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The richest 0.1% of Americans own $1.8 trillion in real estate, according to the Federal Reserve. Thanks to Trump-era tax cuts, taxpayers can give or pass down some $13 million in assets without paying federal estate tax.But for these rich property owners, this allowance isn’t enough. They hire top-notch accountants and lawyers to pay as little as possible to Uncle Sam on their family fortunes.Some of these tax avoidance techniques might be eyebrow-raising, yet they are perfectly legal. For inst…
2 days ago
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Andy Sieg has been quick to make his mark on Citi’s ailing wealth unit since taking over the business in September. Some of his efforts are paying off, such as pushing investment products for existing clients to reduce reliance on loans and deposits.But despite job cuts, the unit’s expenses grew 3% year over year to $1.67 billion this past quarter, the bank reported on Friday. Revenue also decreased by 4% over the same period to $1.7 billion, due in part to decreasing net interest income.Chief f…
16 days ago
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When Patrick Biggs became a financial advisor at Morgan Stanley nine years ago, he had a standard reply when clients asked a question he couldn’t immediately answer: I’ll research this and come back to you.Now he can answer those questions mid-call by asking the bank’s AI chatbot, which typically takes 15 to 20 seconds. He has the chatbot open on his computer his entire workday.“At first it was a tool, and now it’s becoming a partner, to be candid, because of how frequently I use it,” he said.Mo…
17 days ago
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Buying art is easy, according to Bank of America’s Drew Watson. Selling, on the other hand, is a different story.Parting with a prized possession is usually the result of a major — and stressful — life event. Watson, who joined BofA from Christie’s auction house eight years ago and oversees the bank’s art-finance group, calls them the five D’s: divorce, death, debt, downsizing, and deaccession, the last of which refers to when museums remove pieces from their collections.Most banks, including UB…
about 1 month ago
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Nearly four in 10 financial advisors plan to retire in the next 10 years, according to market researcher Cerulli Associates. These future retirees manage trillions in assets, and banks and wirehouses are struggling to find new advisors to take over their books. Getting young advisors in the door is only half the battle; nearly three-quarters of rookie advisors leave the industry after three years, per Cerulli’s 2024 survey.Bank of America’s Merrill Lynch revamped its wealth manager training prog…
about 1 month ago
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Morgan Stanley’s wealth business is the envy of Wall Street, with $5.1 trillion in assets. The unit’s new boss, Jed Finn, is far from complacent.“We get asked often, ‘Who are we concerned about?’ And the answer is, ‘Everybody, because we’re paranoid,’” he said at the Bank of America conference on Thursday. “But in reality, it would be very difficult for anybody else to replicate this model at scale.“Finn took the reins on January 1 after serving as the division’s chief operating officer since 20…
2 months ago
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Maximilian Winter was sick, and his doctors couldn’t figure out why.Then 23, the Santa Barbara-based engineering student struggled with brain fog and always felt tired, even if he slept 10 hours a night for a week. But despite this fatigue, Winter doggedly pursued a diagnosis and a cure. He was diagnosed with Lyme disease after seeing five doctors. It took two years for him to make a full recovery. After an initial course of antibiotics, he changed his diet and sleep routine, took up meditation,…
3 months ago
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When the rich give to charity, they find a way to get the most bang for their buck. The Waltons, the billionaire family of Walmart heirs, have saved at least $3 billion in estate taxes, according to Americans for Tax Fairness, using one tactic: a charitable lead trust.With a charitable lead trust or “CLT,” the person who funds the trust, otherwise known as the grantor, picks a charity or multiple to receive annual payments for the duration of the trust. Whatever is left when the trust expires go…
3 months ago
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Between the collapse of First Republic and Goldman Sachs’ retreat from consumer banking, 2023 has been a year of upheaval for the wealth management industry. Next year’s challenges include higher capital requirements, which are expected to be passed down by regulators, and a slowdown in loans due to higher borrowing costs.Against this backdrop, three Wall Street giants have made major changes to their wealth leadership. Merrill Lynch veteran Andy Sieg left in March to lead global wealth manageme…
4 months ago
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Since he was 5, Tobi Akbas has been nicknamed “the Mayor” in the affluent suburb of Garrison, New York, where he lives. When his mom would take him to the supermarket, he would say hi to every person they saw. In high school, he’d wait in front of the school building to greet students as they arrived.Now 22, Tobi still craves human connection like oxygen. He’s the unofficial ambassador of a Garrison volunteer firefighting squad, handing out candy canes at the annual Santa Run. He posts motivatio…
4 months ago
businessinsider.com
Blending families can be the hardest part of a second marriage. A family fortune only makes it more complicated.Wealthy Americans can use trusts to save on taxes and take care of their spouse’s needs after their death. But for taxpayers on their second marriages (or beyond), this can rankle their adult children who want their piece of the pie.Thankfully there’s a path to compromise.Using a qualified terminable interest property trust, also known as a QTIP, married taxpayers can put their fortune…
5 months ago
