You may have heard of the third-generation curse, which causes 90% of wealthy families to lose their money by the third generation. But some individuals manage to deplete their wealth even sooner, especially if they came into a lot of money quickly.
It’s not unusual for Joe Farren and his team of financial experts to occasionally come across clients who have suddenly inherited a windfall and are not equipped to manage the influx of money.
It's a dilemma almost every high net worth financial advisor has faced — being blindsided by a client's big-ticket purchase so large that it limits their investable funds.
Many of the fortunes forged during the pandemic have long since crumbled. Yet a $95 billion boom among a small group of wealthy shipping tycoons has prevailed, spurring a mad dash to invest and diversify even as they face a comeuppance.
Although the amount of money millennials are set to inherit from their baby boomer parents over the next decade is measured in the trillions of dollars, many individual millennials probably will inherit less than they are anticipating, according to a money manager for wealthy families.
As the number of millionaires in the world grows, so does the available targets for fraudsters, said the owners of a firm that focuses on assisting high-net-worth clients and family offices.
Wealthy Americans, who were girding for the biggest set of tax increases in three decades just a year ago, now look mostly safe from higher levies for years to come.
The tax deal in the Senate would eliminate the tax break used by private equity and hedge fund managers.
Excel has been a mainstay for those in the financial profession for decades now. Since its release in 1985, and the introduction of competing applications such as Google Sheets; spreadsheets have come to serve as essential and powerful analytical tools. They are widely available, inexpensive, and can be quickly customized and made to work across a variety of situations.
New IRS rules mean high-net-worth clients may not be properly accounting for Social Security or workers comp when paying their domestic help—especially if they use certain payment methods.