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1 week ago | 
fa-mag.com | Jerry D. Prince |Russ Prince
Ultra-high-net-worth (UHNW) widows and widowers have experienced the loss of their spouses and maintain a net worth of $30 million or more, which includes at least $10 million in liquid assets. For wealth managers, both widows and widowers are exceptional clients. However, over the next decade, various factors suggest that widows are more likely to change the professionals they depend on and will require wealth management expertise.
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1 week ago | 
fa-mag.com | Jerry D. Prince |Russ Prince
Most wealth managers, though not all, have the potential to greatly increase their revenue. This strategy emphasizes organic growth instead of merging with or acquiring another firm. Many wealth managers can double their revenues within 24 months or less. Although not everyone can achieve this goal, many possess that potential. Attaining this level of growth requires intense focus and commitment. The following strategic actions can result in significant success.
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2 weeks ago | 
fa-mag.com | Jerry D. Prince |Russ Prince
The title of the article from the consulting firm McKinsey is "The Looming Advisor Shortage in US Wealth Management." The article estimates that by 2034, there will be a shortage of roughly 100,000 advisors. However, there will not be a shortage; quite the opposite. While demand will increase, far fewer advisors will be needed. We agree that by 2034, the number of advised relationships can reach over 65 million.
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3 weeks ago | 
fa-mag.com | Jerry D. Prince |Russ Prince
The phrase "the bigger they are, the harder they fall" is a well-known idiom that conveys that the more powerful, influential or successful someone is, the more dramatic their downfall will be. It suggests that those at the top have further to fall, making failure a more significant and visible event.
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4 weeks 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 month 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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1 month 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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1 month 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.
