Financial Planning

A combination of a bond and a derivative, structured notes are an investment vehicle that advisors can use to diversify client portfolios. For older clients facing retirement, they can be a particularly handy tool. With insights from: Jason Barsema of Halo Investing, Ashton Lawrence, CFP®, ChFC®, AIF® of Mariner Wealth Advisors, Tom Balcom, CFP®, CAIA, MBA of 1650 Wealth, Ken Nuttall of BlackDiamond Wealth Management and Brandon Opre CFP®, MBA of TrustTree Financial. #financialplanning #wealthmanagement #retirement

Many RIAs have incorporated tax and estate planning services for their clients — should they offer insurance strategies, too? Here’s why Matthew Celenza of Boulevard Insurance Strategies says the answer is “yes.”     Also in today’s newsletter: Morgan Stanley will revise its cash sweeps policies; BofA’s Merrill wealth units had a gangbusters 2Q for AUM. #insurance #RIAs #cashsweeps #earnings

Across the country, devout religious communities, sometimes with tens of thousands of adherents, live either partially or completely separately from the rest of society. In areas where these groups — including the Amish, Mennonites and Orthodox Jews — have flourished, advisors have stepped in to serve their members' unique needs. Working with such a specialized clientele has both challenges and perks, advisors report. With insights from Robin C. Hovis of LPL Financial, Elizabeth K. Hand, CFP®, ACC of Pleasant Wealth and David Warshaw, CFP®,CHFC®,CLU® of The WealthPlan. #wealthmanagement #practicemanagement #amish #mennonite #orthodoxjews

"I have a new excitement, a new appreciation and so much gratitude for being able to do what I do every single day, which is to help individuals and families build a legacy and wealth." Rianka Dorsainvil, CFP® has launched a new (and virtual) RIA — YGC Wealth. Check out the details from Chief Correspondent Tobias Salinger. #wealthbuilding #RIAs #generationalwealth

Familiar with variable prepaid forwards? Here’s a tax strategy that uses them to diversify a highly concentrated client, while saving more on taxes than with direct indexing. Also in today’s newsletter: Auto enrollment into retirement plans has boosted employee retirement savings, but for savers who are in debt, that could be an issue. Plus, could FINRA’s authority in fraud cases be defanged by the Supreme Court’s recent SEC decision? A new lawsuit against the self-regulator thinks so. #taxplanning #retirementplanning #regulation #financialadvisors

How do you let go of your life’s work? How can you make sure clients are in good hands? What comes next? These are the questions that face wealth managers when they retire. Here are the answers, according to experts — and advisors who have already gone through it. With Tiffany Lee, CPRC of Ellevate Advisors, Peter Shaw O'Keefe of O’Keefe Stevens Advisory and Mike Gertsema of Gertsema Wealth Advisors. #retirement #wealthmanagement #financialadvisors

Goldman Sachs’ wealth and asset management division bounced back from last year’s losses to report $700 million in earnings for the second quarter. The firm’s stronger quarter was also characterized by record assets under supervision and revenue from management fees. #wealthmanagement #financialadvisors #earnings #finance

Earnings season is here — see the second quarter results of megabanks and their wealth divisions: Citi, JPMorgan, Wells Fargo and BNY Pershing. Plus: Which ETFs sank in June? Here are the 20 with the largest outflows.  #earnings #wealthmanagement #etfs

An initiative to collect tax debts from millionaires has brought in over $1 billion in less than a year, according to the Internal Revenue Service and the Treasury Department. Via FP sister publication Accounting Today, here are the latest updates on the agencies’ effort to crack down on tax avoidance by high-income filers under the Inflation Reduction Act. #tax #compliance #IRS

The U.S. Government Accountability Office recently found potential unintended biases in some of the systems and methods used by IRS for audit selection — meaning some populations may be getting selected for audits at a higher rate than others. Via FP sister publication Accounting Today, here’s an analysis of the watchdog agency’s findings of the link between the earned income tax credit, race and audit rates by GAO Director of Strategic Issues Jessica Lucas-Judy. #tax #audit #risk