Posts Tagged Apple

Billionaire Steve Jobs Died Tax-Free, Experts Say

Trust experts weigh in on the details of Jobs’ trust and estate plan. The private but methodical technology innovator went well outside the box to ensure that his $6 billion legacy was as perfect as the technology he created.

The empire that Steve Jobs built from garage start-up to $342 billion behemoth now has to find its own direction, but his personal legacy is most likely evolving according to an extremely sophisticated plan.

First things first: nobody we talked to expects his estate to pay a penny in estate tax, no matter what the official rate happens to be.

And while Jobs might easily have been worth over $6 billion when he died at age 56, don’t hold your breath waiting to see who he remembered in his will, estate planners say. Read the rest of this entry »

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Must-Have Gadgets for Trust Advisors

This week’s consumer electronics show in Las Vegas attracted record attendance. My preview of gadgets for our readers, we’re sure, won’t disappoint anyone.

LAS VEGAS – This week I met up with CNBC’s Maria Bartiromo and Chris Matthews, host of MSNBC show “Hardball.” Both were broadcasting live here from the NBC Universal set at the 2011 Las Vegas Consumer Electronics Show.

Aside from the NBC talent glitz, most of the 127,000 showgoers were exploring the new technologies and breakthroughs in the electronics industry that took place over the past 12 months and will now change life for the rest of us over the next year.

This is definitely the year that the computers that trust advisors use get smaller.

Notebook-size “tablet” computers like the iPad — which we predicted here a year ago — made a huge splash at the show for combining the form factor of the iPad with Google software that most people can actually use in their working lives.

Laptops are great, but they still leave advisors spending most of their time behind the desk when they should be out in front of clients. But until now, mobile computing just didn’t have what it takes to run databases, spreadsheets and other apps on the go.

The upshot is that, as the Wall Street Journal is saying, the days of the desktop PC look numbered.

The most powerful of these new computers are also the smallest.

Expect to see Motorola’s “superphone,” the Atrix 4G, hit the market by the end of the first quarter. This is actually a next-generation smartphone, but has so much processing capability that it’s been designed to dock into a screen and keyboard and run a full desktop work station.


Click the picture or here for EXCLUSIVE video.

A Motorola spokesman wouldn’t quote me a price beyond “competitive,” but showed me around the system. You can surf the net, do email, make calls via the built-in speaker phone, process documents and more at your desk — then pop the phone out and get the same functionality on the go.

AT&T will sell the phones with docks and will provide data service. If you have been looking for a way to cut the cord of the office computer in the long term and just rely on the Web-capable phones you need anyway, this may be a way to make that happen.

Note: These phone-computers use Google’s Android operating system, which means it will run Google’s version of most of the Microsoft Office programs and, of course, gmail-based email systems.

Android phones will also run all the major financial client relationship management (CRM) systems except for Microsoft’s own Dynamics platform, but a translation is on the way.

While Windows fans may appreciate a pure Windows phone/PC solution, the fact is that very few advisors use Windows phones these days. Between Blackberry, the iPhone and the various Android handsets, maybe 10% of all advisors are on a Windows-based smartphone.

Next in line on a pure astonishment basis, but maybe not so much from an office use point of view: 3-D screens without glasses. A company called eLocity featured the new product here at CES ahead of a fourth-quarter commercial launch, and other manufacturers are already lining up in this space.

To provide a 3-D effect, these systems actually track your eye movements to create a sense of depth.

A 3-D client report or PowerPoint presentation may be breathtaking, but unless you have Jim Cameron on your team, it is unlikely to do much of the heavy lifting when it comes to capturing and deepening client relationships.

Nevertheless, Toshiba is also moving toward 3-D (as the above leaked photo from LaptopMag reveals) and word has it that Apple will announce a 3-D iPad, iPhone or both later this year.

Too many screens?

As for trust advisors who spend too much time already staring at screens, there’s hope for your eyes.

A company called PixelOptics launched “electronic eyeware” at the show — reading glasses that automatically refocus when you tilt your head. All you need to do is electronically “teach” them your prescription, and the lenses do the rest.


The photo doesn’t really do it justice. Click it or here for video.

As for client relationships…

While technology almost never lets a wealth manager or other advisor replace the face-to-face work of interacting with clients, it can make the minutes or hours you have to spend with them more efficient.

You can send emails. You can spend all day on the phone. You can Twitter your heart out.

But if you don’t have the time to record your notes, schedule your interactions and analyze what worked with a particular prospect and what didn’t, all that work really just amounts to grinding your gums.

