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The 2018 U.S. Trust Insights on Wealth and Worth® study asked nearly one thousand high-net-worth individuals about their approach to building wealth and the extent to which they are using it to achieve their goals and support the causes they care about most. The study found that while wealth provides the freedom to do more, it also brings increased...

Becoming a great beneficiary starts with having a great trustee. If a trustee devotes the majority of his or her time to administrative matters and managing investments, the wealth distribution process often gets the least attention when it ideally deserves the most. To some trustees, the distribution process may simply seem like a meeting with a b...

The compensation structure for advisors is evolving from a commission- and transaction-based system to a fee-based, asset management framework that is seen as a mutually beneficial transition for clients and advisors. However, the traditional value proposition for many advisors has been primarily based on their investment acumen and their prospects...

Whether it be a family member, trusted friend, or professional advisor, whom you pick as a trustee matters. An ideal trustee will follow through on the objectives outlined during your lifetime, your spouse’s lifetime, and through the trust’s ultimate disposition. When choosing the right trustee, it is important to explore the key criter...

Although it is flattering to be asked to be a trustee, you should give careful consideration about serving in this important role, as performing the responsibilities of a fiduciary can expose you to great personal liability, especially if you lack training. Learn from the common mistakes made by family members serving as trustees and the ways for a...

As the office of the controller becomes ever more strategic—creating higher levels of financial visibility to help drive growth and profitability—the financial organization’s relationship to the controller role must evolve as well. Specifically, today’s CFO needs to work closely with the controller to ensure that, one, the o...

Teaching children about personal finance, owning foreign assets, assessing the impact of tax extenders, and staying current on the Net Investment Income Tax are topics that many high net worth individuals must address in an on-going basis. Understanding the often highly complex issues and ever changing rules are challenging for even the most dilige...

The hedge fund industry got started in Greenwich when the location offered access to the best talent, tax and business incentives, and proximity to key executives’ homes. These important factors and the trend towards a private investment model have been shifting and accelerating the location of hedge funds and private equity firms to Palm Bea...

Estate planning is an ongoing process and is about much more than reducing taxes—it’s about ensuring your family is provided for, your business can continue, and your charitable goals are achieved. Having a plan that reflects your current financial and family situation, and regularly reviewing it to ensure it fits any changes in your ci...

Strong cybersecurity for protecting sensitive client data is a critical capability for any Registered Investment Advisor firm. In 2013, Hardy Reed—one of the first firms to earn the Center for Fiduciary Excellence certification—considered cloud services as an option for its IT needs. They wanted to look at alternate options to replacing...

Cybercriminals targets the financial industry 300 times more frequently than any other industry, resulting in mega breaches and millions of records stolen through hacktivism, malware, social engineering, phishing, and other applications. The harsh consequences of remaining vulnerable to cybersecurity breaches are costly, and the number one threat t...

The death of a loved one is a difficult and emotional time for a family. There is often additional stress if you are appointed as the executor of the will and trustee of your family’s trusts, especially if the deceased had been the sole manager of substantial family assets and wealth. For an untrained person, it can be a daunting role. For these re...

Families are often overwhelmed by the complexity and sense of burden that comes with managing all the component parts of wealth across generations. More concerning, though, is the lost opportunities and the loss of capital that results from not getting it right. But owning and managing significant wealth does not have to be difficult, and learning ...

Recognize that a cyber attack will occur at some point during a business lifecycle. Whether it is through web attacks, email phishing, exploit kits, point of sale, keystroke logging, or ransomware, the bad actors have figured out how to defeat your latest defense against a cyber attack. They know what will make you click on the link that will give ...

The metaphorical glass slipper represents the combined interpersonal dynamics of your family and loved ones, your individual passions, goals, hopes and dreams, along with the complexity of your family’s estate plan. When combining the characteristics of your family with the complexity of your estate plan, the result is a unique dynamic with s...