ELITE ADVISOR BEST PRACTICES
Wealth Protection
Advanced planning to ensure the safety of your clients' assets
One major area of financial concern for the affluent, beyond investments, is wealth protection. Wealth protection comes down to ensuring that the assets of your high-net-worth clients are not unjustly taken. It includes all concerns about protecting the client’s wealth against catastrophic loss, potential creditors, litigants, children’s spouses and potential ex-spouses, and identity thieves.
These resources from CEG Worldwide’s Wealth Management Council provide a range of perspectives and insights on wealth protection.
ARTICLES
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How Backwards Budgeting Can Help Your Clients
Backwards budgeting helps clients come up with a sensible monthly spending limit that ensures they won’t outlive their money.
By Bruce Fogel -
Financial and Tax-Related Identity Theft - Part Two
Here’s how to help and protect clients if their IRS information has been compromised—or they think it has.
By Blake Christian -
Financial and Tax-Related Identity Theft - Part One
Here’s how to protect your clients or help them if they’ve been victimized.
By Blake Christian -
Survivor Pension Rights in Canada: The Four Priorities
If you have clients in Canada, or expect to be adding them soon, please brush up on the rules.
By Glenn Demby -
You Can’t Take It with You
Some clients may be charitably inclined but also very concerned about supporting themselves comfortably throughout retirement.
By Gina Barry -
So, Mom Is Dating Again?
As a financial advisor, you can help make the difference in quality of life for your clients by driving the estate planning process.
By Marguerite Lorenz -
Charitable Tax Savings with Private Placement Annuities
For accredited investors, PPAs provide an effective strategy for increasing charitable gifts at death by initially deferring, and ultimately avoiding, taxes on investment income during life.
By Michael King -
Are Teams On the Hook When Stars Injure Themselves in Non-Sports Activities?
New York Giant Jason Pierre-Paul suffers severe injury to his hand in fireworks accident.
By Ted Tafaro -
What Is a Fiduciary Today?
As an elite financial advisor, you can help your clients create effective estate plans by assisting them in choosing the right successors.
By Marguerite Lorenz -
Managing Your Clients’ Retirement Metrics
The earlier clients start saving for retirement, the more likely they are to reach their NUMBER.
By Guy Baker -
Family Office Risk Management
You don’t need to be an insurance expert to help your clients and business colleagues become better aware of the risks they face as well as the solutions at their disposal.
By Scott Justice -
Protecting Client Assets From Nursing Home Costs
The only surefire way to maximize the assets protected for your family is to begin planning at least five years prior to a nursing home admission.
By Gina Barry -
Adjusting a Business Father’s Dream - Part One
Succession planning is tough for all owners—even tougher when a younger daughter or stepson may be more capable than a firstborn son who’s working in the business.
By Tom Hubler -
Adjusting a Business Father’s Dream - Part Two
A common vision is something that every business family can use to reduce conflicts and bring everyone into the decision-making process.
By Tom Hubler -
Don’t Sell Your Business
Winding down your business can be much more satisfying and profitable than selling it to a third party or an outsider.
By Josh Patrick -
Is Bengen’s Four Percent Rule Still Relevant?
Are you up to speed on SAFEMAX and sequence risk?
By Guy Baker -
Household Staff and Risk Management
Specialized insurance products can bring your clients an added layer of protection if they hire household staff. But, proactive management can minimize the likelihood of problems from the start.
By David Hubbard -
The Charitable Remainder Trust: Having Your Cake and Eating It Too!
CRTs are an ideal strategy when selling highly appreciated assets such as marketable securities, real estate and certain closely held businesses.
By Michael King -
Winter Olympic Gold Medalist Forced to Retire in Her Prime
Whether your clients are professional athletes or adventuresome vacationers, winter can be an especially dangerous time for high-income people.
By Ted Tafaro -
Eradicating Entitlement - Part One
Here’s how advisors can help clients with “trustafarians” among their loved ones.
By Gary Shunk and Randy Fox -
Eradicating Entitlement - Part Two
Getting affluent children involved in philanthropy can be a great remedy for entitlement.
By Gary Shunk and Randy Fox -
Alcoholism's "Stinking Thinking" - Part One: "Just Wine at Dinner"
“Stinking thinking” is the crazed, distorted, delusional mindset that an addict can have.
By Tom Hubler -
Alcoholism’s “Stinking Thinking” - Part Two: “Loving Concern”
Here’s how advisors can help diffuse a toxic situation and prevent it from resurfacing.
