The ‘revolution’ sparked by private equity; helping a client with credit card debt; athletes and investing

PRACTICE AND CLIENT MANAGEMENT: Private equity capital is driving a "revolution" in the wealth management and accounting industries, but its ties to credit from non-bank lenders could pose risks , a new study found.

The fields of wealth management and certified public accounting, as well as consulting, represent professional services that "provided cause to be optimistic relative to an otherwise dim M&A landscape" in 2023 due to "aggressive add-on campaigns" by private equity firms finding "consolidation opportunities within fragmented segments," according to an annual report on leveraged buyout deals by accounting firm Cherry Bekaert .

Read: Private equity 'revolution' brings risks to wealth and accounting

PRACTICE AND CLIENT MANAGEMENT: Debt is a massive and growing problem in the United States. In the fourth quarter of 2023, Americans' total household debt reached $17.5 trillion — a $212 billion increase from the previous quarter.

In particular, credit card debt has skyrocketed. In the final three months of 2023, Americans' credit card balances rose by $50 billion, reaching a total of $1.13 trillion. Serious credit card delinquencies increased across all age groups. And with interest rates at 20-year highs as the Fed battles inflation , this is no time to be in debt. One of our readers finds himself caught in that trap. To break the cycle, he turned to the experts for help. See what they recommend.

Read: Ask an advisor: How do I get out of credit card debt?

WEALTH MANAGEMENT : ? "Sports entertainment is becoming its own asset class that people want [to] and can invest in,” Joe McLean of MAI Capital Management told Justin L. Mack in this flashback to Future Proof . “There's all kinds of opportunities, investing in sailing, pickleball, cricket, now coming to the United States."?

McLean is no stranger to the intersection of sports and finance. No less than The New York Times dubbed him the "money whisperer to the super-rich NBA elite" in 2019 for his work as a financial advisor with pro athlete clients at the San Ramon, California-based Intersect Capital, which MAI took onboard in 2022.?

Read: Joe McLean of MAI on sports and entertainment as an asset class

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