Purchasing a wealth management technology solution is a significant business decision for your firm. You have likely been tasked with sourcing a platform that meets the needs of your principals, your team and your stakeholders. The solution should support your internal accounting, investment management and reporting functions while streamlining your firm’s day-to-day operations. As an executive, where should you begin? To assist you in the research, there are more than 50 questions to help guide through the process of finding the right solution for your firm.
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Wealth does not build itself, but it can be built, nurtured and preserved—not just for you and your generation, but for generations to come. In an unprecedented study into the insights of wealthy families, clear evidence of new wealth management strategies has emerged. There are signs of more inclusive decision-making within the family. Many are looking beyond the balance sheets as they redefine what success means to them. And, importantly, they’re relying more and more on their business acumen to adopt a systematic approach to wealth management.
In May 2014, FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), changing the way revenue is recognized. As of January 25, 2017, the FASB has issued ASUs to revise and clarify the guidance on the original Topic 606. In accordance with the core principle of Topic 606, there are five key steps to consider. Virtually all entities will be affected to some extent by the new guidance.
When a family member is diagnosed with a memory disorder like Alzheimer's, it can be confusing and frustrating. With the right preparation and care, family offices and household staff can provide invaluable assistance and information to the families on what to expect and how to cope from the early stages to the end stages of dementia.
All business owners will transition their business at some point in the future. Whether it is a transfer within their family, such as to the next generation, or to an existing business partner or employee, or sold to a competitor or outside investor, transition will occur. Just as successfully run businesses do not happen overnight, transitioning well cannot happen without devoting the necessary focus and intentionality.
While wealthy families prefer to pass nearly two-thirds of their wealth to their children, grandchildren and other heirs, they grapple with a fundamental question: Can their wealth benefit their generation and be passed on to future generations while also having a positive impact on those future generations? Experience shows that sustaining family wealth is indeed possible when families begin to see their wealth not only as a series of activities that need to be performed, but also as an enterprise that needs to be managed.
It is often thought that financial success comes with a certain level of financial freedom: the freedom to pursue passions, to take risks, to give back, and to make an even bigger impact. In the 2018 U.S. Trust Insights on Wealth and Worth® survey, the results revealed that only half of high-net-worth individuals have a plan to optimize the opportunities their wealth provides.
Through the evolution of the family journey, it’s clear that family structures have become more complex and estate planning needs to shift to a new model that focuses on multiple aspects of wealth.
Under the IRS’s proposed new regulations, they would permanently and profoundly change estate planning for families that own a controlling interest in a privately held corporation, partnership, or limited liability company. The IRS has requested comments on the proposed regulations by November 2, 2016, and will hold a hearing on December 1, 2016. Even if the regulations are finalized in something close to their current form, portions of the regulations likely will be subject tochallenge on the grounds that they exceed the scope of the statute.
It is an unfortunate fact of life that, as we age, our cognitive powers often decline. To assist people as they reach this stage in their lives, states provide a mechanism by which a person’s friends and family may petition a court to declare him or her incapacitated, and for the court to appoint a guardian to manage his or her affairs. While the guardianship process is meant to assist people in cognitive decline, it also exposes them to considerable risk. However, there are steps that you and your family can take to minimize those risks, including designating a preneed guardian.