So, who won? With most of the election drama now resolved, what will the divided legislature mean for tax policy, the health of the markets, and other financial issues? We put those questions to a handful of advisors in this week’s Big Q feature, and heard predictions of greater fiscal restraint and the potential for movement on retirement legislation (but not much else). It seems most market-moving action from Washington will come from the Federal Reserve amid a gridlocked Congress.
Everett Collection Inc. / Dreamstime
What about state elections? Every election cycle brings a host of down-ballot policy proposals that might not get as much attention as the congressional contests but that could greatly impact the financial picture for advisors’ clients in those jurisdictions. We review votes in Massachusetts to raise taxes on the rich, California’s move in the other direction, and several other financial ballot initiatives.
Goldman’s Joe Duran on the retirement crisis. Joe Duran, the architect of the hugely successful registered investment advisor United Capital, which
Goldman Sachs
bought in 2019, has some thoughts on retirement planning, the evolution of financial advice, and the generational challenges facing baby boomers and Gen Xers. Duran joined us on Barron’s The Way Forward podcast, where he discussed the challenges the “sandwich generation” is confronting as it juggles caring for children, helping out aging parents, and minding their own retirement plans. He also discussed the integration of his RIA into the global financial colossus that is Goldman.
UBS looks outside for tech help.
UBS
has signed partnerships with tech vendors Addepar and Mirador to give its advisors—and ultimately, clients—views of the entirety of their assets, including those held outside the Swiss bank. UBS promises that the integrations will pull together a holistic view of their portfolios, including not only multiple brokerage accounts, but also real estate, private jets, art, or other collectibles.
Morgan advisor goes indie with Dynasty. Dynasty Financial Partners has helped a former Morgan Stanley advisor launch an independent practice, a multifamily office based in Pennsylvania with locations in Boston and New York. Jim Martin leads the newly formed Nordwand Capital, which oversees $5 billion in assets and includes Morgan colleagues Christopher Boyle, the new firm’s chief operating officer, and senior associate Daniel Kane.
Regulators eyeing crypto. Brokerage industry self-regulator Finra is asking member firms for information about how they are communicating with clients about crypto assets. The move comes as the Securities and Exchange Commission, which oversees Finra, is also looking more closely at the industry, suggesting that crypto exchanges and issuers that don’t come forward and register could win a date with the commission’s enforcement division.
In this week’s Q&A, we speak with newly inducted Hall of Fame advisor Spuds Powell. The managing director at Los Angeles-based Kayne Anderson Rudnick, Powell manages a 32-person team that oversees $6 billion in client assets. Half the firm’s growth in the last two years has come from existing clients bringing more money to the firm, Powell says. He shares the keys for creating those great relationships: Setting cautious client expectations and exceeding them, traveling to meet clients at their homes or other locations of their choice, and sharing personal information. As Powell puts it, “I wear my heart on my sleeve.”
Enjoy your weekend.
Source: https://www.barrons.com/advisor/articles/weeks-best-elections-investors-51668807500?siteid=yhoof2&yptr=yahoo