UBS, client cash & an 'implicit admission'; helping clients with differing investing views; appeals court sides with foreign investor in tax dispute

WEALTH MANAGEMENT: A new lawsuit accuses UBS of making an "implicit admission" in its latest earnings that its cash sweeps policies aren't in clients’ best interest.

Zurich-based UBS Group became the latest firm in a growing list of wealth managers being sued over their handling of clients' uninvested cash and follows similar recent cases filed against Ameriprise and LPL Financial. The suit against UBS points directly to statements executives made about the firm's cash sweeps during a second-quarter earnings call earlier this month. 

Read: UBS' sweeps change is 'implicit admission' of wrongdoing, suit says

ESG AND PRACTICE MANAGEMENT: ESG investments became a political hot topic over the past year, with many investors pulling money out after right-wing politicians denounced the funds. 

But what happens when couples who share a financial advisor don’t share the same ESG goals? Here’s what professionals recommend an advisor can do for clients whose investing visions don’t align.. 

Read: Advising couples with ESG investing when they disagree

TAX: An appeals court decision could help financial advisors answer foreign clients' tax questions about selling their U.S. partnership holdings at a massive profit.

Foreign businesswoman Indu Rawat did not owe the IRS the $2.3 million she paid in taxes for what the agency deemed to be an "inventory gain" of $6.5 million out of the $438 million that she received for her large minority stake in the parent firm of the company that owns 5-Hour Energy drink, according to the D.C. Circuit Court decision last month. The ruling reversed a Tax Court decision that found she earned income from the sale of inventory when she sold her holdings in the company and resolved a saga that started after the transaction 16 years ago.

Read: Appeals court sides with foreign investor over IRS and Tax Court decision

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