Headlines

    Confusion and Staff Troubles Rife at I.R.S. Office in Ohio

    NYT article by Nicholas Confessore, David Kocieniewski and Michael Luo

    During the summer of 2010, the dozen or so accountants and tax agents of Group 7822 of the Internal Revenue Service office in Cincinnati got a directive from their manager. A growing number of organizations identifying themselves as part of the Tea Party had begun applying for tax exemptions, the … Read More

    Family Offices Make Financial Sense For Families With at Least $100 Million in Assets

    WSJ article by Julie Steinberg and Kelly Greene

    You don’t have to be a Rockefeller to join a family office.

    Family offices are private firms that manage just about everything for the wealthiest families: tax planning, investment management, estate planning, philanthropy, art and wine collections—even the family vacation compound.

    Now many family offices are courting the merely rich.

    The price Read More

    Focus Shifts to State Estate-Tax Planning

    WSJ article By Arden Dale

    The federal government won’t tax an individual’s estate if it’s worth less than $5.25 million.

    But many states will tax estates worth far less. For example, New Jersey’s estate tax kicks in at $675,000–the lowest threshold in the nation.

    Surprisingly, many people don’t know how much their estate might owe in state estate taxes at … Read More

    Should Wealth Managers Write a Book?

    By Chelsea Emery

    Wealth managers who think that writing a book will bring them influence and a flood of new clients may want to think again.

    A nice hardback could bring some respect, say advisers who gave in to the temptation of authorship, but at the cost of thousands of dollars, plus years’ worth of nights and weekends.

    Would-be authors … Read More

    An Estate Plan to Prevent Sibling Disputes

    WSJ Wealth Management article by Christine Lee

    The 60-something client came into adviser Ross Gerber’s office to help address a rift that was opening in his family.

    He had remarried and had young children, but both he and his new wife had adult children from their previous marriages. And the husband’s adult kids weren’t happy with the idea of sharing … Read More

    Wealth Management Presents Opportunity for Banks, But Also Stiff Competition

    Bank Investment Consultant article by Kevin Wack

    First the good news about the wealth management fever that’s sweeping the U.S. banking industry: there are real opportunities for banks that can adapt quickly.

    Technological advances, along with a growing base of customers who want greater control over their assets, are allowing retail banks to serve middle-income investors who don’t generate enough … Read More

    Barron’s: 2013 Top Advisor Rankings by State

    Here are America’s best financial advisors, organized by state.

    The rankings are based on data provided by over 4,000 of the nation’s most productive advisors. Factors included in the rankings: assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work. Investment performance isn’t an explicit component because not all advisors have audited results … Read More

    Gen-X/Gen-Y Wealth Is Coming to Wall Street — Financial Services Needs to “Catch the Wave”

    Huffington Post blog post by April Rudin

    Baby-boomers (those born prior to 1946) are a generation typified by their competitive streak, idealism and eagerness to put their own “stamp” on things. They’ve lived through booming prosperity and recessions. As compared to their parents (traditionalists) who were patriotic, loyal, conservative, and, so displayed fierce loyalty to their financial institutions.

    Now the … Read More

    IMCA Defines Wealth Management

    Job task analysis identifies distinct knowledge and skills required to advise affluent clients

    Investment Management Consultants Association® (IMCA®) released a white paper detailing the findings of a comprehensive job analysis that defines the practice of wealth management. In addition to clarifying what constitutes a private wealth advisor, IMCA will use the analysis to refine the experience, education, … Read More

    Schwab Intelligent Technologies™ Announces Launch of Schwab OpenView MarketSquare

    Vendor review site designed to help independent investment advisors make more informed technology purchasing decisions

    “We have consistently heard from advisors that one of their biggest technology challenges is selecting the right providers and solutions for their particular firm’s needs,”

    Schwab Intelligent Technologies announces the launch of Schwab OpenView MarketSquare™, a review site that compiles feedback and ratings from independent … Read More

Features

Ohio’s New Asset Protection Law Won’t Shield Cleveland Kidnapper

A handful of states would theoretically shield Ariel Castro from his child support obligations if he followed their rules. But his native Ohio will not let him off the hook or let him profit from his crimes in any way.

Ariel Castro is definitely a worst-case scenario for family-friendly lawyers and jurisdictions alike, showing exactly where to draw the line.… Read More

If Advisor Consolidation Is King, Trust Is the Crown Jewel

Quality of AUM is everything when it comes to advisor M&A. Whether you’re looking to build scale or plan a career exit, the deals get richer as the service platform deepens. 

The latest industry merger numbers from Schwab indicate that advisory firms are nibbling at attractively priced competitors again in order to accelerate their expansion plans.

But with only 13 … Read More

Dow 15,000: What Do You Tell Your Clients?

With the indices in unknown territory, strategists are fretting about everything from a mild stock market correction to a full-fledged bond market crash. Odds are good your clients are nervous too. Now’s the time to reach out with more than vague reassurance.

The bulls have been running Wall Street for 50 months now and while the round numbers should be … Read More

Struggle for HNW Market Share Feeds High-Tech Advisor Arms Race

The average RIA wants to sign 40 big clients by the end of the year, but there just aren’t enough assets to go around. The time has come for winners to take full advantage of every technological edge available.

Survey after survey shows that most advisors expect to grow their business this year. Most seem to think that being open … Read More

Child Support Loophole May Doom Michael Jordan’s Prenup Agreement

Rumor has it the NBA legend’s new bride is planning a backdoor cut to score a bigger slice of his $650 million fortune if their marriage disintegrates.

From Kobe Bryant to Tiger Woods, we’ve seen a lot of extremely high-powered athletes get badly burned when their wives take them to divorce court.

Michael Jordan, whose endorsements still bring in $80 … Read More

Nevada Trust Big Says Ohio Takes Place of Delaware as Top Trust Choice

Biggest revision of high-profile jurisdiction map in years shows creditor exceptions and a four-year seasoning period pushing the venerable East Coast banking enclave down the list. Previously unranked Ohio leaps from zero to the top tier.

Last year, estate planners and family offices could check off four states to find the right jurisdiction for client trust funds and feel like … Read More

Think Like Private Equity, Tiburon Brain Trust Tells Growth-Hungry Advisors

Plenty of assets are in play as the Baby Boom ages, but Chip Roame and company say it’s going to take a lot more than an independent attitude to scale up and thrive in the face of wirehouses on the move.

The movers and shakers gathered in New York to get the 5,000-mile view straight from one of the industry’s … Read More

Trust Software Vendors See Golden Lining in the “Cloud”

Once reserved for an ultra-specialized market, trust technology has caught on with family offices, private bankers and a widening range of advisory firms looking to arrange their systems around a true open-architecture hub.

Trust accounting systems have always suffered from a niche reputation. While the software was world-class, relatively few people in the industry found out unless they were already … Read More

Need a Top Estate Planner? WealthCounsel has 5,000 to Recommend

After years of fretting over the federal estate tax, rich clients have covered their bets and can move on. Advisors looking to raise the bar are flocking to professional matchmakers with access to lawyers with world-class expertise and connections.

Trust companies are still raking in business, but the factors driving the flows into existing and newly created trusts alike are … Read More

Advisor Trust Companies Continue Year-End Winning Streak

Advisor-centric trust services ring in big profits and build AUM for both advisors and trust firms alike.

There aren’t many advisors who wouldn’t mind tripling their client assets in a single year, much less maintain spare capacity to follow through on all those wins and keep calling fresh prospects.

Thanks to the combination of strength on Wall Street and deadlock … Read More

Untitled Document