AdvisorHub’s Post

Looks like law firms need to start weaning themselves off client account interest! "Chief executive Paul Philip said it did “not feel right” for solicitors to profit from interest on client money. He went on to say, "we are also looking at whether it is ever appropriate for firms to benefit from interest on client money; firms must pay a fair sum of interest to clients, but should firms be topping up their income through interest earned on client balances? That doesn’t feel right to me – it’s the client’s money after all.” The way the SRA's CEO is talking a ban on retaining interest is likely to come, so firms need to assess whether they can survive without it; it could be argued that firms currently relying on client account interest for their survival should notify the SRA of their financial instability, especially when we saw what happened to firms in 2008 when the property market collapsed and interest payments dropped like a stone! Any thoughts? https://lnkd.in/eSEZH5fH

If a law firm is reliant on client account interest to make a profit then clearly it is trading at a loss. This isn’t good! But it isn’t unusual! Whilst in the short term operating at a loss is understandable at times, it’s not sustainable in the long term. Any law firm that is reliant on client account interest to make a profit needs to take action! NOW! I am obsessed with helping people turn their cash eating monster of a business into cash & profit generating machines. Once you know how it’s simple. It may not be easy in the early days (nothing worthwhile is) but it is simple. If you, or someone you know, needs or wants to get out of the frustration of not earning enough profit for all their hard work just message me. I’ll be more than happy to share a few strategies that will put more profit in their business and cash in their bank account. For free. Business shouldn’t be that tough.

https://lnkd.in/gNzeF9-2 Key issue: Judgement owed. Current 1st mortgage on Trump Tower is how much? 120 million. 1st Trust dead is owed at $120 million for a Tower worth $180 million. Balance of asset $60 million. Trump Tower can be liquidated from Bank. Bank is current owner with 1st Trust Deed. Bank Fraud case Court has right to strip property and seize to settle fines levied. If Bank was aware of Fruad then Bank shall vacate 1st trust hold giving remainder of value to court. Bank has no interest upon bank Fruad fine per USTrust Bylaw 1956 Bank Rules. Violations result in non compliance banks loose right upon holdings. Court decides matters over bank assigned rights.

🚀 **Cash Yields & Fiduciary Duties: Who Is Liable?** 📊💡 👉🏾In Q1 2024, LPL generated an impressive 11.8% return on assets for its clients’ cash holdings, contributing to 37.3% of its total return on assets. -This is a significant increase from Q1 2022, where the return was 3.1%, constituting 13.8% of the total return. However, the dual role of LPL as both an RIA (held to fiduciary standards) and a broker-dealer (not a fiduciary) has raised concerns. 👉🏾A recent complaint alleges that LPL, in its capacity as an investment advisor, makes decisions on uninvested cash that prioritize its own interests over those of its clients. - The claim states that LPL earned 3.2% in interest returns for itself in Q1 2024, while clients received between 0.35% to 2.2%, depending on their balances. **The Question: Whose Responsibility Is It?** - **LPL’s?** - **The Advisor Managing the Assets?** - **Both?** Let's discuss how we can balance fiduciary duties and profitability while maximizing client returns. Your thoughts? 🤔👇 #FinancialPlanning #FiduciaryDuty #InvestmentStrategy #ClientFirst #WealthManagement #LPL #Finance #MoneyMarkets #AdvisorResponsibilities Disclosure: https://lnkd.in/gkSdabMT

In this reel, we’ve got you covered with essential tips on legally protecting your bank account. First things first, understanding California’s laws and regulations is key to securing your funds. From joint accounts to trust accounts, there are various strategies you can employ to shield your finances from unexpected events. Next up, consider setting up a trust. A trust can offer added layers of protection, ensuring your assets are managed according to your wishes and safeguarded from potential creditors. And don’t forget, consulting with a trusted Hermance Law estate planning attorney is crucial. They’ll provide personalized guidance tailored to your unique financial situation and help you navigate the legal landscape with confidence. Protecting your bank account isn’t just about securing your wealth—it’s about securing your peace of mind. 💼✨ Let’s ensure your finances are safeguarded for the road ahead. #FinancialProtection #EstatePlanning #CaliforniaLaw 🌴💳 #reel #explore #livingtrust #estateplanning #attorney #estateplanningattorney #diy #will #trust #family #protected #lawofcalifornia #ventura #parents #estateplanningmom #california #probate

Under Ohio law, the executor of your will is the person responsible for protecting, preserving, and managing the assets of your estate. They ensure that: * Your estate’s assets are inventoried * All your debts and taxes are paid * Assets are liquidated (sold) if necessary * Your beneficiaries receive the portion of assets you indicated in your will * Possessions without monetary value, like your diary or family photos, are distributed according to your wishes Being an executor can entail significant work. Your executor must determine the fair market value of your possessions and holdings at the time you died. Some of this information will be easy to find (like the balance of your bank accounts), but your executor may need to hire an appraiser to determine values for assets like collectibles, real estate, and jewelry. Start the legacy planning conversation. Contact Houck Menninger Law at (937)985-0059 or visit https://lnkd.in/dEvEKsAR #HMLaw #HouckMenningerLaw #AssetProtection #Probate #EstateSettlement #EstatePlanning #Medicaid #Trusts #Estate

