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Welcome to the November 2024 issue of the Latest News in Financial #AdvisorTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors!
Advisor-focused AI meeting note solution Jump has completed a $20 million funding round, which reinforces its status as the emerging market leader in the crowded AI meeting note category – a status that may only increase from here if AI meeting notes, like most established AdvisorTech categories, evolves into a "winner-take-all" market where (..)
Also in industry news this week: While many financial advisors are paying close attention to the potential extension of sunsetting measures within the Tax Cuts and Jobs Act (TCJA) in the coming year, legislation related to retirement savings could be on Congress' agenda as well Fidelity is planning to change the default for its existing RIA non-retirement (..)
We start with several articles on retirement planning: Why considering a client's retirement time horizon and spending flexibility could lead to more accurate (and often higher) safe withdrawal rates than the simpler "4% rule" Four unique risks retirees face when drawing down their assets, from sequence of returns risk to tax risk, and how financial (..)
As a Christian, your estateplan should represent your dedication to financial stewardship according to Scripture. W hat important factors should Christians consider when estateplanning? W hat important factors should Christians consider when estateplanning?
Your personal preferences and the potential good your bequests can do are factors to think about in your estateplanning. What Is Estate Equalization? Basically, estate equalization is the process of helping ensure fairness in your estateplan, whether that means leaving all your primary heirs the same bequests or not.
standarddeviationspod.com) Brendan Frazier talks with Kathi Balasek about communicating with grieving clients. riabiz.com) Estateplanning Gifting is going to become more important as the TCJA expiration nears. kitces.com) Why it often takes a crisis to prompt movement on an estateplan.
This includes how we plan and manage our estate. Effective estateplanning is an act of financial stewardship. With our estate, we have the immense power to bless others, including our families, children, and charitable organizations we care about. In fact, your estateplan can reflect your deepest held values.
Understand the basics first, and then create an estateplan. Wills and trusts are both important estateplanning tools with important differences. Communicate, Communicate, Communicate. Get in touch with us to find out how we can help you create a financial plan for your retirement and the future.
(papers.ssrn.com) How 529 plan accounts are treated in a divorce. marketwatch.com) EstateplanningEstateplanning is about showing our love for our families. wealthfoundme.com) More families are at risk from estate taxes looking out into 2025 and beyond.
Which means that on any given workday, advisors might find themselves reviewing one client’s portfolio and another’s estateplan in the morning, and having a meeting with a third client later in the afternoon. With this approach, the advisor can focus on particular planning areas (e.g.,
Podcasts Rick Ferri talks estateplanning with Ryan Barrett and Mike Piper. investmentnews.com) 401(k) plans Auto-enrollment helps boost 401(k) participation rates, the most for men. riabiz.com) Communication Having a public presence can be scary for advisers.
Podcasts Brendan Frazier talks with Deirdre Van Nest about communicating with clients in an emotionally-compelling way. barrons.com) The FDIC is planning to sell SVB Private separately from the rest of the bank. advisorperspectives.com) A shocking number of people don't have a will or estateplan. thinkadvisor.com)
Communicate your understanding of the client’s underlying issues and concerns in terms that the client can understand. advisorperspectives.com) The language of financial planning can get in the way of life planning. fa-mag.com) Substance abuse issues complicate the estateplanning process. thinkadvisor.com)
For example, an advisor may think of "risk management" in terms of life and property insurance coverage, whereas HNW clients may instead think of tax and estate-planning strategies as asset protection measures – particularly for the future wealth of their heirs.
Jarkesy, which in a narrow sense focuses on the SEC's use of in-house Administrative Law Judges to hear securities law cases rather than traditional Federal jury trials, but in a broader sense could call into question the SEC's (and other government agencies') authority to make rules and enforce laws in the absence of specific guidance from Congress (..)
Fortunately, financial professionals have tools and wealth transfer strategies that can help couples be intentional about the use of their assets in an estateplan. Why Focus on EstatePlanning for Blended Families A thoughtful plan and good communication can go a long way in heading off conflict in large families.
That occasion marked an agreement with the IRS on a $156 million value on Prince’s real estate and recordings for the artist who died in April 2016—without a will. What can we learn from celebrity estateplanning disasters like this? Such cautionary tales prove the value of proper planning. It turns out, plenty.
And if they’re unprepared—or worse, if the family estateplanning strategies are less than buttoned up—how will that affect your practice down the line? the better path lies in improving family communication and financial education. EstatePlan Basics. Executors and Trustees.
Also in industry news this week: Backers announced the new Texas Stock Exchange, which seeks to provide companies with a lower-cost alternative to the NYSE and Nasdaq, which, if successful, could create a more competitive landscape and potentially better execution and reduced trading costs for financial advisors and their clients The American College (..)
