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Summary: The ability to communicate and perform financial transactions over the internet has provided convenience and time management for many people. However, with more and more transactions conducted over the web, the federal trade commission reports that about 9.9 million people are victims of identity theft each year.
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Summary: Twenty percent of advisors will likely exit the business voluntarily or involuntarily over the next five years; yet two-thirds of firms don’t have business continuity or succession plans, said Pershing CEO Mark Tibergien, speaking during a session at the Financial Planning Association’s annual conference in Baltimore this week.
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Summary: Many RIA owners look to their employees to take over the business when they retire. Yet some advisers are overlooking critical aspects of what an internal succession plan actually entails.
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Summary: Advisors hopefully have communicated with their clients about how they should address concerns if the client is beginning to show signs of dementia, but what happens if advisors’ own cognitive decline prevents them from fulfilling their fiduciary duties?
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Summary: Few people think about what will happen to their business after they die and therefore rarely put together a plan. Fewer may even think that a family or closely held business should be considered a part of their estate plan. However, for many small business owners, their financial interest in their business may be the largest asset that they have and represent most of the wealth that they will transfer at the time of their death. When transferring a family or closely held business, a well-funded life insurance policy can play a very large role in a smooth transition.
