Lawrence Hughes, head of Bank of New York Mellon's wealth-management division, foresees nearly unprecedented
hardship for the private-client industry over the next 10 years.
Independent RIAs like Constellation Wealth Advisors saw a surge in assets from 2007 to the end of last year, while the five biggest brokerages saw a double-digit collective decline.
Add Alaska to the short list of states that let people guard their
wills against challenges after death. And take note: It lets
non-residents take advantage.
In the face of volatile markets and fears that taxes and inflation are
set to rise, some advisors are urging their ultra-rich clients to keep
spending under 3% of net their worth.
Among the details that Congress must now resolve in its push for broad
financial reform is one of special interest to many of the country's
richest families.
Market turmoil and a long recession have prompted
more single-family offices to outsource asset management. At the same time, the wealthy have grown more involved in
investment decisions.
Tax lawyers want the IRS to lighten up on corporate executives when
honest mistakes are made in their deferred pay plans.
by Russ Alan Prince
After The Facts
by Fred Reid
New innovations in fractional private jet ownership have helped companies survive in tough times.
by Diana S.C. Zeydel
The disappearance of the estate tax this year is not necessarily a windfall for planners and their clients.
by Earl E. Watson III
Trusts stand a better chance of fulfilling their mission if they're put in the hands of a professional.
by Russ Alan Prince and Hannah Shaw Grove
Money Rules
by
Dorothy Hinchcliff
The author of a paper that looks at how to determine optimal leverage in
an investment portfolio is the 2010 first-place winner of a $10,000 award for advancements in active management.
Brown Brothers Harriman & Co. wants to make a bigger name for itself
in the wealth management business.
Some ultra-rich families worry that proposed financial reforms
could oblige them to close their single-family offices due to high
compliance costs and diminished privacy.
Estate tax audits by the Internal Revenue Service are as aggressive as
ever, and maybe even more so, despite the uncertain fate of the federal
tax on estates of the wealthy.
One group of billionaires and millionaires is pushing for an end to Bush-era tax cuts.
by
Dorothy Hinchcliff
Advisors to ultra-wealthy families are preparing their clients for a
protracted climb out of the nastiest, and possibly the longest, economic
downturn since the 1930s.
Pitcairn is a multi-family office that prides itself on putting hurdles in the
career paths of family members who want in to the company.
There is a window of opportunity to tap into the huge gift-tax savings now associated with a GRAT before Congress clamps down on the rules.
