Vol. 2 Issue 8 - August 2010 - www.cannonfinancial.com
Planning Ideas -
Business Succession Planning
Business succession planning is generally regarded as just one aspect of a wealth transfer plan.
However, it may be the most important part of the overall plan. The reason is simple. In most cases, it’s the business that drives the creation of wealth. The business is the proverbial goose that laid the golden egg. Unless the business not only succeeds over time, but also survives transition events such as death, disability, and retirement, family wealth is at risk. Read More.
Regulation and Compliance -
Financial Reform is Here
Like it or not, Congress has enacted the wide-ranging legislation aimed at regulation of the financial services industry. Although there remains widespread debate about whether the Dodd-Frank Wall Street Reform and Consumer Protection Act (named after its chief architects, Chris Dodd in the Senate and Barney Frank in the House) will have the desired effect of preventing what some have termed “reckless” behavior by Wall Street, or will simply serve as a further drag on an already battered economy.
Whatever your point of view, here are some highlights guaranteed to make you conversant on the major changes and allow you to gear up for the upcoming regulation expected to contain the details—those details lie in the hands of ten regulatory agencies charged with regulation and enforcement of the new law. Read More.
Intricacies of Crummey Trusts
The Crummey trust, featuring withdrawal powers for beneficiaries, has been around for some time, and is a widely used tax planning tool. However, there continues to be uncertainty where the gift and income taxes intersect in connection with these trusts. There are some recent developments that offer clarification. Advisors need to be aware of the issues and the potential risks.
Practice Management - Repositioning for Lift
Any time your practice undergoes change, you are presented with the opportunity and
maybe the obligation to proactively contact affected clients and centers of influence (COIs). The
change could involve something relatively tactical, such as adding a new specialist on your team,
or a new product offering. Alternatively, it could involve a major strategic shift, for example, the
shift from a commission-based model to a fee-based model, or the transition from an investment
management model to a wealth management model.
Whatever the change, you have only one shot at making a new first impression with clients and
COIs. At Cannon, we refer to that initial conversation as your Repositioning Statement. Getting
it right can make the difference between lift-off or engine failure for your practice. Read More.