Opinion, by Rogan LaBier
Do nothing, get what you deserve.
Timothy Geithner, in his infinite wisdom, has said that he will regulate salaries at US financial institutions by placing caps on the amount that can be earned. He also says that he has the legal authority to do so. But can he really do that? Can one man determine your lifetime earning potential?
mebeliUncertainty Tied to Market Turmoil and Political Landscape Requires Close Attention to Compliance
Wealth management goes deeper than overseeing portfolios or building a financial plan. The question is: Who is a wealth manager, and why do we have so many overlapping terms? Have we marketed our many titles and designations so vigorously that the investor is thoroughly confused?
“The real need in most investment relationships is not for more investment management, but for more management management…” — Charles D. Ellis, Managing Partner, Greenwich Associates
Whose Best Interest is Served?
For all of us in this business, the challenge to capture more assets and gather new clients is paramount, particularly for those who are just entering the asset management arenas. By aligning yourself with revenue-sharing strategic partnerships with such professionals as CPAs, realtors, and attorneys, you can open new channels to prospective clients.
The money management process is not all that complicated. Or is it?
The methods utilized range from the very basic allocation of mutual funds from a boiler-plate brochure, to a highly sophisticated study program with certification exams that have up to a 50% failure rate. A vast array of well-defined information, accompanied by many research resources, is available to access information about the consulting process.
Gathering assets is easy, if you get creative and use your imagination to plan your next seminar or client function. Here is a good idea— Let’s start with cruises:
The Six Levels of Wealth Management Services for the Family
According to the Family Office Exchange, an educational organization for family offices and affiliated professionals, there are six levels of wealth management services for family. Here are their dimensions: family continuity, strategic philanthropy, risk management, investment diversification, integrated planning, and lifestyle enhancements.
Making Inroads to the Super-Wealthy
Many advisors have discovered that much of an affluent family’s money is tied up in long-term trusts and other accounts created a generation ago with private banks and trust companies. To a great extent, the plans are written so that the trustee cannot be replaced. For example, a trust set up by a wealthy matriarch and run by the trust department of a private bank can be a difficult relationship to unravel. However, traditional trust investment management today is being supplanted by the desire of clients to hire outside professional money managers. The hiring of these outside managers offers advisors and consultants an opening to the trust/client relationship.
How To Deliver the Solutions—The Case for Wealth Management
Understandably, the various components of offering investment and wealth management services to the affluent client require a broad understanding of each component and how it fits among an alliance of specialists who can implement and oversee the strategies.
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