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    Headlines

    Morgan Stanley Reaches $4.2M Settlement, Witnesses $4.5M Fine

    By Zacks Equity Research  

    Morgan Stanley has been hit with a double whammy. While the bank has agreed to enter into a $4.2 million settlement with the client services associates, it has also been ordered by a Financial Industry Regulatory Authority (FINRA) arbitration panel to pay $4.5 million to Citigroup Inc’s Banamex unit.

    In the first case, the leading investment … Read More

    Your 401(k) Is Healthy. So Maybe You Are, Too

    NYT article by Matt Richtel

    Before you suggest that friends or family members start to exercise or improve their diets, you might first want to ask a question: Are they saving for retirement?

    What do retirement savings have to do with physical health? A new study from the journal Psychological Science finds that people who are good at planning their … Read More

    Why Have an Annual Investment Review?

    Morningstar Advisor article by Susan Chesson

    Regularly reviewing the investments you use in client portfolios can be relevant even for advisors with a passive investment philosophy.

    Active investment managers–no matter their investment philosophy–live and breathe their investment decisions. Tactical allocators, long-short managers–all must evaluate and re-evaluate the composition of their clients’ portfolios regularly. But for managers with a passive or … Read More

    Boston Fed’s Rosengren Calls for Overhaul of Broker-Dealer Regulation

    American Banker article by Chris Cumming

    Banks that own broker-dealers need to hold more capital to withstand runs and other shocks, the head of the Federal Reserve Bank of Boston said Wednesday.

    Eric Rosengren, president of the regional Fed bank, joined the calls of other central bank officials who have argued that the risks of short-term wholesale funding need to … Read More

    High Net Worth Wealth Management Providers

    Millionaire Corner article by Kent McDill

    Almost 20 percent of ultra-high net worth investors get their wealth management services from a bank.

    High Net Worth wealth management is most often conducted by financial planning firm or by brokerage firm, according to a Spectrem’s Millionaire Corner study on the wealth management process for the wealthiest investors.

    Spectrem’s Millionaire Corner E-zine “Defining … Read More

    Robin Williams’ Estate Plan: Good, But Not Great

    CNBC article by Kelley Holland          

    Robin Williams was a world-class comic who made millions and tried to take good financial care of his children, yet his estate planning talents may have not matched his comedic genius.

    The Oscar-winning actor was found dead on August 11 in what police are calling an apparent suicide. The 63-year-old had battled substance abuse problems … Read More

    LPL Financial Unveils Next Generation ClientWorks Platform for Advisors at focus14 Annual Conference

    Platform Expands and Enhances the Firm’s Core Technology Offerings

    LPL Financial LLC, the nation’s largest independent broker-dealer, an RIA custodian, and a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq: LPLA), unveiled ClientWorks, a next-generation technology solution for advisors and institutions that will seamlessly integrate and expand its offerings.

    “Our vision for ClientWorks is to make it simple and … Read More

    Wealth Rising Faster Than GDP Can Trigger a Market Crash

    Forbes article by Robert Lenzner

    Ever since economist Gail Fosler predicted the perfect storm meltdown of 2008, I have followed her website assiduously.

    One of her most useful and profound recent contributions was to have seen that the greatest increase in wealth is not among the 1% of global plutocrats (the theme of French economist Thomas Piketty in his best-selling … Read More

    Estate Planning Lessons From James Gandolfini And Other Celebrity Legacies

    Forbes article by Danielle and Andy Mayoras

    We all know about the estates of Michael Jackson and Anna Nicole Smith, right?  But what about Elizabeth Taylor, John Lennon, Marilyn Monroe, Heath Ledger, Elvis Presley, and John F. Kennedy, Jr.?  Last night, the Reelz Channel premiered a new television series called Celebrity Legacies.  The documentary series explores a different celebrity … Read More

    Jackson Neverland Ranch Being Readied for Sale by Private Equity

    For sale: California property once home to the King of Pop, named for the island of the Lost Boys. Spacious Tudor-style mansion ideal for entertaining. Chimpanzee not included. Estate reportedly not happy.

