s top judges validated the state’s dynasty trusts may seem esoteric but the stakes for planners and jurisdictions jockeying for priority on the high-net-worth map are extremely high.

A few weeks ago, noted Las Vegas estate attorney Steve Oshins was crowing that simmering questions surrounding Nevada’s perpetuities statute had been settled.

He’s completely convinced he’s still in … Read More

TAMP Boom Brewing as Outsourcing the Portfolio Achieves Critical Mass

A full 40% of advisors have embraced automation as the key to more effective client prospecting and increased AUM. By this point you should know whether you want to join the revolution – the real question is which platform you want as your dance partner.

This looks like the year that advisors get serious about focusing on what they are … Read More

George Clooney Divorce Rumors: $220M Prenup Failure No Longer Looks Romantic

Six months after the wedding, speculation about irreconcilable differences just won’t stop. Good ultra-high-net-worth planning isn’t about hoping the rumors aren’t true. It’s about being prepared for the worst-case scenario even if it’s unlikely.

George Clooney and British attorney Amal Alamuddin were barely back from their honeymoon when the tabloids started digging up stories that the $220 million couple was … Read More

Nevada Supreme Court Approves 365-Year Dynasty Trusts in Landmark Decision

The Supreme Court of the State of Nevada has shot down a Harvard law professor’s claim that Nevada’s 365-year rule against perpetuities is ineffective.

In an article published last year in The Vanderbilt Law Review titled Unconstitutional Perpetual Trusts, co-authors Steven J. Horowitz and Robert H. Sitkoff called the constitutionality of certain longer-term dynasty trust statutes into question. Horowitz … Read More

Andrew Getty Dies: Dynastic Planning Dream or Disaster?

Another death under dubious circumstances casts unwelcome light on the $5 billion family’s failure to keep multiple generations of heirs out of trouble.  Your best clients should view the House of Getty as a cautionary tale and not something to imitate.

A legendary name and a share in the family fortune weren’t enough to keep Andrew Getty from being found … Read More

Suze Orman Won’t Stop Thrashing Advisors

Suze Orman has been beating-up on professional financial advisors since 2000 and advisors are rightly concerned when this popular celebrity gives recommendations that are not suitable for their clients.

Suze Orman is well known for her personal-financial advice and she enjoys being called a “financial guru.” She’s written nine New York Times bestsellers.

The Suze Orman Show on CNBC television … Read More

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