Wealth Management

Exploring art museums isn't a leisure reserved for those in the artistic community; it's an enriching experience for financial advisors too. These vibrant spaces offer valuable insights into innovation and creativity, which are essential qualities in the financial world. 


Artists are navigating an evolving technological landscape, that is mirrored throughout society including that in the financial world. Embrace the opportunity to explore art museums and discover how creativity can fuel success in the financial advisory realm. 


One of the most popular destinations in the world is the Museum of Modern Art in New York city which specializes in art from the 19th century onward. For those in the Midwest, the Art Institute in Chicago features great works by Frank Loyd Wright and is near many Chicago cultural touchstones. Finally, those on the west coast should visit the LACMA in Los Anges which touch many places in the contemporary and historical art landscape. 

Finsum: Art is also a rapidly growing alternative asset class and could provide a new perspective in investing.

Advisors are constantly looking for the latest tools that can help them manage their practice more efficiently without giving up returns in exchange. With the rapid developments in model portfolios, the technology is finally there to deliver the aforementioned goals in a timely manner. 


Utilizing these models helps advisors draw on institutional expertise while still customizing to address each client's unique needs, ensuring a consistent experience for all clients. This strategy combines the benefits of professional research with the advisor’s ability to manage and optimize portfolios, facilitating both improved performance and efficient firm scaling. 


By employing technology for asset research and replacement, advisors can integrate customization, allowing them to dedicate more time to client relationships and business growth.

Finsum: This efficiency gained by streamlining portfolio construction allows advisors to improve their relationships with clients. 

The U.S. Treasury Department is seeking to curtail the use of bespoke life insurance policies and annuities by wealthy individuals and families to minimize their tax obligations. The proposal is called "Limit Tax Benefits for Private Placement Life Insurance and Similar Contracts" is part of the fiscal year 2025 "Greenbook"


This proposal aims to reduce the tax advantages associated with private placement life insurance, private placement annuities, and certain variable life and annuity contracts. While few Greenbook proposals are enacted into law swiftly, their inclusion can significantly influence financial services lobbyists and advisors over time.


Issued annually as part of the president's budget proposal, the Greenbook has previously suggested limiting business-owned life insurance and similar arrangements. The new measure could potentially raise $140 million in 2025 and $6.9 billion from 2025 to 2034. Designed for high-net-worth individuals, private placement life insurance and annuities allow customization of benefits and investments, often to gain tax benefits rather than to offer mortality or longevity protection.

Finsum: This proposal could take years to come into law, if it even ever happens, but the landscape could get more progressive if Biden is re-elected. 

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