By Tom Hubler -
Helping HNW Clients Assess Personal Liability Risk Factors
Insurance professionals who specialize in high-net-worth personal lines solutions can provide the high coverage limits required to protect successful lifestyles and help advisors provide extra value.
By David Hubbard -
Addressing Clients’ Fine Art and Collectibles
Your expert team should be able to advise both novice and experienced collectors about using their collections for personal, philanthropic or estate planning purposes.
Valentino Sabuco interviews Laurence Zale -
When the Affluent Ask You: “Should I Do This?”
Some affluent retirees find themselves forced to take required minimum distributions (RMDs) of their IRAs at 70 1/2 even if they don’t need the money—thus paying tax on income they don’t want.
By Randy Fox -
Ever Heard of Disgrace Insurance?
This type of policy has become increasingly popular because of the financial flexibility it gives companies to protect their most valuable assets: name and reputation.
By Frank Zuccarello -
Betrayal: The Emotional Malady of Family Businesses - Part One
Smart business families learn to anticipate the unthinkable by having ways to preempt situations in which betrayal and lifelong damage can occur.
By Tom Hubler -
Betrayal: The Emotional Malady of Family Businesses - Part Two
Structure and formality set ground rules as in a baseball game. They help family businesses identify exactly what’s fair and what’s foul.
By Tom Hubler -
Pro Athletes’ Defense Against the Disabled List
By understanding the special insurance needs of high-earning professional athletes, advisors can help with obtaining the right sport-specific coverage.
By Chris Lack -
When the Show Can’t Go On
Here’s how advisors can add value to their relationships with high-income clients who are often in the public eye.
By Ted Tafaro -
Instantaneous Wealth
Clients who come into sudden wealth should take the time to figure out their short-term and long-term priorities before spending.
By Hyman Darling -
Inviting a Facilitator to the Family Retreat
Everything from family business matters, to gifting, to succession planning, to ownership of the family vacation home can be discussed at the retreat.
By Randy Fox and Gary Shunk -
Compassion Fatigue
When advisors get no break from the flood of client anxiety, they start to experience compassion fatigue. Here’s why advisors must learn to strengthen their ”right-brain“ muscles.
By Gary Shunk and Megan Wells -
Are Assets That May Not Be Assets Still Taxable When Your Client Dies?
File returns in a timely manner when estate matters are not clearly ascertainable. Fair market valuations can be tricky. Base valuations on what a willing buyer would pay a willing seller.
By Hyman Darling -
The Trust Protector - Part One
Trust protectors are especially useful in longer-term trusts, such as those holding family business interests or those providing for grandchildren and great grandchildren.
By Alexander Bove -
The Trust Protector - Part Two
Trust protectors are especially useful in longer-term trusts, such as those holding family business interests or those providing for grandchildren and great grandchildren.
By Alexander Bove -
Help Your Business Owner Clients Reach Retirement
Your business owner clients are not going to retire solely on the proceeds from the sale of their business. Here’s why you need to know the power of retirement plans.
By Josh Patrick, CFP® -
Avoiding a World Cup Red Card
Make sure your HNW clients are properly insured when traveling to high-profile events in overseas hot spots. It’s worth the effort to obtain the right coverage when there is a high probability of exposure in a volatile city or country.
By Ted Tafaro -
Investment and Tax Planning in Light of the New Net Investment Income Rules
The erosion of ROI as a result of these new taxes can be disconcerting to both portfolio managers and their clients. Here are ten strategies for reducing your clients’ exposure.
By Blake Christian -
Staying Organized and Financial Planning Are Keys to Success
The start of a new sear is a great time for you and your clients to review finances and to update financial plans. Here are 11 key tactics that can get you on the right path—and help you stay there.
By Valentino Sabuco -
’Tis the Season... For Accidents, Burglaries and Other Mishaps
Being strategic and proactive can go a long way toward helping you and your clients mitigate risk during the Holidays.
By David Hubbard -
Addressing Today’s Elder Care Issues - Part One
When a client’s parents need some form of assistance, be careful not to rush in and try to take total control of their lives. Here are 10 key tactics for elite advisors and their clients, and even your own parents.
By Valentino Sabuco -
Addressing Today’s Elder Care Issues - Part Two
Make sure your clients have considered the financial, emotional and legal implications of “officially” moving in together before they take the plunge.