“Cash sweeps” are clearly the latest hot topic for plaintiffs’ lawyers. A new round of lawsuits target Wells Fargo and LPL Financial again for their alleged practice of juicing their revenue by offering clients paltry returns on their uninvested cash. #financialplanning #investing #wealthmanagement

Joint ownership of a bank account can ensure that assets pass directly to the person you choose after your death without going through probate. It can also give them access to funds that might be needed on your behalf if you should become incapacitated. So why might you want to think twice before simply adding someone's name as a joint tenant? Joint ownership exposes your assets to the creditors of every party on the named account, as well as giving every party full access to that money during your lifetime. Furthermore, the tax code does not allow for a full step-up in basis for capital gains tax on a portion of the asset at death, rather than the entire asset when it is wholly owned in the decedent's name. Only you can tell how big those risks might be—but wouldn’t you rather know the safest options for ensuring your estate plan will work as intended to carry out your wishes? To learn more about keeping your bank accounts out of probate, check out our blog article. The expert attorneys at NM Law are here to help you create the estate plan that is right for you. 📞(949) 253-0000 https://lnkd.in/gQF_MhYV #probate #bankaccounts #jointownership #creditors #risk #estateplanning #trust #attorney #lawfirm

Money Matters Monday 💰💸Need financial guidance for your clients 🤷🏼⁉️✨ 🗣️ I’m here to tell you there’s a resource like no other! At AFG Settlement Planning, they redefine the standard in settlement planning. Unlike structured settlement brokers, they operate as a comprehensive settlement planning firm, offering innovative solutions that provide enhanced protection for clients. With a proven track record of handling some of the largest verdicts and settlements across the country, they are prepared to offer your clients a superior path forward. From what I’ve seen and learned, I assure you; there is a better way to help your clients protect their settlements or verdicts. What sets them apart 💁🏽⁉️ ✨ Customized Solutions: AFG understands that every case is unique, and each client's needs vary. That's why they don't offer a one-size-fits-all structured settlement. Instead, they employ sophisticated #estate, #tax, and #financial planning strategies to ensure your clients are adequately protected, addressing their individual needs for the rest of their lives. ✨ No Up-front Charges for Estate Planning: Quality estate and trust planning are essential long before a settlement or #verdict is reached. Recognizing that many clients may not have the funds for such services, they’ve partnered with some of the top elder law and estate attorneys across the country, negotiating contingent billing for their services. Just like your approach, their payment is contingent upon your client achieving a successful outcome. ✨ Early Engagement: They believe in proactive client engagement. Their dedicated team of social workers and client specialists is equipped to handle client issues, often reducing the volume of calls that come into your office during the case. AFG specializes in working with firms handling: ✨ Single-event Cases: Personal Injury, Medical Malpractice, etc. ✨ #Mesothelioma: Providing specialized assistance for plaintiffs in this niche market. ✨ Sex Abuse: Collaborating with firms to protect clients in these sensitive cases. ✨ Verdicts: AFG is one of the only firms helping plaintiffs who were awarded verdicts navigate the settlement planning process. ✨ #Punitive Damages: Partnering with top #tax #attorneys to help plaintiffs avoid taxes on attorney fees portion of the punitive damages. ✨ Attorney Tax Deferrals: Offering solutions for significant settlements and #payouts in mass torts or large cases. Learn more at https://lnkd.in/gSwWntTx Want to secure the financial future of your clients? Let’s connect, and I’ll set up a one-on-one meeting to discuss in person (or Zoom 💻) with yours truly. During this meeting you’ll receive additional details from Cindy Miklos, Vice President of #Settlement Planning! ☎️ You may also contact Cindy directly at (412)429-4770. #MoneyMattersMonday #Needfinancialguidance #SettlementPlanning #comprehensivesettlement #SingleeventCases #PersonalInjury #MedicalMalpractice #PunitiveDamages

🚨 **New Article Alert: Understanding Breach of Fiduciary Duty Claims** 🚨 In the financial world, trust is a key element that binds investors and financial advisors. However, what happens when this trust is broken? A recent article on Investment Fraud Lawyers titled "When Your Broker Betrays You: Understanding Breach of Fiduciary Duty Claims" dives deep into the legal repercussions when a broker fails to honor their fiduciary duty. This distressing scenario occurs when a financial professional prioritizes personal gains over the best interests of their clients - a fundamental betrayal in any fiduciary relationship. 🔗 [Read the full article here](https://lnkd.in/ev_Stzrc) This piece is crucial for anyone involved in financial investments, whether you're a seasoned investor or just starting out. Understand your rights, recognize the signs of fiduciary duty breach, and learn how to protect your investments effectively. 💡 Remember, being informed is your first line of defense against investment fraud. Let's promote a culture of transparency and responsibility in financial services. #InvestmentFraud #FiduciaryDuty #Finance #Investing #LegalRights #BrokerResponsibility #FinancialLiteracy #InvestmentProtection --- Feel free to share this information in your networks and start a conversation on the importance of fiduciary duty in investment relationships! https://lnkd.in/ev_Stzrc