Features

Robin Williams Hid His Assets After All, But Any ILITs May Have Backfired On His Planners

While the savvy comedian evidently pulled the once-public trusts back into the shadows before he died, what we know about the assets might produce a little better than tragedy.

The small comfort for Robin Williams’ grieving heirs is that despite rumors, his real estate plan is tighter than anything younger and less wealthy stars like Philip Seymour Hoffman put together.… Read More

SEC Crusade Against Billionaire Offshore Trusts Near $750 Million Reckoning

The IRS never blinked when $1 billion in stock moved to various island tax havens, but the advisors who suggested the transfers should have been more careful to avoid attracting even nastier attention. 

If you thought the tax cops were tough on trusts designed to shift wealth out of U.S. jurisdiction, it’s now clear that the IRS’s wrath has nothing … Read More

North Carolina Bank Starts Christmas Early with Cheap Advisor-Friendly Loans to Fund Acquisitions

Buying a competitor’s book used to be a cash-only proposition unless you knew the right banker. Now that specialized lenders are on the scene, acquisition-hungry advisors finally have a green light to roll up rivals.

When Live Oak Bank announced a few weeks ago that it has handed out over $100 million in advisor loans in the last 18 months, … Read More

Why Are So Many Parents Disinheriting Their Kids? Ask Anderson Cooper Who Knows the Brutal Truth of Losing His $200 Million Inheritance

Sting and Philip Seymour Hoffman are only the latest mega-millionaire parents writing wills that disinherit their children. While the stars may be pleased with their charitable impulse, advisors need to soothe multigenerational tensions now.

When news breaks that multiple celebrities within a three-week period are cutting their kids out of their estate plans, it’s not hard to see which way … Read More

TAMPs On Fire: New Data Shows Advisors Hot for More Managed Account Solutions

A few years ago, managed accounts had hit a wall. Now the top providers have all the new business they can handle – and early adopters are already reaping the rewards.

It took a little time, but now it feels like everyone in the advisory industry has realized that mere survival is a poor runner-up when you have a chance … Read More

Despite Extreme Wealth, Hillary Clinton’s Estate Planning Feels a Little “Working Class”

The Clintons have gone from White House to riches over the last decade but last year’s disclosures reveal nothing more sophisticated than a residence trust and a lot of cash. Truly well off families can do better.

Hillary Clinton stepped in a PR snake pit a few weeks ago by trying to distance her ultra-high-net-worth tax burden from the breaks … Read More

Boot Camps Show Advisors How to Land Large Accounts

You can’t fly with the eagles until you’re in fighting trim. Cutting-edge wealth training platform helps advisors shape up for the moment a new generation of clients comes calling.

The Center for Wealth and Philanthropy says about a trillion dollars will transfer between generations every year for the next 50 years. That’s a million million-dollar accounts, turning over every 12 … Read More

Scope and Specialization Battle for Trust Technology Crown

Wealth managers and family offices looking to scale are leaning toward platform-oriented tech partners, but in-house integration still has its fans. Either way, convergence is king.

Once upon a time, all the back office had to do was run well enough to keep all the accounts straight. From the look of the industry today, that’s a fairy tale now.

Modern … Read More

Get Ahead of the Industry Convergence Curve and Thrive

All the factors are coming together to reunite formerly isolated wealth management channels, approaches and office functions. Is your operation embracing the future or hanging back in a world of silos?

Once upon a time, money managers relied on the multiplication of niche markets and products in order to achieve scale and eventually, they hoped, operational efficiencies.

It was a … Read More

From Stradivarius to Rare Stamps, Collectible Assets Can Leave Heirs in IRS Lurch

Precious violin fails to clear the auction block while the pride of John du Pont’s estate took four years to sell at half the whisper price. Meanwhile the tax meter keeps running.

For the richest people on the planet, collecting art and rare objects is a time-honored way of making sense of what would otherwise be an abstract number of … Read More

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