Inheritance exploitation is on the rise, says attorney Michael Hackard, noting "[h]eirs are being cheated out of their share of family wealth or they are paying hundreds of thousands of dollars in legal fees to hold on to it." This article looks at three common inheritance exploitation scenarios and what advisors can do to help.
Register for the 2019 Annual Conference Experience — ACE Las Vegas Register now for ACE 2019—Las Vegas, May 5-8, at the ARIA Resort & Casino in Las Vegas, and get early bird pricing on this industry-acclaimed conference packed with the latest on investments and wealth management. With sessions led by national thought leaders and six key tracks for learning, earn up to 24 Institute continuing education credit hours.
Investments & Wealth Update
DEADLINE EXTENDED: Last chance to enroll in September CPWA class is March 8
Looking to cultivate your high-net-worth business? The CPWA certification provides you with the knowledge and skills you need to offer exceptional wealth-management services. Join the next cohort through Chicago Booth:
Focus Online HNW Tax Strategies, March 13, 11 a.m.-3:30 p.m. ET
This live web event will review the sweeping Tax Cuts and Jobs Act and its impact on high-net-worth clients, including those who are business owners, have large estates and donate generously to charity. Accepted for up to four hours of CIMA®, CPWA®, RMA® CE credit (pending CFP® CE credit). Members $145, Join & Learn $445. Register now.
Option Strategies for Advisors
Add value to your business and clients' portfolios by boosting your options IQ with a new online course, Option Strategies for Advisors. Designed to provide advisors with essential, foundational options knowledge and skills, as well as practical strategies that can be put to work immediately. Learn more about this exciting program and register now. Use promo code: 2019OSA for $200 off.
Behavioral Advisor Forum Debuts on Sept. 23-24
Join us for our first Behavioral Advisor Forum, Sept. 23-24, at The Palace Hotel in San Francisco. This two-day, multi-track conference, featuring University of California, Berkeley faculty, will explore financial decision-making through behavioral economics, neuroscience, human decision-making and communication. Register today.
Tax planning is a constant consideration for wealthy individuals, not a once-a-year process, says certified public accountant Lisa Featherngill. Wealthy clients can use several strategies to manage tax bills, including creating conservation easements, setting up limited liability companies to manage investments or using defined-benefit plans.
Small retail investors increased exposure to US equity indexes in February for the first time in five months, according to TD Ameritrade data. While they remain net equity sellers overall, the survey can be taken to suggest increasing consumer confidence that the market rally has further growth capacity.
Bryce Sanders of Perceptive Business Solutions recommends three subtle strategies that can help advisors land business among their own friends and friends of clients. He notes that advisors may send the wrong signals to friends, making them think they are too busy to accept new clients.
A $7,000 spend on a targeted digital ad campaign brought one firm 10 new clients with collective assets reaching $100 million, says Justin Barish, president of digital marketing at Dynasty Financial Partners. Advisors can utilize strategies such as "geo-fencing," a type of location-based marketing, to reach an extremely targeted group of prospects, such as those playing at a particular golf club.
While the wealthy value an advisor's integrity and technical expertise, Russ Alan Prince argues that the keys to a successful high-net-worth practice are access and rapport. "[I]t's these two things that clearly separate the most pecuniary successful financial advisors from the rest," he writes.
It is important that advisors acknowledge anniversaries of loss for clients, such as the anniversary of a loved one's death, writes Amy Florian of Corgenius. She suggests setting calendar reminders and offering support with a note, a small gift or a call.
Representatives from wealth-management firms shared how they prospect for high-net-worth clients in a recent Financial Planning webinar. While there was not a shared formula among the firms, one exec noted: "Make time to prospect is the bottom line here."
Sen. Sherrod Brown, D-Ohio, the highest-ranking Democrat on the Senate banking committee, called for a hearing on the Securities and Exchange Commission's proposed Regulation Best Interest. He said the SEC should be asked about a letter from 11 former SEC economists saying that Reg BI has "weak and incomplete economic analysis."
The Financial Industry Regulatory Authority is compiling answers to frequently asked questions about its 529 Plan Share Class Initiative. "We're working on a FAQ document, because we have gotten a lot of questions in, that we'll be looking to put out in the short term," said Susan Schroeder, FINRA's enforcement chief.
Without leaps of imagination, or dreaming, we lose the excitement of possibilities. Dreaming, after all, is a form of planning.
Gloria Steinem, journalist, feminist and activist
About Investments & Wealth Institute
Established in 1985, the Investments & Wealth Institute, formerly known as IMCA, is a professional association, advanced education provider, and standards body for financial advisors, investment consultants, financial planners, and wealth managers who embrace excellence and ethics. Through its publications, events, assessment-based certificate programs, and advanced certifications, the Institute delivers premier-quality, practical education to advanced practitioners in more than 38 countries.
The Certified Investment Management Analyst® (CIMA®) certification is the peak international, technical portfolio construction program for investment consultants, analysts, financial advisors and wealth management professionals. The CIMA program is distinctive as one of only a few global certifications in financial services to meet international accreditation and quality standards (ANSI/ISO 17024) for personnel certification programs. The Certified Private Wealth Advisor® (CPWA®) certification is an advanced professional certification for advisors who serve high-net-worth clients. It’s designed for seasoned professionals who seek the latest, most advanced knowledge and techniques to address the sophisticated needs of clients with a minimum net worth of $5 million. Unlike credentials that focus specifically on investing or financial planning, the CPWA program takes a holistic and multidisciplinary approach.
The Investments & Wealth Institute™, IMCA®, Investment Management Consultants Association®, CIMA®, Certified Investment Management Analyst®, CIMC®, Certified Investment Management Consultant ℠, CPWA®, Certified Private Wealth Advisor®, RMA®, and Retirement Management Advisor ® are trademarks of Investment Management Consultants Association Inc. doing business as The Investments & Wealth Institute. The Investments & Wealth Institute does not discriminate in educational opportunities or any other characteristic protected by law.
Contact the Investments & Wealth Institute
Phone: (303) 770-3377
Fax: (303) 770-1812
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