Headlines

    ‘Ballers’ Depicts Wealth Advisers, HBO-Style

    Reuters news by Jennifer Cummings

    The trailers for the new HBO show “Ballers” may be the wealth management industry’s best tool for recruiting new advisers.

    The promos show the main character, a financial adviser and former National Football League player named Spencer, networking at decadent lunches, luxurious pools and Miami nightclubs.

    But upon watching the show, we see his life … Read More

    5 Reasons Millennials Don’t Trust Financial Planners

    HuffingtonPost article by Casey Bond

    Most financial planners have no interest in working with millennial clients, according to a recent survey by a consulting firm called Corporate Insight. In fact, the survey of 500 advisors found just 30 percent are attempting to gain clients under age 40.

    The reason: millennials, for the most part, don’t have any money. And financial … Read More

    Focus Financial Adds $1 Billion RIA to Platform

    Focus Financial the leading international partnership of independent, fiduciary wealth management firms, today announces the closing of four marquee deals

    Focus has added a new partner firm, Relative Value Partners, while Quadrant Private Wealth Management has completed its transition to become an official Focus partner.

    Focus also facilitated merger deals for two existing partners, JFS Wealth Advisors and Buckingham Asset Read More

    What the Same-Sex Marriage Decision Means for Couples’ Rights and Benefits

    NYT article by Tara Siegel Bernard

    The Supreme Court’s ruling that the Constitution guarantees a right to same-sex marriage means married gay couples can gain all the financial and legal rights and responsibilities of being married, regardless of which state they call home.

    The highest court’s landmark decision in 2013, United States v. Windsor, already established that married same-sex couples … Read More

    Has SCOTUS Created a Way to Get Around the Estate Tax?

    American Thinker opinion article by Vel Nirtist

    Sometimes, at a most solemn moment, a most irreverent thought shoots through the mind. When I heard that the US Supreme Court legalized gay marriage, my thought was “I wonder what the estate tax lawyers will make of it?”

    How about advising a terminally ill widowed grandma to marry her much-beloved granddaughter at … Read More

    Wealthy Suffer From ‘Estate-Planning Fatigue’

    Wealthy Suffer From ‘Estate-Planning Fatigue’

    CNBC.com article by Shelly Schwartz

    Despite their wealth and business savvy, more than one-third of high-net-worth families have not taken the most basic steps to protect and provide for their loved ones when they die, according to a recent survey by CNBC.com.

    The CNBC Millionaire Survey found 38 percent of those with investable assets of … Read More

    You Don’t Need to Buy the Latest Newfangled Index ETF to Retire Comfortably

    MarketWatch article by Chuck Jaffe

    The Morningstar Investor Conference this year felt a bit like a car show.

    The bulk of the focus was on what’s new and what’s next, with everyone wanting you to try the latest concept or to take some flashy new style for a test drive.

    Amid the new-car smell of the event held here last … Read More

    Millennials Still Have Debt, are Still Scared of the Stock Market, Goldman Sachs Finds

    MarketWatch article by Jillian Berman

    No matter how many times you ask them a slightly different version of the same question, millennials’ feelings on money, financial products and big ticket purchases will still remain basically unchanged—a fact pollsters, retailers, think tanks and others seem to be struggling to understand.

    For the latest evidence of this trend, enter Goldman Sachs GS, … Read More

    Same-Sex Marriage Ruling Levels Financial Playing Field

    CNBC article by Ilana Polyak

    The Supreme Court today delivered a historic victory for gay rights, ruling 5 to 4 that the Constitution requires that same-sex couples be allowed to marry no matter where they live and that states may no longer reserve the right only for heterosexual couples.

    With that Supreme Court decision extending the right to marry to … Read More

    The Myth of the Simple Will

    By attorney Robert Fleming

    “I don’t want anything complicated,” said our new client. “I just want a simple will.”

    For almost four decades, we’ve been waiting for the client who wants a complicated will. We’re still waiting.

    We hear the “I only want a simple will” request often. What clients really mean, of course, is “I want a cheap will.” … Read More

Features

Schwab Robo: Liberation for Advisors or Client-Stealing Trojan Horse?

Hoopla around nominally free portfolio population and rebalancing tools exposes deep divide between self-directed “mass affluent” and high-net-worth advisory cultures.

Charles Schwab’s advisor-focused “robot” portfolio program only went live last week and hard industry lines are already forming between people who are convinced it’s an evolutionary leap and those who think it’s an extinction event.

On one side of the … Read More

2016 Superdonors Take Sides On Estate Tax: Is Hillary Caught In The Middle?

Massive money is flowing toward any Republican candidate who will kill the federal death tax. The Clinton campaign faces challenges from the left and risks alienating the only swing voters who remain in the middle.

At this point, we can probably figure out how just about every American billionaire will vote in the next presidential election. Public lines have already … Read More

Food Network Giant Bobby Flay On $20M Meathook Over Stale Prenup

Ten years after the marital contract, the hotshot cook has become a restaurant phenomenon. But if his soon-to-be-ex-wife really contributed to his success, the prenup may be well past its expiration date.

Unlike a lot of celebrity millionaires, Bobby Flay at least tried to protect his Food Network wealth when he married third wife Stephanie March a little over a … Read More

Hello Caitlyn, Good-Bye Wheaties: $500 Million Backlash Begins

Potential advertisers and one-time allies move to the sidelines after gala debut, leaving reality star adrift. Good lessons here for advisors who need to regenderize a high-profile client on the go.

The Twitter feed is the pulse of cash for the Kardashian-Jenner family, so an appraisal of the financial impact of father Bruce evolving into Caitlyn Jenner has to start … Read More

3 Things You Really Need To Think About When Changing Firms (It’s Not the Money)

Whether advisors are breaking away or simply tucking into a larger practice, treating a transition as a transaction instead of a strategic move can become a disaster. Think before you leap.

Here at Beirne Wealth Consulting, we see a lot of advisors on the move as we roll out new offices across the country. Sad to say, quite a … Read More

Architect of the Financial Recovery Ben Bernanke Ready for the Future

Nearly a decade after the wheels came off the financial system, even a historian like Bernanke is eager to move on. Here’s what the entire industry can take away from the former Fed chief’s comments to Pershing advisors.

Ben Bernanke got a standing ovation at this year’s Pershing advisor conference largely as a measure of gratitude for his struggle for … Read More

Pershing Advisor Conference Embraces Industry Reinvention

Incremental growth takes a back seat this year to calls to harness more disruptive forces that challenge every aspect of the business. From process to product, this show is all about reminding affiliates that change can be good.

If this year’s gathering of Pershing affiliates had an unofficial mascot, it would be a toss-up between the fully functional “robo-advisor” roaming … Read More

Dennis Hastert Broke Cash Rules That He Helped Create as GOP Lawmaker

Hush money scheme proved that surveillance programs work so well that even their architects eventually get caught in the web. Are your clients raising FBI red flags?

The details of Dennis Hastert’s downfall aren’t really germane to what we do around here, but it’s clear that he’s an expert in the financial reporting requirements that ultimately aired his dirty secrets.… Read More

Mad Men Becomes Immortal: How Advisors Can Boost Business by Finding Themselves

Eight years of searching for identity ends on a sublime note and a ratings peak. Like the advisory industry, the iconic show has evolved from selling products to you and your clients building lives together.

When Mad Men started back in 2007, it was all about the clothes and the nostalgic rush of rewinding society back a few decades.

Back … Read More

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

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