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6 days ago | 
fa-mag.com | Jerry D. Prince |Russ Prince
Organic growth has become a buzzword in the wealth management industry. While acquisitions and mergers continue to play a significant role and will likely do so for some time, without organic growth, these combinations will struggle or seek a bigger fool to buy them. While the numbers vary, most industry-wide estimates for organic growth fall between 3% and approximately 8%.
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1 week ago | 
fa-mag.com | Jerry D. Prince |Russ Prince
The U.S. tariffs triggered the market's meltdown. Even if the market recovers, the uncertainty surrounding tariffs and other U.S. policies could adversely impact it. The question isn’t whether the tariffs are a good idea; rather, the problem lies in capitalizing on the market's decline and the anticipated volatility.
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3 weeks ago | 
fa-mag.com | Russ Prince |Jerry D. Prince |Homer Smith
Many accounting firms have family office practices to better serve their clients and generate new business. The wealthy increasingly prefer working with multi-family offices to other private wealth industry professionals, such as wealth managers (Exhibit 1). Moreover, the more affluent the individual or family is, the more inclined they are to work with multi-family offices.
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4 weeks ago | 
fa-mag.com | Jerry D. Prince |Russ Prince
Example 1: Robert, a 40-year-old construction worker living paycheck to paycheck, won $15 million in a state lottery. He was ecstatic, purchasing a new house and car and sharing some of his newfound wealth with family and friends. However, as more people sought financial assistance, many of his relationships became strained. Robert felt isolated and guilty about his new life.
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1 month ago | 
fa-mag.com | Jerry D. Prince |Russ Prince
Insurance companies face significant potential payouts when insuring billionaires. Typical coverage amounts can range from hundreds of millions to several billion dollars. Billionaires often use life insurance to pay estate taxes, a significant concern when transferring wealth to heirs. Life insurance can provide the liquidity to pay these taxes without requiring heirs to sell off assets or businesses.
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1 month ago | 
fa-mag.com | Jerry D. Prince |Russ Prince
The UAE launched its Golden Visa program in 2019, providing long-term residency to investors, entrepreneurs, skilled professionals and specialized talents, such as doctors, engineers and researchers. The program aims to attract foreign talent, stimulate the economy and diversify the nation’s dependence on oil exports. Unlike traditional golden passport schemes that grant full citizenship, the UAE Golden Visa offers residency rights for five to 10 years, with renewal options.
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1 month ago | 
fa-mag.com | Jerry D. Prince |Russ Prince
Family office consortiums are collaborative groups formed by single and multiple family offices. These consortiums enable family offices to pool resources, share expertise and access investment opportunities that might otherwise be out of reach for individual offices due to scale or specialization limitations. Key aspects of family office consortiums include: • Collaboration.
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2 months ago | 
fa-mag.com | Russ Prince |Jerry D. Prince |Homer Smith
Due to the increase in ultra-wealthy families and the wealth they control, single-family offices are becoming more prevalent. While high-performing single-family offices can optimize family members' financial and personal lives, some established and newer single-family offices are not achieving these outcomes. Single-family offices that apply the following five behavioral best practices produce the highest quality outcomes for their super-rich families. They are: • Results-driven.
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Jan 20, 2025 | 
fa-mag.com | Jerry D. Prince |Russ Prince
Aristotle's work Politics references oligarchs, the wealthy few who govern. Today, oligarchs are the wealthy and politically powerful. They differ from tycoons, who seek greater affluence, and many politicians, who seek greater political power. Oligarchs fuse the two drives and use their resources to create more wealth and political power.
Critically, oligarchs are not inherently bad or good. They can use their resources for either. What matters is the oligarch's morality.
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Jan 16, 2025 | 
fa-mag.com | Jerry D. Prince |Russ Prince
It’s not difficult to anticipate some of the opportunities and challenges advisors will face in 2025 with a high degree of accuracy. It’s simply a matter of extending some key trends. The real issue is how advisors can leverage these key trends to benefit their clients and themselves. Let’s consider five of these key trends.
Prediction: There will be greater uncertainty worldwide. This is an easy prediction.
