Fidelity Institutional Wealth Services, a leading custodian for registered investment advisor (RIA) firms, released findings from The 2014 Fidelity RIA Benchmarking Study,(1) which revealed many firms (2) recognize the need to improve when it comes to marketing and business development: only 5 percent feel their firms are advanced in these areas, and seven in 10 do not have a plan … Read More
Forbes article by Robert W. Wood
Surprisingly, amending a return often does not change the three year limit. But many special rules can extend your audit purgatory.
The three years is doubled to … Read More
Posted by Scott Martin on December 14th, 2014
Weeks of industry revolt convince the king of the coaches to backpedal on plans to “partner” on an advisory venture. Once again, the mass market remains unmoved.
For a little while, Tony Robbins seemed ready to solve the puzzle of bringing investment advice to the middle class and unlocking $1.6 trillion in untapped assets.
Talks with his advisory buddies about … Read More
Posted by Scott Martin on December 7th, 2014
Lame duck administration gives big business Republicans two years of relative freedom from external interference. Most of the real money is already hunting someone who can go toe to toe with Hillary Clinton in 2016.
Follow the money over the last six years and you can watch the hedge fund billionaires who initially embraced Barack Obama pull away from “change” … Read More
Posted by Scott Martin on December 1st, 2014
Berkshire Hathaway continues to squeeze every dollar out of the IRS to juice long-term performance while the boss lobbies for tougher rules on everyone.
The greatest investor of all time has made it very clear over the years that while he’ll argue fiercely for higher tax rates, the IRS will have to fight him for every cent when it comes … Read More
Posted by Scott Martin on November 23rd, 2014
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
Posted by Scott Martin on November 16th, 2014
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
Posted by George Yacik on November 12th, 2014
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
Posted by Scott Martin on November 9th, 2014
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
Posted by Scott Martin on November 2nd, 2014
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
Posted by Scott Martin on October 26th, 2014
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
Posted by Steven J. Oshins on October 21st, 2014
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