White Papers
Featured Insight
This white paper explores the five attributes we focus on to deliver enhanced results within our core investment process. We feel core portfolio investments should be Passive, Ubiquitous, Limber, Separate, and Efficient—or PULSE for short.
Most Recent
Passive, Ubiquitous, Limber, Separate, and Efficient (PULSE)
This white paper explores the five attributes we focus on to deliver enhanced results within our core investment process. We feel core portfolio investments should be Passive, Ubiquitous, Limber, Separate, and Efficient—or PULSE for short.
Cash is King
Cash and cash alternatives are commonly regarded as a no-risk, no-reward placeholder having little defined value within a portfolio. For the savvy investor, however, cash alternatives can serve an important role in reducing the swings in portfolio value while also offering liquidity to quickly take advantage of investment opportunities.
Taking Time to Teach
Researchers found a discrepancy between parents and children when asked how young people learn about the role of money and wealth: 80% of parents believed that their children learn everything they need to know about money in school, and 90% of these students said that whatever they know about money they learned from their parents.
SOURCE: Making the Case for Financial Literacy. Jumpstart Coalition, 2005.
Giving Wisely
One of the most common concerns we hear from clients revolves around how to share wealth with family members without encouraging entitlement. To help our clients, we developed a multi-stage communication process that takes into consideration your goals and the readiness of the recipient.
Should We Have a Family Meeting?
Well-planned family meetings can be a core component to helping families preserve their wealth over multiple generations and can lead to greater chances of long-term success.
Managing the Impact of Wealth
It can be surprising to hear that just 30% of families successfully sustain their wealth beyond three generations. The reasons for wealth transition failures are generally personal rather than technical – resulting from a breakdown of communication within the family, inadequate preparation of heirs, and lack of a shared family vision.
Navigating in a Low Return Environment
In 2015, we saw the financial markets enter into correction territory. Based on our analysis of valuations, it was not unexpected. With equity markets at all-time highs and interest rates at historic lows for several years, something was bound to buckle.
A Thoughtful Approach to Prenuptial Agreements
A common question we hear is how to broach the subject of prenuptial agreements with the younger generation. It’s a touchy subject that combines love and money at a time when a couple is focused on building a “happily ever after,” not preparing for the possibility of separation.
Power of Appointment Support Trust
For many ultra-high-net-worth investors, implementing planning strategies designed to help minimize to minimize income and estate, gift, and generation-skipping transfer taxes is a top concern. In the past, limited tax exclusions and credits made it difficult to transfer wealth to both parents and children. However, recent changes to transfer tax laws have opened a new avenue to transferring wealth.
Sudden Wealth
From King Midas in ancient Greece to the latest internet millionaire, sudden wealth can bring profound effects and unexpected consequences. For those “lucky” enough to experience sudden wealth, it can be like waking up as a new resident of a completely different country.
Portability of the Unused Spousal Exclusion
An estate plan that incorporates portability provisions could possibly reduce overall tax exposure when compared with a traditional estate plan.
Global Population Trends
We’ve all heard about the aging of the baby boomers and their impact on the U.S. economy in coming decades. Looking back, the boomers have always been a driving force of many economic booms, busts, and bubbles.
Convergence
Throughout history, periods of intense innovation and technological advances have been followed by a relatively radical step-up in the human condition as new industries, processes, and services become commonplace. In the mid- to late-1800s, for example, the United States became truly united with the completion of the transcontinental railroad and a series of interconnected waterways.
Active Versus Passive Investing
It’s an ongoing and rather heated debate: are active or passive investments better? Actively managed investment opportunities involve careful research, analysis, and selection of individual securities in an effort to outperform the benchmark.
End of the Bond Bull
As interest rates declined over the past three decades, investors in bonds benefited greatly. Fixed income returns have been far above historical norms. After the recent credit and financial crisis, global regulators have been struggling to put policies in place that will help prevent such events from recurring in the future. The implications for investors could be significant.
Family Governance
Every family contains smaller groups that have both overlapping and competing interests. Effective family governance systems serve, manage, and balance those interests.
Preparing for Family Business Transitions
Building and maintaining a successful family business over multiple generations poses a significant challenge. As families expand with spouses and children, it can become complicated to ensure everyone has a role they are suited for and promotes ongoing business and personal fulfillment.
Philanthropy + Finance = Mission Investing for Private Foundations
Mission investing offers foundations a tool to engage in effective philanthropy and drive social change. As a complement to effective grant-making and other philanthropic activities, mission investing can potentially shape desired social outcomes.
Investing Like an Institution
Institutions shift their focus from analyzing the characteristics of individual securities toward examining the makeup of the whole portfolio and how it can be managed optimally in terms of risk and reward.
Family Foundations
Foundations can contribute to several important goals for the wealthy family: philanthropy, financial education, and clarifying shared family values and vision. When structured properly and managed with the entire family involved, a foundation can provide returns much greater than the money saved in tax deductions.
Concentration, Opacity, Illiquidity, Leverage, Skill (COILS)
Alpha is a risk-adjusted measure of excess return on an investment. Successfully producing alpha over long periods is difficult, but a measure very much sought after. One way to generate alpha is to exploit inefficiencies. This paper takes a closer look.
Alphabetical
A Thoughtful Approach to Prenuptial Agreements
A common question we hear is how to broach the subject of prenuptial agreements with the younger generation. It’s a touchy subject that combines love and money at a time when a couple is focused on building a “happily ever after,” not preparing for the possibility of separation.
Active Versus Passive Investing
It’s an ongoing and rather heated debate: are active or passive investments better? Actively managed investment opportunities involve careful research, analysis, and selection of individual securities in an effort to outperform the benchmark.
