Wealth Management: The Best Commercial of All Time
Posted By Norb Vonnegut on March 3, 2010
The Perfect Husband
Hands down. This is the best ad I have ever seen for financial services.
Yikes.
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"My job is the occupation formerly known as 'stockbroker.' But it has been years since anyone called me that. Stockbroker sounds oily. Glengarry Glen Ross. The word makes clients twitch..."
- from TOP PRODUCER,
a Wall Street thriller
Wealth Management’s Dirty Harry
Posted By Norb Vonnegut on March 3, 2010
In case you missed Matt Lauer’s interview with Harry Markopolis, here it is. Markopolis is the money manager from Boston who met with SEC four times and tried to expose Madoff’s Ponzi scheme. He said some terrific things during the interview and some that give my pause:
- “If you don’t understand the strategy, don’t invest in it.” Absolutely correct. I’ve attached a link to my post from 2009, Top Ten Ways to Spot Financial Fraud, which highlights red flags for non-money managers.
- Did Madoff have help? He operated in 40 nations, worked with 399 feeder companies, and paid 90 percent of his fees to third parties.
- There’s a new Dirty Harry in town, and this one goes by the name Markopolis. Wait until you hear what he says about carrying a gun.
Visit msnbc.com for breaking news, world news, and news about the economy
Look, Markopolis is pitching his book. I bought it, look forward to reading it, and hope to post a review here sometime in the next month.
Asset Protection: 10 Tips for Every Investor
Posted By Norb Vonnegut on February 28, 2010
What is asset protection?
As a stockbroker, I warned clients about “predators and creditors.” Let’s face it. We live in a litigious world. Get in a car wreck, and your assets may be attacked. Homes. Family businesses. Savings. And predators aren’t restricted to collisions on the highway. There’s always the altar.
Is asset protection some kind of euphemism for stiffing banks? No way. It’s more about planning before you borrow the first dollar, about defining what assets are available to lenders if things go bad. Better to work out these details in advance. Negotiations can be one-sided as creditors bear down during duress.
There are wealth tools that protect against predators and creditors.
Asset protection is so important that I referenced a few techniques in my novel. Here’s how Grove O’Rourke, the fictional hero of Top Producer, describes asset protection to one of the budding stockbrokers at his firm:
Prenups, offshore trusts, ways to avoid gold-digging litigation raptors.
But wait. Offshore trusts sound complicated, not to mention expensive. Do I need asset protection if my resources are…well…modest?
“Asset protection for the middle class? You bet!”
Offshore trusts aren’t the only way to protect your assets. This Thursday, Ike Devji will guest blog on Acrimoney. He’s put together a list of ten, no-nonsense actions that every investor, every family should consider. They’re terrific action points, and I encourage you to check back.
For the record, Ike was named among WORTH magazine’s “Leading Wealth and Legal Advisors” and was recognized by the Financial Planning Association of America’s Academy of Financial Services for his educational work in this area. I’m thrilled he will be guest-blogging on Acrimoney.
Ike will field questions this Thursday, so make sure to ask yours.
