Special Needs Financial Planning

No matter how conversant one is with global security issues, it’s hard to fully grasp what that abyss would look like; Jacobsen accomplishes this formidable task by spending more than a decade with the dramatis personae in the history of nuclear weaponry.

Overall, it is a system deeply rooted in familial interdependence. The responsibility for widows rests squarely with family members, reflecting a culture where support networks are built on kinship rather than institutional safety nets.

The professional development journey for financial professionals is best approached through a structured three-step process involving foundational designations, advanced level specializations, and niche market concentrations.

Apple Inc. described its latest results as its “best quarter ever,” but that’s only true if you stop reading near the top of the press release issued Thursday evening. Overall revenue may have reached record levels, but big questions lurk about large parts of the iPhone maker’s business.

We all know someone who has passed away without their affairs in order. As financial advisors, we have a responsibility to ensure that this doesn’t happen to our clients.

Double-digit increases in rates are common. I’m definitely feeling the pain, as I suspect you are. So here are a few things I do to help my clients save some money.

Understanding how money impacts human behavior and psychology may help serve your clients effectively.

Don’t let your clients lose sight of their goals in financial complexity. Give them the clarity and simplicity they crave with a one-page plan that’s tailored to their unique needs.

Sirion Skulpone of Goldman Sachs Asset Management talks through the risks of being concentrated in individual stocks.

Let's keep our client meetings focused and manageable. By doing so, we not only respect their time and attention but also increase the likelihood of them taking the necessary steps to achieve their financial goals.

While baby boomers can be slower to embrace technology, younger investors tend to seek out and prefer tech-focused services and providers. This preference for technology is something advisors should lean into to connect with younger generations of investors.

In the midst of grieving your loved one’s loss and making funeral arrangements, you may also be responsible for finalizing their estate, which could include inheriting real estate.

Next-generation investors are looking for more than just traditional portfolio managements, and advisors should look to meet those expectations.

Consistent communication through market events is vital for advisors concerned about client retention.

When done effectively, your outsourced team of professionals can help improve efficiencies, increase productivity, and scale profitably – all while giving you the freedom to focus on what you’re most passionate about.

Here, we'll explore why serving family offices is a natural fit for many RIAs, discuss the considerations that need to be factored in when launching an MFO practice, and offer a roadmap for successfully building one.

Opening a 529 college savings account can be a smart move if you’d like to save for college on a tax-advantaged basis. One thing to consider when opening a 529 plan is whether it should be a custodial or individual account. While both allow you to save for college costs and enjoy some tax breaks, they differ in terms of who has control of the account and the assets in it.

A 529 college savings plan, also known as a qualified tuition plan (QTP), is a popular choice among parents and families looking to meet their children’s future educational expenses. Two of the 529 plan’s helpful features are tax-deferred growth of your contributions and later, tax-free withdrawals for eligible expenses.

This article will explore how to increase your AUM by capturing assets in trusts and DAFs, explain the difference between directed and traditional trustees, and discuss why designating a directed trustee and an advisor-friendly DAF is in the client’s best interest.

The looming wealth transfer from Baby Boomers and the Silent Generation to younger generations is set to reshape the financial landscape in unprecedented ways. Estimated at $84 trillion, this transition is a huge financial event.

Unbundling services and offering them à la carte could appeal to clients who want more control over their financial management. This approach allows clients to tailor the services they receive to their unique needs and preferences.

A surprising trend has emerged when it comes to discussing inheritance. While very and ultra-high-net-worth clients often engage in these conversations, they tend to occur far less frequently with other segments.

The term “Complexity Curve” refers to the growing intricacies that come with managing the wealth of high-net-worth individuals. As their assets grow, so do the complexities of their financial portfolios. This includes everything from business ownership and large qualified plans to complex estate planning issues.

Christine Benz is Morningstar’s director of personal finance and retirement planning, but she’s written a book that evokes Viktor Frankl as much as Bill Sharpe, aiming to go well beyond the mathematics of saving for, and living in, retirement.

Here’s a quote attributed to P. J. O’Rourke, an American author, journalist and political satirist: “There is a simple rule here, a rule of legislation, a rule of business, a rule of life: beyond a certain point, complexity is fraud.”

Many financial advisors exhibit a risk-averse attitude, leading to missed opportunities for growth and innovation.

You don’t need a fortune to channel your giving through a DAF. These funds are designed for everyday people who want to make charitable donations in a way that offers tax efficiency, flexibility, and choices.

AI and automation will revolutionize the financial advisory industry. These technologies enhance efficiency, improve client communication, and enable data-driven decision-making. By 2035, AI will be integral to most advisory firms.

For married couples, typically those who have a high net worth, a Spousal Limited Access Trust (SLAT) could be an efficient wealth-preserving strategy. These irrevocable trusts allow one spouse to transfer assets such as cash, marketable securities, real estate, and life insurance, to a trust that benefits the other spouse.

The longer I spent working at a big firm, the more I came to understand that the advice I could offer was determined by decisions at the top. My input as an advisor was limited, which didn’t sit well with me, so I looked for a position that would allow me to offer unbiased financial advice.

I have long admired Jonathan Clements. His columns in The Wall Street Journal introduced me to index-based investing. I was deeply saddened to read his column in HumbleDollar, dated June 15, 2024, that, at age 61, he has been diagnosed with lung cancer that has metastasized to his brain and “a few other spots.”

Why do people so consistently underestimate their lifespan? Their thinking is influenced by the money scripts, financial circumstances, stories, and emotions that drive a person’s cognitive biases, or mental shortcuts.

Of course, perfect or even near-perfect market forecasting is folly. But even if we can find a successful forecaster, odds are that they won’t add any value after taxes.

Here are the key things advisors don’t always know about exchange funds.

In an ever-evolving healthcare landscape, Medicare’s complexities present both a challenge and an opportunity for financial advisors. As clients approach retirement or face health-related decisions, they often turn to their trusted advisors for guidance on navigating the Medicare maze.

In this article, I provide a basic framework for understanding and developing a lifelong plan for a person with disabilities. I’ll introduce matters as they relate to establishing a well thought out and comprehensive plan that ties together life, public benefit, and resource planning as well as financial and legal planning.

When clients express a pragmatic approach to their terminal diagnosis, respect their perspective. Acknowledge their desire to avoid prolonged suffering and financial burden. Assure them you will work diligently to help achieve their goals and honor their wishes.

You might think that having an ADA-compliant website is only about adhering to legal requirements, but it can actually help your firm grow.