Insurable Interest Canadian Insurance Blog

Additionally, it is an advisor’s responsibility to immediately connect with a client’s spouse or designated “trusted contact” upon observing signs of declining mental capacity. While they might already be aware, family members often fail to fully comprehend the seriousness of the situation due to how close they are to the individual.  Signs to watch for include repetitive questioning, hesitation in decision-making, trouble articulating thoughts and unusual impulsiveness. This should signal the spouse or designated “trusted contact” to begin gathering passwords and essential documents to prevent potential loss or tampering. Addressing Family Dynamics Navigating animosity among family members following the passing of a loved one can pose challenges for advisors, but the most important thing to remember is the fiduciary duty to each client. Even in the event of clients’ passing, ensuring the respectful execution of their wishes remains the advisor’s responsibility. Maintaining transparent communication with all family members involved serves to dispel any uncertainty regarding a client’s intentions.  Additionally, having likely developed a longstanding relationship with the family and personally remembering when they were a cohesive unit, advisors can urge them to prioritize mutual respect, communication and collaboration. This is essential not only in the immediate aftermath but also for...

What You Need to Know The lawsuit claims that the financial services company induced three advisors to take clients upon departing. Assets under management went to $0 overnight when the advisors left, the complaint contends. A Kentucky wealth manager has accused LPL Financial of running a “classic corporate raid” against his firm, which had been an LPL affiliate for years, to retaliate when he sought to find a new broker-dealer and the relationship soured. In a case recently moved from state to federal court in Kentucky, Lamkin Wealth Management and Louisville Wealth Management (referred to together as LWM) seek redress for what they call LPL’s “improper, illegal and unjustified actions” against the firm. “Simply put, LPL orchestrated, assisted and executed a classic corporate raid against LWM, its own affiliate, by the actions of three of LWM’s employees, who were at the time also affiliated with LPL,” the suit contends. LWM had over $451 million in client assets under management on Dec. 5, 2018, when three LWM financial advisors left without notice and took client files with them, according to the suit, and was left with zero AUM the next day. LPL induced the three to leave “en masse, in the middle of...

“We took swift, decisive action to refocus the firm’s strategy while at the same time strengthening our core businesses, and I’m proud of the progress we made,” Solomon said. “We put the firm in a stronger position for 2024 and beyond.” He reiterated comments about the U.S. economy proving more resilient than expected, though he said inflation is likely to be stickier than markets anticipate. Solomon said that CEOs tell him that economic conditions for the consumers at lower-income levels are getting tougher, leading to changes in spending patterns. “But the Fed now has room to ease if economic conditions start to decline,” he said. Goldman has raised more than $250 billion in alternatives since 2019, surpassing a $225 billion target a year early, he said. (Credit: Bloomberg) Copyright 2024 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

What You Need to Know A good first step is to assess clients’ likely tax situations and what, if anything, will be different from 2023. In many cases, tax and financial planning for the current year can affect future years. Consider taking steps now to reduce future RMDs, such as making a Roth conversion, buying a QLAC or taking a QCD. While we are in the heart of tax season for the 2023 tax year, it’s a good time to think about tax planning for 2024. It’s early enough in the year for any changes to have an effect, and taxes are likely top of mind with clients.  Here are some things to consider for clients’ tax and financial planning for 2024 and beyond. Projected 2024 Income A first step is to look at clients’ projected income for 2024. This will guide a wide range of tax planning tasks within the realm of their overall financial planning for the year. A good place to start is to review their 2023 tax return. Will their 2024 income situation be relatively the same, or will it be significantly higher or lower? Changes in the amount of investment income, compensation from their job and a...