By Valentino Sabuco -
Why Clients Should Have a Financial Agenda Before Cohabitating - Part One
Make sure your clients have considered the financial, emotional and legal implications of “officially” moving in together before they take the plunge.
By Valentino Sabuco -
Why Clients Should Have a Financial Agenda Before Cohabitating - Part Two
When it comes to saving, retirement goals and risk tolerance, make sure your client and their partner are in sync.
By Valentino Sabuco
VIDEOS
Help Your Clients Protect Their Wealth
Go beyond investment consulting and ensure your clients and their legacies are protected.
Wealth Protection
Differentiate and address a major concern of the affluent: wealth protection.
ARTICLES CONTINUED
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Exit Strategies
You must be able to brainstorm with the key decision-makers around you to generate great ideas for your clients, your team and your entire business. Here’s how to do it.
By Elite Advisor Report staff -
How Health Care Decisions Factor into Comprehensive Wealth Planning
What advisors need to know about advanced medical directives, guardianships and durable powers of attorney.
By Robert Alexander -
Asset Protection
The missing chapter from the family office manual. High-net-worth families and their advisors often overlook the importance of asset protection planning--until it’s too late.
By Alexander A. Bove, Jr. -
The Perils of “Generation Text”
Wealth can make your clients targets for personal liability litigation. Here are essential insights to help high-net-worth families manage social media risk.
By Peter Piotrowski -
Key Person Disability Coverage
The same drive that propels many execs to the top can make them susceptible to extreme risk taking. Advisors should consider key person disability for all clients who are successful professionals and business executives.
By Ted Tafaro -
Study Finds FINRA Broker Disclosures Faulty
Questions about whether the BrokerCheck service, run by FINRA, gives investors all the information they need to make an informed decision about choosing a broker.
By Steven Insel -
Redirecting Trillions of Dollars of IRD Taxes to Trusts for Retirement, Family and Charity
Advanced IRD solutions can generate current income tax deductions. They can also allow funds to grow tax-free, provide tax-free income during retirement and transfer money tax-free to heirs.
By Tim Voorhees -
Taxation of Life Insurance
There’s nothing worse for a client than falling into a taxable life insurance scenario that they didn’t intent. Here are four common tax traps for advisors and their clients to avoid at all times.
By Guy Baker -
FINRA Revives Plan for Broker Disclosure Link on Firm Websites
Before making critical financial decisions, make sure you and your clients understand the context in which BrokerCheck data is compiled, used and updated. Legal expert, Steve Insel, Esq. explains more.
By Steven Insel -
Protecting High-Value Jewelry
Jewelry items are acquired over time; your clients may not be thinking about the cumulative value of what they own. Here’s what advisors and their clients need to know.
By Katja Zigerlig -
What Financial Advisors Don’t Get About Insurance
Are you holistic or single-focused in your dealings with HNW clients?
By Guy Baker -
Incentive Trusts
Tips for handling the transfer of funds from one generation to the next.
By Hyman Darling -
Protecting Your Clients’ Passions
Collector cars are a popular and potentially high-performing asset class. Here’s what advisors need to know about collector car insurance.
By Rand Silver and Ron Fiamma -
Faith in Equity
How does faith in equity really compare to faith in fixed income?
By Glenn Freed -
FATCA Grip Tightens as Treasury and IRS Set Sights on Overseas Assets
As the regulations become increasingly strict and the rules more complex, advisors must improve client education efforts now on foreign account tax compliance.
By Deepa Venkatraghvan -
Art on Wheels
Collector cars are a popular and potentially high-performing asset class. Here’s what advisors need to know about collector car insurance.
By Ron Fiamma -
Climbing the Pyramid for More Tax-Efficient Lifetime Income
New tax rules have created immense opportunities for savvy advisors. Millions of taxpayers are now concerned about high marginal estate tax rates.
By Tim Voorhees -
Best Practices for Appraising Valuable Collections
Maintaining updated values of assets is crucial to protecting the value of clients’ portfolios. Here are five key considerations for you and your clients.
By Rand Silver -
Home Office Deductions
“Safe harbor” option may be easier, but number crunching is still worth looking into. Some of the new rules may surprise you and your clients.
By Deepa Venkatraghvan -
User Names and Passwords and Logins—Oh, My!
Documenting and updating online credentials is an essential part of estate planning. Don’t let cyber-security issues or lack of planning cause further family issues.