Cash is King
Cash and cash alternatives are commonly regarded as a no-risk, no-reward placeholder having little defined value within a portfolio. For the savvy investor, however, cash alternatives can serve an important role in reducing the swings in portfolio value while also offering liquidity to quickly take advantage of investment opportunities.
Concentration, Opacity, Illiquidity, Leverage, Skill (COILS)
Alpha is a risk-adjusted measure of excess return on an investment. Successfully producing alpha over long periods is difficult, but a measure very much sought after. One way to generate alpha is to exploit inefficiencies. This paper takes a closer look.
Convergence
Throughout history, periods of intense innovation and technological advances have been followed by a relatively radical step-up in the human condition as new industries, processes, and services become commonplace. In the mid- to late-1800s, for example, the United States became truly united with the completion of the transcontinental railroad and a series of interconnected waterways.
End of the Bond Bull
As interest rates declined over the past three decades, investors in bonds benefited greatly. Fixed income returns have been far above historical norms. After the recent credit and financial crisis, global regulators have been struggling to put policies in place that will help prevent such events from recurring in the future. The implications for investors could be significant.
Passive, Ubiquitous, Limber, Separate, and Efficient (PULSE)
This white paper explores the five attributes we focus on to deliver enhanced results within our core investment process. We feel core portfolio investments should be Passive, Ubiquitous, Limber, Separate, and Efficient—or PULSE for short.
Should We Have a Family Meeting?
Well-planned family meetings can be a core component to helping families preserve their wealth over multiple generations and can lead to greater chances of long-term success.
Sudden Wealth
From King Midas in ancient Greece to the latest internet millionaire, sudden wealth can bring profound effects and unexpected consequences. For those “lucky” enough to experience sudden wealth, it can be like waking up as a new resident of a completely different country.
Family Foundations
Foundations can contribute to several important goals for the wealthy family: philanthropy, financial education, and clarifying shared family values and vision. When structured properly and managed with the entire family involved, a foundation can provide returns much greater than the money saved in tax deductions.
Family Governance
Every family contains smaller groups that have both overlapping and competing interests. Effective family governance systems serve, manage, and balance those interests.
Giving Wisely
One of the most common concerns we hear from clients revolves around how to share wealth with family members without encouraging entitlement. To help our clients, we developed a multi-stage communication process that takes into consideration your goals and the readiness of the recipient.
Global Population Trends
We’ve all heard about the aging of the baby boomers and their impact on the U.S. economy in coming decades. Looking back, the boomers have always been a driving force of many economic booms, busts, and bubbles.
Investing Like an Institution
Institutions shift their focus from analyzing the characteristics of individual securities toward examining the makeup of the whole portfolio and how it can be managed optimally in terms of risk and reward.
Managing the Impact of Wealth
It can be surprising to hear that just 30% of families successfully sustain their wealth beyond three generations. The reasons for wealth transition failures are generally personal rather than technical – resulting from a breakdown of communication within the family, inadequate preparation of heirs, and lack of a shared family vision.
Navigating in a Low Return Environment
In 2015, we saw the financial markets enter into correction territory. Based on our analysis of valuations, it was not unexpected. With equity markets at all-time highs and interest rates at historic lows for several years, something was bound to buckle.
Philanthropy + Finance = Mission Investing for Private Foundations
Mission investing offers foundations a tool to engage in effective philanthropy and drive social change. As a complement to effective grant-making and other philanthropic activities, mission investing can potentially shape desired social outcomes.
Portability of the Unused Spousal Exclusion
An estate plan that incorporates portability provisions could possibly reduce overall tax exposure when compared with a traditional estate plan.
Power of Appointment Support Trust
For many ultra-high-net-worth investors, implementing planning strategies designed to help minimize to minimize income and estate, gift, and generation-skipping transfer taxes is a top concern. In the past, limited tax exclusions and credits made it difficult to transfer wealth to both parents and children. However, recent changes to transfer tax laws have opened a new avenue to transferring wealth.
Preparing for Family Business Transitions
Building and maintaining a successful family business over multiple generations poses a significant challenge. As families expand with spouses and children, it can become complicated to ensure everyone has a role they are suited for and promotes ongoing business and personal fulfillment.
Taking Time to Teach
Researchers found a discrepancy between parents and children when asked how young people learn about the role of money and wealth: 80% of parents believed that their children learn everything they need to know about money in school, and 90% of these students said that whatever they know about money they learned from their parents.
SOURCE: Making the Case for Financial Literacy. Jumpstart Coalition, 2005.
Service Unit
Active Versus Passive Investing
It’s an ongoing and rather heated debate: are active or passive investments better? Actively managed investment opportunities involve careful research, analysis, and selection of individual securities in an effort to outperform the benchmark.
Cash is King
Cash and cash alternatives are commonly regarded as a no-risk, no-reward placeholder having little defined value within a portfolio. For the savvy investor, however, cash alternatives can serve an important role in reducing the swings in portfolio value while also offering liquidity to quickly take advantage of investment opportunities.
Concentration, Opacity, Illiquidity, Leverage, Skill (COILS)
Alpha is a risk-adjusted measure of excess return on an investment. Successfully producing alpha over long periods is difficult, but a measure very much sought after. One way to generate alpha is to exploit inefficiencies. This paper takes a closer look.
Convergence
Throughout history, periods of intense innovation and technological advances have been followed by a relatively radical step-up in the human condition as new industries, processes, and services become commonplace. In the mid- to late-1800s, for example, the United States became truly united with the completion of the transcontinental railroad and a series of interconnected waterways.
End of the Bond Bull
As interest rates declined over the past three decades, investors in bonds benefited greatly. Fixed income returns have been far above historical norms. After the recent credit and financial crisis, global regulators have been struggling to put policies in place that will help prevent such events from recurring in the future. The implications for investors could be significant.
Passive, