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Vol. 1 Issue 5 - December 2009 - www.cannonfinancial.com Planning Ideas - The Wealth Replacement Trust
Practice Management - Networking with Centers of Influence
Behavioral Advice - Emotions Sacrifice Accuracy for SpeedAnyone who has ever felt their blood boil after being cut off in traffic knows this: Heightened emotions sometimes lead us to make poor decisions. It's a fact that holds true in many areas of life, including our finances.
Regulation & Compliance - Overhaul of Financial Services OversightIn June, the Obama Administration unveiled a proposal, which, if enacted, would create the most sweeping changes to oversight of the financial services industry since the 1930s. Even with healthcare and the war in Afghanistan stealing the headlines, the House Financial Services Committee, chaired by Congressman Barney Frank, managed to hammer out a bill in November that Congressman Frank plans to send to the floor of the House next month. The Senate Finance Committee, chaired by Senator Chris Dodd, has put together its own draft, which Senator Dodd hopes to continue work on in December.
Taxes - Year-End PlanningThe year-end is always a scramble. Aside from the holidays, HNW and affluent clients need to consider last minute tax planning opportunities. The client’s accountant is typically involved, running year-end estimates. But if you’re the client’s primary Advisor, you’ll want to make sure that the client and his or her accountant are considering all the possibilities.
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As the year end approaches, clients may be encouraged to flex their philanthropical muscles. But even the most philanthropically inclined clients often balk at outright gifts that cause them to lose the income, enjoyment, and/or control associated with a valuable asset. Also, given the fresh memory of the recent market downturn and credit crisis, many clients may be reluctant to make charitable gifts that could reduce the inheritance their children and grandchildren will eventually receive.
Financial advisors learn early on that building a wealth management practice is as much or more about attracting new clients as it is about demonstrating technical expertise. Advisors with a steady stream of new prospects are well-positioned to build a practice in which most of their time and energy are focused on their “ideal client.” These advisors are continually “raising the bar.” They can afford to devote less effort to clients who fall short of the ideal-client profile and more effort to those clients who are most rewarding to serve, both personally and financially.