Hardcover
-
PICK UP IN STORECheck Availability at Nearby Stores
Available within 2 business hours
Related collections and offers
Overview
It doesn't matter if a financial error was made because of malice or ignorance – the end result is that you lose money. Luckily, you don't have to sit idly and take it. If you have Protecting Clients from Fraud, Incompetence and Scams, you can identify and avoid the dysfunctional sectors of the financial industry, steer clear of the fallout from the Madoff Era, and guide your clients to real, healthy, sustainable returns. This powerful book
- Pinpoints dysfunctional sectors within the financial industry and offers advice against frauds and scammers
- Shows how a team approach to asset management can ward off financial predators
- Offers practical strategies and tools to combat client risk for Risk and Asset Management
Offering insightful information to protect your clients from all sorts of frauds and incompetence, this essential guide equips you with tips and techniques to spot the red flags of fraud and prevent it before it starts.
Product Details
| ISBN-13: | 9780470539743 |
|---|---|
| Publisher: | Wiley |
| Publication date: | 02/22/2010 |
| Pages: | 240 |
| Product dimensions: | 6.20(w) x 9.00(h) x 1.00(d) |
About the Author
Read an Excerpt
Table of Contents
Acknowledgments ix
Introduction: Every Accountant and Attorney Should Read This Book xiii
Chapter 1 Meltdown 1
The Party's Over 2
We All Know the Result 3
Grim Statistics 4
Retirement Plans and the IRS 8
Summary 12
Chapter 2 Everyone Needs a Family Office 15
Why a Family Office? 15
Retaining a Firm 18
The Family Office Advantage 19
Summary 20
Chapter 3 Protect Your (Retirement) Assets 21
The Fiduciary Duty 21
Documenting a Process 22
Plan Options/Simple IRA 23
You Cannot Save Enough 24
Another Option-The 412(e)(3) 25
The Cash-Balance Plan 26
Summary 28
Chapter 4 How Much Did You Lose Last Year? 29
Basic Financial Strategies Quiz 29
Estate and Financial Planning 30
Life Insurance 31
Succession Planning 31
The Buy-Sell 32
Medical Insurance 32
Asset Protection 32
VEBA 33
Other Post-Employment Benefits 33
OPEB Cost 34
VEBA Plan Benefits 37
Taxes 38
Retirement 39
Legislative Changes 39
HSA/HRA 39
412(e) 40
Audits 40
Shelters 41
6707A 43
Captives 50
Summary 50
Chapter 5 Self-Defense 51
Captive Insurance 52
Basics 52
Sharing 53
Caveats 54
Summary 55
Chapter 6 Asset Protection Basics 57
Asset Protection-Necessity, Not Luxury 57
Who Needs Asset Protection? 58
Separating Ownership from Control 60
What Is an Asset Protection Plan? 61
What Is a Trust? 62
How Does a trust Work? 63
How Is a Trust Used? 63
Offshore Trusts 65
Asset Protection FAQs 67
Summary 70
Chapter 7 Shifting the Risk Equation-Insurance Maneuvers 73
Key Employee Insurance 73
LTCi for the Business Owner 76
Life Insurance for Business Continuation 80
Summary 81
Chapter 8 Reevaluating Existing Insurance 83
Evaluation or Audit 83
Consultative Leverage 87
Summary 89
Chapter 9 What Financial Advisors "Forget" to Tell Their Clients 91
Fiduciary Duty 93
Summary 95
Chapter 10 The Truth About Variable Annuities 97
Variable Annuity Components 98
Mortality and Expense Charges 99
Guarantees 100
Summary 100
Chapter 11 What Life Insurance Agents "Forget" to Tell Their Clients 103
Questionable Aspirations 103
Coverage Needs 104
Estate Taxes 104
The ILIT 106
Summary 107
Chapter 12 What You Must Know About Life Settlements 109
Life Settlements 109
Industry Regulation and Compliance 111
Licensing and Reporting 112
Compensation 113
Compensation Abuse 114
Suitability 115
Best Execution and Due Diligence 118
Fraud Prevention 119
STOLI 122
Evaluation and Processing 123
Tax Treatment 126
Case Studies 133
Caveat Venditor 138
Summary 139
Chapter 13 What Health Insurance Agents "Forget" to Tell Their Clients 143
Out of Control Costs 143
Small Business at Risk 146
The Risk of On-Site Medical Clinics 151
Using an HSA for Your Personal Retirement 152
Creating an Employee Retirement Vehicle 153
IRS Form 8889 (HSA) 153
More Effective Strategy 154
Aggregate Cap Planning 155
HRA 156
Managing General Underwriter 158
Summary 160
Chapter 14 College Funding Strategies and Solutions 163
The Traditional Approach 163
Good Intentions, Disastrous Consequences 166
Traditional Vehicles 168
Real Life 180
Summary 187
Chapter 15 Two Alternative Investments for Financial Independence 189
The Tertiary Market 190
History 191
Risk 192
Reward 194
Another Alternative 194
O&G Advantages 195
Summary 197
Chapter 16 Avoiding Fraud: Small Business Case Study 199
Introduction 199
Suspicion 200
Investigation 201
Fraud 202
Dismissal and Prosecution 204
New Mechanisms 205
Summary 206
Appendix A Best of the Best 207
Insurance Advisors 207
Investment Advisors 207
Law 209
Business Services 210
Epilogue 213
About the Author 215
About the Contributors 217
Mark Boehm, MBA, CWPP 217
Aaron Skloff, AJF, CFA, MBA 217
Carl Allen, III 218
Index 219