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Josh Brown spoke with Onur Erzan, President of AllianceBernstein, to discuss what it really takes to serve America's ultra-high-net-worth families. They explore how wealth management changes at the $200 million level, why investment performance alone isn't enough, the growing importance of succession planning, governance, and multi-generational wealth transfer, how alternatives fit into ultra-wealthy portfolios, and why human advisors remain indispensable even as technology transforms the industry. (Listen)
Good Stuff This Week
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Advisory clients don’t really need you on a day-to-day basis. They do need you to show up on when big stuff happens. This includes when someone close to them passes away and leaves them an inheritance, no matter the size. This piece is written with for someone receiving an inheritance, but serves as a good checklist for advisors to help clients walk through the next steps.
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One of the biggest downfalls of goals-based financial planning is the goals part. Most people have some similar goals like purchasing a house, paying for college and, of course, affording a comfortable retirement. The challenge is the other stuff. Many people can’t verbalize big audacious life goals they are trying to reach. That is why an approach that emphasizes taking small experiments can elicit positive results.
The Rest of the Story
Fisher Investments now manages nearly $400 billion in AUM. (RIABiz)
ACA health insurance premiums are set for another big jump. (Axios)
The Great Wealth Transfer will largely go to people who are already rich. (Washington Post)
“We’ve promised ourselves more federal retirement benefits than the economy can deliver at the tax rates we are willing to pay.” (Jessica Riedl)
Privilege is runway. Here is how to build your own. (Ally Jane Ayers)
There’s never a final, final resolution. All you can do is dive in and take action. (Oliver Burkeman)
What is your money for? (Derek Hagen)