Estate Planning, Law, Financial Services

Succession Planning for Financial Advisors: Building an Enduring Business (a review) Abstract Full Text The author provides a step-by-step guide to implementing a succession plan. The book is directed primarily at owners of independent advisory firms but should also be of considerable interest to their employees, their clients, and regulators, as well as investment professionals at larger firms who are considering the establishment of their own practices.

(...) caracterizaremos o federalismo, em linhas gerais e, de maneira específica, sua evolução institucional no Brasil. A seguir, analisaremos os pressupostos que induziram a edificação do modelo federativo estatuído pela Constituição de 1988, delineando as relações que sua forma possibilitou, na medida em que envolveu uma repartição de competências normativas [01], materiais [02] e tributárias [03], que deveriam ser realizadas sob o influxo de autonomias organizativas, administrativas e financeiras [04], todas conferidas pela "Constituição-Cidadã".

Na seqüência, examinaremos, mais detidamente, a natureza do federalismo fiscal estabelecido em 1988, evidenciando as premissas que se lhe embasaram e os problemas que acarretou. Verificaremos, enfim, como este arranjo federativo foi trabalhado nos anos que se seguiram à promulgação da Carta Magna vigente, em vista da agenda dita "neoliberal" assumida pelo governo central a partir da edição do Plano Real e do movimento reformista que se seguiu.(...)

Licensing financial advisers through third-party, often commercially-driven product-conflicted, institutional licensees is a threat to independence and raises conflicts of interest. It can therefore be termed illegitimate. Debates on this sensitive and controversial matter in the media and in practice is mainly grounded on negative unsubstantiated claims. Surprisingly, until now academic financial planning researchers neglected this topic. The obstacle is the deficiencies in financial planning theory to define, model and measure legitimacy. Therefore, a conceptualised theoretical framework is developed here to examine the legitimacy [or what was found to be the illegitimacy] of the licensee-authorised representative licensing model. The study's theoretical framework is based on agency, legislative, and legitimacy theories and theories of professions, applied in an integrated perspective to the financial services discipline. Using a semi-structured survey questionnaire of open and closed-ended questions, data was collected from a probability random sample of authorised representatives selected from the ASIC adviser register. Structural equation modelling was the main technique of analysis. Empirical evidence reveal, advisers are dual agents facing conflicts of interest from association to product-conflicted licensees. We highlight, licensing advisers via third-party licensees is inconsistent with four objectives of the Commonwealth Corporations Act 2001. Applying Suchman's theoretical legitimacy framework to the licensee-adviser licensing model examined illegitimacy further. Survey respondents pointed out the top three key drivers leading to illegitimacy tendencies, specifically: 1) unintentional [and intentional] breaches of the statutory best interest duty, 2) practices resulting in misaligning adviser-client's interests, and 3) licensees' commercial interests compromising the best interest duty. These results strengthened arguments for individual licensing through a single independent professional body, like other professionals. Survey respondents make known preference for licensing via a single independent body. However, advisers fear losing the subsidised support services licensees offered them, such as inter alia software, training, professional indemnity, research, compliance, legal and back office support. Furthermore, for some advisers, licensing costs are another major concern. These concerns need further clarification and investigation in future research. On the grounds of this research's findings it is apparent that all financial planning stakeholders should work

Everyone has an estate. No matter how large or how modest. what happen to the estate when you pass away? When that happen and it is a matter of 'when' and not 'if', you probably want to control how those properties are given to the people you care about. To ensure your wishes are carried out, you need to provide instruction stating whom you want to receive something of yours, what you want them to receive and when they are to receive it, you will of course want this to happen with the least amount paid in taxes, legal fees and court cost. 1 Estate planning methods or tools include Will, Trust, Beneficiary Designation, Power of Attorney, Property Ownership (Joint tenancy, Tenancy in common, Tenancy by the entirety) Gift etc. Will and Trust are the most popular estate planning tools, however, choosing the best method is a result of consideration of many factors which are dependent on the extent of the estate.

As we commemorate the 200th anniversaries of the publication of Jane Austen’s novels, estate planners and their clients can learn many valuable lessons from Austen’s life and novels. The themes of family, property, wealth, and society that connect Austen’s life and stories still resonate today.

La pratique des donations et des successions internationales génère d'importantes difficultés auxquelles il est souvent délicat d'apporter une réponse satisfaisante. En particulier, le manque de coordination des législations nationales est susceptible d'entraîner une double imposition du patrimoine transmis. D'autre part, le défaut de conformité au droit de l'Union européenne de certaines dispositions nationales et l'absence d'un réseau conventionnel efficace renforcent l'insécurité entourant ces opérations.

The purpose of this paper is to introduce Suchman's theoretical legitimacy framework as an elementary approach empirically examining the legitimacy of the current 'authorised representative' licensing model for individual Australian financial advisers. It is important to address the deficiency in sound scholarly literature on the disputes surrounding outsourcing the licensing of individual financial advisers to product-aligned licensees. Throughout this paper, the theoretical application and extension of Suchman's legitimacy framework happens within the context of licensing individual financial advisers through product-aligned licensees. By applying legitimacy theory within the context of the 'authorised representative' licensing model, it becomes apparent, theoretically speaking, that the current licensing model can be perceived as illegitimate if 'authorised representatives' of product-aligned licensees do not comply with the Act. Misaligned commercial interests of product-aligned licensees to the best interests of clients, challenges the licensing model's legitimacy. Moreover, if outsourcing the licensing of advisers to product-aligned licensees result in deceptive sales practices and procedures to reinforce product distribution, then this puts a question mark on its legitimacy. Should the current licensing model lead to a handful of large product-aligned licensees monopolising distribution channels through vertical integration, then this threatens the personal moral legitimacy of the licensing model. Additionally, when contributions by individual leaders of product-aligned licensees to the debate surrounding the licensing of advisers only have the regard for their parochial interests aimed at protecting their product distribution channels, then outsourcing the current licensing model is illegitimate. As a final point, when the distinction between independent financial advice and conflicted financial advice to achieve the objectives of the Act is not clear, then the 'authorised representative' licensing model may lose its legitimacy. The primary focus of this theoretical exploration of the legitimacy of the current 'authorised representative' licensing model integrates both legitimacy and financial planning secondary literature published from 1995 to the present day.

Studies are conducted periodically that attempt to get a grasp on the estate planning preparedness of people throughout the United States. They consistently find that a majority of adults have not made all the necessary preparations for the future. In this paper we would like to examine the estate planning tools that are widely utilized and briefly explain why they are necessary.