That’s where CRM software comes in — and why CRM for financial services may become the hottest thing out there this year.

Figure the key player in this space right now as far as advisors are concerned is old-fashioned Microsoft Outlook. They’re using their email program to do everything: schedule appointments, run task lists, keep contact lists.

However, two advisor-specific platforms are on the rise. Redtail has roughly a 23% share of the market and Junxure is right behind.

Schwab just announced a massive CRM venture incorporating Junxure and other vendors, and about 50% of the substantial advisors on the Schwab platform — the ones with over $100 million in AUM — plan to adopt a formal CRM strategy this year.

Jerry Cooper, senior editor, The Trust Advisor Blog. Scott Martin and Steve Maimes contributed to the research.

Permalink: http://thetrustadvisor.com/news/ces

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Predictions for 2010

Look for lower unemployment, higher taxes and more debt.  Despite the predictions of skeptics investors will regain confidence and markets will hit new highs in 2010.

Time Magazine Cover Ben BernankeTime magazine made Federal Reserve Chairman Ben Bernanke its person of the year.  The economy appears to be taking shape, his work will likely become one of the most remarkable transitions from rags to riches in American history.  Bernanke’s achievement was not necessarily what he didn’t do but more of what he did do to subdue an economy that could have collapsed in a way that the markets melted before the Great Depression.

This month marks the Trust Advisor Blog’s sixth month of publishing.  It marks an achievement that required me to wear two hats — relationship manager by day and writer by night.

Although I would have preferred to have basked on the beach in the Bahamas this weekend, instead I dug my heels into delicate research to come up with these predictions of what, in my opinion, will likely take place next year.

1.         Expect unemployment to head down, perhaps to as low as 8 percent.  As investor confidence continues to take hold, markets again will rise.  This will inspire confidence in businesses to rehire and expand.  This will in turn have a significant effect on employment.

2.         The U.S. dollar will likely improve as short-term rates climb next year.

3.         Interest rates will begin to rise in the second quarter of 2010 as inflation fears begin to mount and the economy continues to grow.

4.         Corporate profits will increase to the upside beginning in the first quarter of 2010.

5.         Small cap stocks which have been badly beaten in the downturn will rise dramatically making them one of the best performing equity vehicles.

6.         Financial regulation will attempt to begin in Congress but the mission and purpose will have been forgotten as most politicians have short-term memories for what took place in the last quarter of 2008.

7.         Anti–Madoff/anti-Stanford measures will take a backseat position as new issues emerge.

8.         ETFs will become the hottest financial vehicles for investors.  Innovators will package commodities, real estate and every conceivable asset class into an ETF so investors can consume them and reunite markets.

9.         Apple Computer will announce a large size iPhone – the size of a small book. It will have screen features like the iPhone and its apps will serve as a full computer. It will be called the  iTablet or something like that.  iPhone applications will appear on its screen.  It will have a Bose style sound system and give sound enthusiasts a walking, boom-box entertainment system.  iPhone’s competitors such as Palm and Blackberry will copy the concept. Amazon.com will likely partner with one of these firms to make its Kindle on-line books available for instant access.

10.       Americans earning more than $200,000 a year will be prime targets for high taxes.  Expect tax rates for up to 50 percent or more at those income levels without effective planning.  Trusts and other special purpose vehicles will be standard requirements for most high net worth investors and earners in this bracket.

11.       Healthcare stocks will boom despite gloom predictions that conservatives had during the healthcare debate.  The largest filled by the new entrance to the healthcare system will fund new technologies and be a boom for pharma stocks.

12.       A new rich will emerge again beginning a new seven-year cycle that will culminate a smarter rich that will harvest new technologies and exploit the weaknesses of the old.

13.       Offshore banks such as UBS and others will head to China to make tax avoidance and bank secrecy a mainstay for China’s new rich.  The government will begin to crack down and instead of handing out five-year prison terms for promoting tax avoidance they will begin executions.

14.       Mortality rates will increase by five years according to existing mortality tables due to genetic engineering and anti-aging drugs.

15.       Cybercrime will outpace every other type of known crime including violent crimes such as murder, assault and rape as a result of the continued expansion of the Web.

16.       Baby boomers will continue to require the services of trust intermediaries, as estate planning options will close as a result of tightened regulation.

For those of you who are around this week please enjoy your holidays, if you are driving drive carefully and hopefully we’ll see you all in the New Year.

Jerry Cooper, senior editor, The Trust Advisor Blog.

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