Business impersonation scams are a large and growing risk for high-net-worth individuals, closely held business owners, and institutions. Scams have claimed victims in all 50 states and more than 100 countries and there is every reason to believe the threat is growing. Learn seven steps that can help you protect yourself and your business from impersonation and other types of fraud.
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The holidays are approaching and to make it a more relaxed and enjoyable season, it helps to plan in advance and know the best practices for holiday planning, entertaining, gift giving, entertaining, and decorating.
The wealth management industry is constantly reinventing itself, and with every passing year, firms continue to push software vendors to deliver features and functionality that not only enhance their existing solution but offer an unparalleled experience. It is often difficult to know which innovations are relevant and which are not. Having a guide outlining the seven technology innovations can help members of the wealth management industry make more prudent and educated decisions regarding their technology solutions.
Purchasing a wealth management technology solution is a significant business decision for your firm. You have likely been tasked with sourcing a platform that meets the needs of your principals, your team and your stakeholders. The solution should support your internal accounting, investment management and reporting functions while streamlining your firm’s day-to-day operations. As an executive, where should you begin? To assist you in the research, there are more than 50 questions to help guide through the process of finding the right solution for your firm.
When former First Lady Nancy Reagan passed away in March 2016, millions of Americans mourned the loss. While the events honoring Mrs. Reagan unfurled seamlessly, a dedicated team was hard at work behind the scenes to ensure the funeral was being conducted to Mrs. Reagan’s expressed desires. The preparations and demands of the funeral may seem extreme, but many of Mrs. Reagan's concerns apply to other families of wealth and should be addressed.
Most family offices that serve U.S. families are well aware that special planning considerations can arise when a U.S. citizen family member marries a noncitizen. Should the client’s estate plan be revised to incorporate a qualified domestic trust (QDOT) to ensure that assets passing to the surviving noncitizen spouse qualify for federal estate tax marital deduction?
The cloud is one of the largest drivers of emerging technology solutions, and for many organizations, it has become one of their most valuable information technology (IT) tools. It enhances data storage capabilities, security and agility to both scale up as well as scale down, while also reducing costs, in part due to its inherent flexibility and the number of potential options. Forward-thinking organizations should be analyzing and making decisions about using the cloud by prioritizing capability, performance, total cost and availability against other solutions.
In May 2014, FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), changing the way revenue is recognized. As of January 25, 2017, the FASB has issued ASUs to revise and clarify the guidance on the original Topic 606. In accordance with the core principle of Topic 606, there are five key steps to consider. Virtually all entities will be affected to some extent by the new guidance.
Since the issuance of the original ASU 2014-09, Revenue from Contracts with Customers, there has been several changes to that guidance, and additional limited changes are in process. The degree to which a particular entity’s revenue will be affected depends on its own facts and circumstances.
Owner-managed and family-owned businesses are often faced with the quandary of how to effectively motivate their teams to build and maintain value for the enterprise. Incentivizing employees for the long haul can be confusing territory, and owners should know that options are available in the gray area between cash bonuses and equity ownership. Offering creative packages that link employees to the growth of the company can have an immediate, positive impact on a company's cultural and financial future.