Thought Leadership
We seek to impart wisdom by sharing our insight, publishing our discoveries and celebrating the triumphs of our industry.
Is it TRU? Tax Reform Update
No, I haven’t read the 505 page bill and 1097 page total with explanations yet, but it appears the Republicans have the votes to pass a final version of the new tax law, and assuming it gets passed in its current form (as of this writing 12-17-17) and is to the President’s Desk by Christmas, the US will have a new tax law for the new year.
What impact this will have on each person depends on a lot of factors, but let’s review some key parts of the law as a starting point.
The Tax Cuts and Jobs Act...
Do You Want to Be the Executor of Your Own Estate?
“Do you want to be the executor of your own estate?”
“I hope so!”
Yes, I inadvertently asked this question of a client in my first month in the trust business. I meant to ask who he wanted to appoint as executor of his estate but the words came out garbled. Fortunately, I didn’t ask him if he wanted to be the executioner of his own estate. Since many unusual words are employed in discussions about wills and estates, I thought a brief refresher might be useful for you and certainly useful to me.
Let’s start with your last will...
Cybersecurity 101: Protecting your clients' data
From Target to Home Depot, Staples, Anthem and, more recently, the U.S. government, data breaches have been dominating the news cycle. This has left financial advisors wondering: "Are my clients protected, and am I doing enough to keep their sensitive data secure?"
This question has become even more important given the rise of technology. Cloud computing, emails, virtual advising - all of these elements have proven to simplify the advisor-client relationship, but with the potential for added risk.
It is up to financial advisors to ensure their clients' data remains safe and secure. Here is what you need to...
Managing the inheritance: How to retain your next generation clients
Managing wealth can be a balancing act, especially for a parent. Questions abound over how to invest the wealth, how to set up retirement and what to do with all that money after death.
This latter part is particularly tricky - parents can spend their money, they can donate their money or they can pass it on in the form of an inheritance. When this final option occurs, it leaves a significantly wealthy child with a lot of questions.Are wealthy kids looking for different financial guidance? According to a study from market research firm Spectrum Group, 44 percent of millionaires...
Preparing your business: How to evolve alongside your financial practice
As an advisor, you are always on the lookout for that "next big thing" or a new way to grow your practice. This industry is fluid, and the economy, regulations, consumer confidence and a wide range of other trends can have quite an impact on a daily basis.
As a result, the steps you've taken to secure your practice for the future could be out-of-date. The last thing you want is to have a business that is unsustainable, especially as your clients rely on you for sound financial guidance. While a financial practice may be susceptible to a wide variety...