Research is central to our work, so I expect a certain amount of give and take with our readers. The exchange typically unfolds like this: We conduct studies with professional advisors, consolidate and analyze the findings, serve the results back to the advisors in a variety of formats, and, almost always, field some inquiries about how the findings apply to an individual practitioner or a particular situation.


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At the annual meeting of AALU in May, Alan Greenspan shared his views on the economy, technology, hedge funds, social services and education—topics that will likely be determining factors in the future of private wealth management and the services wealthy clients will need down the road. [ more... ]

In planning this issue, we decided to address the somewhat controversial topic of trust incentives—the requirements included in a trust intended to encourage specific values and behaviors among the beneficiaries. Without realizing it, I began to think about the issue framed in the article—capably covered by Tere D’Amato of Commonwealth Financial Network on page 55—as the “Paris Hilton syndrome.” Paris is the poster child of spoiled, rich kids everywhere.
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Wealth management swept the advisory industry about five years ago like Hurricane Olga swept through the unsuspecting Caribbean in mid-December. It was the hottest buzzword, cropping up in everything from casual conversations to business plans, and almost every financial services firm changed their name or their promotional materials in some way to incorporate the term. In fact, most of the major independent, regional and wirehouse firms feature it prominently on their Web sites, as do their more successful practitioners. Less true with private banks, although, arguably, it is their business model, service offering and deep client relationships that many firms consider the benchmark. [ more... ]

As a lifelong Red Sox fan, I spent an inordinate amount of time in front of the TV over the past few months and saw more than my fair share of commercials. One, in particular, has stuck with me because of its message: Technology can transform an amateur into an expert. [ more... ]

After spending 17 years in the asset management business where I interacted with some type of advisor every day, my transition into this role has given me some much-need perspective on the profession from a very different vantage point. When you’re trying to fit your product or investment strategy into someone else’s business, that becomes the lens through which you see everything. These days, I spend most of my time hunting for the newest trends, the latest offerings, the really unique and distinctive activities that leading advisory firms are doing to pull away from their competition—and those topics often color the way my colleagues and I think about your business. It’s easy to forget that most advisors have the Herculean task of navigating those hot issues at the same time they manage a mature business built around concepts, products and services that may seem passé by comparison. [ more... ]

Many thanks to all of you who have shared your feedback on Private Wealth with us. We have long believed that the special needs of wealthy clients, and the intricate issues you face as an advisor to the superwealthy, are topics worthy of more detailed coverage—and your enthusiastic praise reinforces that belief.
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If you had spent the last quarter of a century living on a desert island or cruising the ocean seas in a submarine, the gales of change sweeping around the globe justifiably might have escaped your notice. But since you are reading this magazine and are a professional in financial services or an allied discipline, it obviously has not.

Periods of rapid change and progress typically produce dramatic increases in individual wealth, as well as national standards of living, and the era since 1982 certainly has been no exception. The ranks of the ultra-affluent today are far greater than at any time in history. Back in 1982, the United States had fewer than 700,000 millionaires. Today, the number of people in the state of California with investable assets, not net worth, of $1 million or more is just under 1 million. [ more... ]

Working with exceptionally affluent clients can pose enough challenges that the lack of support for the professionals dedicated to the high end of the market seems like a cruel irony. To date, no resource has consistently delivered insights on the super-rich, technical expertise from experienced specialists and case studies from real practitioners to help advisors evolve their businesses.
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