On pairing tax and wealth services; Pershing scores Arax deal; Americans not ready for massive wealth shift
Financial Planning
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TAX AND WEALTH: Many advisors express interest in adding tax and estate planning services as part of a holistic approach to working with their clients. They point out the vital distinction between doing tax and estate preparation and giving direct advice to clients around those topics, compared to incorporating methods that reduce payments to Uncle Sam through planning, optimized investment portfolios and other strategies.
In an online survey of 191 wealth management professionals by Financial Planning parent company Arizent , 29% said they currently offer tax and estate planning and another 23% said they work with a third-party firm to give clients those services. Fewer than 20% said they are somewhat or very unlikely to adopt such services. Those advisors are missing out on a big boost to clients' portfolios and their businesses, according to the firms with their feet in the two fields.?
INDUSTRY NEWS: An independent brokerage and registered investment advisory firm that recently formed under new private equity-backed ownership will use BNY Pershing for clearing and custody.
Ashton Thomas Securities is a wealth management firm that rebranded to its current name from Excel Securities & Associates after Arax Investment Partners purchased the firm in December and made it the hybrid broker-dealer arm of Ashton Thomas Private Wealth , an RIA that Arax acquired earlier in 2023.?
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PRACTICE AND CLIENT MANAGEMENT: The Great Wealth Transfer is coming, and many Americans aren't ready for it.
According to a new study from Edward Jones , a significant gap remains between how many U.S. adults will pass down wealth to their descendants and how many have actually talked to those descendants about it. Almost half — 48% — plan to leave an inheritance, but only 27% have discussed it with their families.
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