Taxes are a central component of financial planning. Almost every financial planning issue – whether it is retirement, investments, cash flow, insurance, or estateplanning – has tax considerations, and advisors provide a great deal of value in helping clients minimize their overall tax burden.
While there are certainly ways to do estateplanning without a lawyer, for most people hiring an estateplanning attorney makes the most sense. Estateplans can get complex fast, and even fairly straightforward estates can feel overwhelming if you’re not trained in the area. Do your research.
The Imperative of EstatePlanning: Not Just for the Affluent Often, there’s a prevailing misconception that estateplanning is a luxury reserved for the wealthy elite. Real estateplanning is a crucial undertaking that every adult and family should prioritize.
There were hard feelings — a lot of wondering why her parents had skipped her in their estateplanning. . Not talking to your family about your estateplan has the potential to create chaos and make your family feel unprepared. . Your EstatePlan and Picking Powers of Attorney. At the minimum, share: .
While a financial plan focuses on managing your finances during your lifetime, an estateplan is essential for determining the fate of your assets after you pass away. Estateplanning involves the transfer of your assets to your heirs in the event of your passing.
In a Nutshell: Great copy means you’ll never experience a failure to communicate. Your job is to transfer what you find to your website and client communication. Copy and messaging essentials and why your communication should “repel” some visitors. Great copy is simple.
Proposed Tax Law Changes Prompt EstatePlanning Review achen Mon, 09/12/2016 - 06:00 A plan to maximize a family’s financial legacy usually saves the most tax by leveraging the longterm compounding of investments outside of the taxable estate. They are intended for the sole use of the addressee.
Proposed Tax Law Changes Prompt EstatePlanning Review. A plan to maximize a family’s financial legacy usually saves the most tax by leveraging the longterm compounding of investments outside of the taxable estate. Adopting a program of planning early, and monitoring that program, often brings the best results.
Creating wealth that can provide financial security for generations to come is an incredible feat, and it requires careful planning, consideration, and communication among family members. Are You in the Process of Building Your EstatePlan? Let’s take a look at the tax impact and other considerations of each. .
Navigating the complexities of estateplanning can often feel like charting through uncharted waters, especially when it comes to handling assets, taxes, and ensuring one’s legacy is preserved according to their wishes. Techniques such as swapping assets with a higher basis out of the estate can help achieve this objective effectively.
However, given the high value of wealth, it becomes all the more critical for high-net-worth individuals to plan their finances optimally. Estateplanning is one of the key components of financial planning these individuals need to focus on. This makes asset protection a significant concern. in their work endeavors.
Checklist for executors of their parent’s estate Get organized Where are the original estateplanning documents located? Who is the attorney who drafted the estateplan? Inform them of your parents passing and discuss options for support in settling the estate.
In our 101st episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss the challenges advisors face in setting fees commensurate to their service offerings and the importance of charging sustainable fees to help businesses flourish. tax and estateplanning) to differentiate themselves.
An estimated 90% of wealthy families lose their wealth by the third generation, so if you are planning on leaving behind assets to your family, knowing the unique risks to the affluent investor and considering strategies to maintain your wealth within your family can be very beneficial. [1]
In this case, you can speak with your estateplanning attorney about gifting stock to family outright during your life (perhaps someone in a lower tax bracket!) or putting shares in trust to maintain some control while removing the value from your estate.
Financial professionals can help by opening the lines of communication with clients and their families. Without early and frequent communication, your clients’ children could find themselves overwhelmed and underprepared when they receive their inheritance.
Second opinion If a prospect doesn’t seem receptive at first because they believe they have everything taken care of as far as estateplanning or business succession planning, ask them if they would be willing for you to give them a second opinion for free.
After all, if your services include coordination with their estateplanning, insurance, and more, you need to have a secure way they can share that data with you. This means knowing your clients and the risks they face and communicating when there’s an active threat. 3 Calming Nerves with Proactive Outreach. Sources: 1.
Types of Family Trusts To make estateplanning a bit more confusing , there are different types of revocable trusts. Limitation of exposure to estate taxes , as part of a proper estateplanning process. FYI- the initial trustee is almost always (99.99%) the grantor/settlor of that trust.
Think about these factors: The age, job, and income of people Financial needs such as planning for retirement, managing investments, and estateplanning Their values and preferences To make a better referral program, it’s important to understand your ideal client. Learn what they like and what rewards they want.
Help the elderly with estateplanningEstateplanning is an integral component of financial advice for seniors. can take advantage of a situation and misuse the client’s estate. However, proper estateplanning can help in these situations. Children, grandchildren, spouses, ex-spouses, etc.,
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