Wealth Management
For financial advisors specializing in high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients, partnering with an experienced firm is essential. Trying to cater to both general and niche clients can dilute an advisor's effectiveness.
Vance Barse, founder of Your Dedicated Fiduciary®, exemplifies how leveraging a seasoned partner can enhance client service. With over a decade of experience advising HNW clients, Barse emphasizes the importance of addressing both financial and family dynamics in legacy planning.
Comprehensive analyses of clients' financial situations and legacy goals, providing independent reports without requiring asset consolidation can help draw HNW clients. This consultative approach offers tailored, sophisticated strategies while maintaining a high level of personal service.
Finsum: Technology can also bridge the gap to give advisors time to personalize their clients experience helping draw in HNW clients.
Locking in current rates can be beneficial before the Fed cuts interest rates. Holding bonds until maturity offers potential yield, though buying individual bonds can be complex so investors should prioritize vehicles like SMAs to achieve the goals with less complexity.
Additionally, scalable solutions like individual bonds in SMAs or iBonds ETFs can be used to build bond ladders, providing steadier income. Amid high interest rates and an inverted yield curve, bonds may outperform cash, especially during a Fed pause.
Advisors can enhance portfolios by adding longer maturity exposures. ETFs and SMAs help add income and stability to portfolios before the next rate cycle while simplifying the approach.
Finsum: There is something to locking in yields, but keep in mind bond prices will fall if the fed cuts rates but holding to term will be beneficial
Choosing the right dog breed for your family can be challenging given the variety of unique breeds available. Known for their unique traits, several large dog breeds stand out in the U.S.
The Komondor, with its distinctive white cords, and the shaggy, high-spirited Grand Basset Griffon Vendéen are remarkable for their appearances and histories. The Belgian Laekenois, the rarest of Belgium's native dogs, is notable for its rough coat. The Puli, an ancient Hungarian breed, is thought to be a direct ancestor of the poodle. Lastly, the giant Leonberger, affectionate and great with kids, is a mix of St. Bernards and Newfoundlands, making it a devoted but high-maintenance pet.
Each breed brings something special to the table, helping you find the perfect match for your personality and lifestyle.
Finsum: While dogs and pets more widely are great companions, they are also great points of mutual interests with clients, and come with their own unique financial precautions such as insurance.
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Direct indexing is increasingly popular as investors seek personalized options and lower costs. This method, which involves owning a representative sample of securities in an index, offers benefits like reduced costs, individual tax lot ownership, and increased tax efficiencies.
However, to fully realize these benefits, direct indexing should be implemented within a single multi-manager account (UMA) rather than standalone accounts. This approach allows for effective tax loss harvesting, consistent exposure to the reference index, and avoids disallowed losses due to wash sales.
Managing a portfolio within a UMA also simplifies administration and enhances rebalancing and asset allocation efficiency. When switching firms, advisors can use UMAs to minimize capital gains taxes for clients by absorbing satellite holdings into the core direct index.
Finsum: We know the benefits of tax-alpha but these account types could give investors an additional edge.
Goldman Sachs Asset Management's alternative investments platform has raised over $20 billion for its latest senior direct lending fund, West Street Loan Partners V.
This fund focuses on supporting private equity-backed global businesses and has already committed $4 billion across 37 portfolio companies. Direct lending, a significant segment of private credit, has grown rapidly due to fewer regulatory hurdles for non-bank entities. Goldman Sachs plans to expand its private credit portfolio from $130 billion to $300 billion within five years.
The latest fund secured $13.1 billion in equity capital, $550 million in co-investment vehicles, and $7 billion in managed accounts. Capital was raised from both existing and new investors, along with contributions from Goldman Sachs and its employees.
Finsum: Direct lending is one of the biggest streams of private credit and growing with the focus on niche assets.
It’s not a coincidence that a regular reading habit is a common habit of the most successful business leaders. Books can provide objective information and practical insights that provide a fresh perspective and can lead to better decisions. Currently, there are plenty of intriguing titles, but one standout is How to Tell a Story by the Moth, Meg Bowles, and Catherine Burns. For advisors, effective storytelling can drive more powerful conversations and lead to better outcomes with clients, prospects, and employees.
The Moth is a regular gathering that features people from all walks of life who share personal stories. The book gathers key lessons on how speakers can captivate and move their audience through the use of personal stories.
Suggestions include not using any notes during the story, as this can dilute the connection between the speaker and the audience. The authors believe that stories should be memorized. Another recommendation is to explain the stakes to the audience so they understand the story’s importance and connect on an emotional level with the speaker.
In terms of specific tactics, the opening of the story needs to be memorable and capture the audience’s attention while also hinting at the larger purpose or theme. Similarly, they recommend spending time ensuring that the story has a simple and powerful ending rather than a meandering one.