Month: June 2013
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Summary of Supreme Court Ruling Impact on Married Same Sex Couples
Yesterday’s Supreme Court ruling affects legally married same sex couples living in California, Connecticut, Delaware, Iowa, Maine, Maryland, Massachusetts, Minnesota, New Hampshire, New York, Rhode Island, Vermont, and Washington, the District of Columbia and five Native American tribes. The ruling affects the following common financial planning issues: 1) transfer of property to a spouse during…
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When something bad happens
When something bad happens, you have three choices: 1) you can let it define you, 2) you can let it destroy you, or 3) you can let it strengthen you. – source unknown
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Proposed Sandy tax relief for individuals and businesses
These measures are proposed June 2013 and appear to have a strong chance of passage. (My source is NJSCPA.org). Individuals: Waiver of Adjusted Gross Income limitation for theft/loss deduction, so individuals can deduct the cost of uninsured losses. Increased Charitable Contribution Limits: The legislation increases charitable deduction limits of taxpayers with respect to cash…
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Competition in the financial advice industry
Ideas and core content from the Accenture report at http://www.accenture.com/Microsites/financial-services-innovation-center/Documents/pdf/Accenture-Changing-the-Client-Advisor-Relationship.pdf. Presumption: The wealth management landscape is becoming more crowded as players from adjacent industries enter the space. Accenture: “All financial institutions are trying to create a competitive offering within the context of ‘holistic financial services’ and ‘leading with advice’. They seek to leverage significant capabilities and extensive existing…
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Changing expectations of wealth management clients
This excerpt comes from an Accenture publication under the sub-title “Changes in client expectations”, annotated by me: In an earlier time, the client/advisor relationship was based on the advisor’s near-monopoly on financial information (as when I started in the industry for Drexel Burnham in the early 1980s). “Do it yourself” options for portfolio management and securities…