By Hyman Darling -
Important IRS Changes for Advisors with International Clients
IRS makes ITIN procedure more cumbersome for individuals who’ve recently moved (or who plan to move) to the United States.
By Deepa Venkatraghvan -
Inside the Inside Sale
A record number of businesses will be coming up for sale as baby boomers steamroll toward retirement age. Don’t let clients buy themselves out of their businesses with their own money.
By Guy Baker -
What’s Keeping the Affluent Up at Night?
HNW individuals care more about the impact of wealth on their heirs than about how much wealth will be passed on. Knowing the secret fears of the rich can give elite advisors a significant edge.
By Vic Preisser and Roy Williams -
Intellectual Property and Succession Planning
Owner-entrepreneurs do not have to leave their companies upon retirement. They can change roles and become designers of new systems for business leadership and governance.
By Tom Hubler -
NFL Coach Being Treated for Leukemia
The importance of high-limit and key-person disability insurance. It can protect a company or organization from financial hardship when a key employee becomes ill or disabled.
By Ted Tafaro -
Protecting Passions
Insurance considerations for clients who collect art, cars, wine and more.
By David Hubbard -
Estate Planning for the Affluent Who Have Few Immediate Relatives
How smart use of NIMCRUTs contributed to a charitable remainder trust success story.
By Randy Fox -
The Bizarre Case of The People of the State of California v. Glenn Neasham - Part One
It’s easier than you think to be jailed for overlooking the fact that your new client may not be mentally competent. First in a series about cognitive impairment in older clients.
By Richard Weber -
The Bizarre Case of The People of the State of California v. Glenn Neasham - Part Two
New suitability rules for annuity sales, combined with the existence of financial elder abuse statutes in some states may keep some advisors from working with clients over the age of 65.
By Richard Weber -
New Offshore Income Compliance Procedure
What advisors with international clients need to know about the new disclosure rules.
By Deepa Venkatraghvan -
The Bizarre Case of The People of the State of California v. Glenn Neasham - Part Three
Claims of financial elder abuse against advisors are on the rise, especially in states that provide for accelerated legal process.
By Richard Weber -
Life Insurance in Charitable Lead Trusts -- Creative Applications
A well-structured CLAT or CLUT can go a long way toward helping clients fully realize the value of their social capital. And they’re not just for clients with six-figure tax issues.
By Marguerite Rangel and Andrea Schaffer -
A Closer Look at Homeowners Insurance
Uninformed choices crack the foundation of asset protection. Price should not be the only consideration for you and your clients.
By David Hubbard -
Voting with Our Pockets
With tax policy likely to be a crucial aspect of the presidential election, advisors should help clients NOW to prepare for the outcome.
By Deepa Venkatraghvan -
The Wealth Succession Process
Make sure to get all of a client’s trusted advisors to buy into your wealth management plan--BEFORE you show it to your client.
By Guy Baker -
How Much Risk Are Your Clients Buying?
Every investor buys risk, but they rarely know how much. Chances are they’re not being adequately compensated—here’s where elite advisors can really step in to help.
By Guy Baker -
Happy Family, Happy Business, Happy Advisor
Advising successful business owners and their happy family members is a wonderful experience as opposed to advising businesses with contentious family matters, no matter how successful the business.
By Jay Zack & Tom Hubler -
Current Trends Impacting Personal Liability Risk
Case studies explain 3 prevalent threats to your clients’ wealth.
By Dawn Quinlivan -
Protecting Clients with Overseas Assets
Thinking globally is no longer optional for elite advisors. It’s essential to have a good grasp of your clients’ international holdings. Here’s what advisors frequently overlook and why their clients.
By Cecil Nazareth -
Are You Adequately Protecting Your Clients?
Doctors and other affluent professionals can be dangerously underinsured. Here’s how you can help protect them and add significant value to your client relationship.
By Ted Tafaro -
The Inevitable Anxiety of Outliving Your Money
One of the biggest stresses on today’s retirees is that shorter term safe investments—CDs, bonds, money markets and savings accounts—return almost no interest.
By Richard Weber -
Weathering Market Changes
Even the most diversified portfolios and well-executed investment strategies are not immune to major market changes. Life insurance and annuity products can help clients reach their financial goals regardless of changes in the market.
By Steve Zeiger -
Identifying Property/Casualty Insurance Red Flags
Standard insurance policies cannot adequately address complex client needs, and disconnected polices from multiple companies are potentially dangerous.
By Dawn Quinlivan