14 February 2012

Private Wealth Roundup: The US Elections

Posted In: Private Wealth Management

The big news for watchers of the wealthy (and U.S. elections) came in late January when Mitt Romney disclosed his tax returns for 2010. Not surprisingly, the presidential wannabe’s low effective tax rate prompted uproar and provided the news media with plenty of fodder. Looking back over the headlines of the past month or so, one of my top picks is undoubtedly James B. Stewart’s Common Sense column in the New York Times. It offers a fascinating look at the disparity in tax rates. In a similar vein, Felix Salmon of Reuters had an interesting blog post on Mark Zuckerberg and the case for a wealth tax.

Here are some other good reads, in case you missed them:

To adopt social media, or not to adopt social media. That seems to be the question. Reuters had a good article on how LinkedIn’s group pages are a prime place to mine for prospective client leads, while the Atlantic ran a very handy, data-driven list of dos and don’ts when it comes to Twitter.
What’s not to like about best-selling author Michael Lewis? His latest tome is Boomerang: Travels in the New Third World, in which he reported on the European debt crisis from several of the affected countries. Laurence B. Siegel, research director for the Research Foundation of CFA Institute, interviewed Lewis on the true depth of the crisis in Europe for Advisor Perspectives.
For those who like to keep up on the latest thinking on trusts and estates, “Who’s Afraid of (Gasp!) CLAWBACK?” from Trusts & Estates is well worth a read, as is the follow-up, “Response to Reader Questions: Yes, Clawback is Real.”
Have clients who are interested in private placements? Time to read “Deciding Who’s Rich (or Smart) Enough for High-Risk Investments,” which ran in the New York Times.
Wealthy families face risks on multiple fronts. “New Risks and New Generation: Encouraging Families and Family Owned Businesses to Implement a Family Risk Management Policy” from Wealth Strategies Journal suggests implementing a risk management policy statement.
I’m a big fan of superlative writing and think it’s an asset for a wealth adviser to be well-read. To wit, Phil Roosevelt, Barron’s deputy managing editor, provides a rollicking read in “Whale of a Tale,” about a marathon reading of Moby Dick (considered by many to be the “Great American Novel”) on Nantucket in January. Buried at the end is a surprising question: Why should investors read Moby Dick? You’ll have to check out the Penta blog to learn the answer.

For more news and trends, visit the Private Wealth Management Community of Practice.

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About the Author(s)

Lauren Foster

Lauren Foster was a content director on the professional learning team at CFA Institute and host of the Take 15 Podcast. She is the former managing editor of Enterprising Investor and co-lead of CFA Institute’s Women in Investment Management initiative. Lauren spent nearly a decade on staff at the Financial Times as a reporter and editor based in the New York bureau, followed by freelance writing for Barron’s and the FT. Lauren holds a BA in political science from the University of Cape Town, and an MS in journalism from Columbia University.