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If you are a global family and are considering an investment in the United States, you may have questions about the U.S. tax rules. Through a series of 10 key questions, answers are provided to help the non-U.S. individual investor better understand the U.S. tax system. Other takeaways, including reporting obligations and privacy concerns, may help...

For most goals driven wealth management clients, meeting annual lifestyle needs is the top priority. This core lifestyle goal is funded by a dynamic asset allocation of risk-control assets within the Portfolio Reserve and risk assets, designed to protect annual lifestyle spending during times of market distress. This paper discusses its design, ben...

While the scale and pace of women’s wealth ownership may be growing at unprecedented rates, the culture around wealth and money decisions is deeply embedded in history that includes philanthropy, investment opportunities, and seeing the first self-made female millionaire in 1914. In this four-part series, we take a look at how women and ...

Millions of new jobs have been created since 2010, with unemployment close to its lowest level since the late 60s. Though the U.S. has experienced one of the longest economic expansions ever, wage growth has been modest. Technological innovation and the impact of the Great Recession has altered labor market dynamics.

When developing capital market assumptions, most forecasters start with assumptions around two of the most fundamental economic variables: growth and inflation. Research indicates that demographics influence both growth and inflation for a given region. The supporting data behind the phenomenon and other initial baseline assumptions outlines our ca...

All the major asset classes have delivered solid returns so far this year, even in the face of intensifying geopolitical tensions and slowing global growth. Looking at the second half of the year, expect the global growth slowdown to persist, with some geographic divergence. A backdrop of lower rates, moderate inflation, and fiscal and mo...

Demographic shifts are poised to bring about significant changes in the philanthropic market, and this evolution is being accelerated by the emergence of newer, more dynamic models for giving as Generation X and millennials take over the charitable giving from their parents and grandparents. With a new generation of philanthropists seeing themselve...

When a company is acquired, the buyer takes on new risks and exposure. In today’s M&A marketplace, EBITDA multiples are at peak levels. With valuations so high, it’s more important than ever to manage risks—known and unknown—that could affect ultimate returns. With that in mind, there are three key risk management questi...

The Fine Art insurance market is beginning to harden. Personal insurance companies are offering less coverage in catastrophic areas and Lloyd is closing some of their business units, including some who write insurance for Fine Art. Due to the major catastrophes that hit close to home for many collectors, cultural institutions, and museums, Fine Art...

Anticipating cash flows in and out of an investment program is a vital consideration in portfolio construction for high-net-worth individuals and their families. While the goal of some portfolios is to deplete over time, many investors aim to grow them to offset the effects of fees, taxes, inflation, and spending. Key factors—including identi...

Over the past 40 years, creating and maintaining financial security has become more of a personal endeavor. Despite record aggregate levels of U.S. wealth, large portions of the population appear quite vulnerable. Avoiding late-cycle overconfidence as it relates to both spending and investment decisions is key.

Stocks and bonds delivered spectacular performance in the first six months of 2019. The S&P index of large-cap U.S. stocks returned 18.5% for the year through June 30, while the Barclays Aggregate index of investment-grade bonds delivered an equally impressive 6.1% return. Declining interest rates—sparked by the Federal Reserve—dese...

If central banks do not cut rates, their authority could start to be undermined because they have raised expectations about lower rates to the point where it would be awkward to backtrack. This may provide an incentive to cut rates—good news for markets in the short term, but not necessarily in the long term.There is also a non-optimal soluti...

Lawmakers are well aware of the significant contributions to economic and job growth made by small businesses. As a direct incentive for starting and investing in small businesses, Congress has provided varying levels of beneficial treatment in the tax code for Qualified Small Business Stock (QSBS) since 1993. With the recent tax laws, including th...

Cannabis is one of the most promising industries emerging today and has the potential to impact and reshape the global, social, and business landscape. In this report, a spotlight is shined on the most pressing investment issues and trends facing the cannabis industry to help investors, companies, and investment banks navigate risk in the fast-movi...