Increasing investment returns does relatively little to increase the level of adviser satisfaction among high-net-worth clients, according to Capgemini's World Wealth Report. Nothing an adviser can offer a wealthy client is as important as a close personal relationship built on trust, writes Angela Pecoraro of Advicent.
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When discussing charitable giving, advisors should ask clients a series of questions to develop a plan, writes Ken Nopar of the American Endowment Foundation. These include when the client prefers to give, how he or she decides which organizations to support and who is involved in the giving decisions.
There are good reasons to leave some retirement funds in a traditional IRA when doing a Roth conversion, writes IRA expert Ed Slott. He highlights five of them, including paying for medical expenses, maximizing lower tax brackets and making qualified charitable distributions.
The perfect time for philanthropists to start giving is now, and they should take risks that can inspire major change, writes philanthropic strategist Bruce DeBoskey. It's also important to make philanthropy a family discussion and to home in on a specific cause when giving, rather than spreading funds too thin, he writes.
At 12.1 million, fewer taxpayers claimed the charitable donation deduction for 2018 compared with the 33.6 million taxpayers who claimed the deduction for 2017. The drop was attributed to changes in the tax laws and it is expected that the downward trend in charitable donation deductions will continue.
Lawyers and accountants are often thought of as "centers of influence," but there are many others, writes Bryce Sanders of Perceptive Business Solutions. They include people who select speakers for groups, real-estate agents, nonprofit development staff members and officers of special interest clubs, he writes.
The IRS recently determined that uncashed distribution checks from retirement plans are taxable, which may result in some people needing to take required minimum distributions early, according to IRA expert Ed Slott. The ruling establishes that participants who receive but fail to cash or roll over distribution checks are still responsible for taxes based on the year the check was received and not when it was cashed, attorneys say.
Advisors should "get going" on compliance with the Securities and Exchange Commission's Regulation Best Interest even though the rules will not be enforced until July 30, 2020, warns attorney Fred Reish. "[F]rom my perspective, the SEC is taking a much broader view of conflicts of interest," Reish says.
The Financial Industry Regulatory Authority is undertaking a review of its rules focused on protecting at-risk investors such as senior citizens. Among the areas of focus will be temporary account holds and preventing misconduct by agents and advisors.
Once you replace negative thoughts with positive ones, you'll start having positive results.
Willie Nelson, singer, songwriter
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.
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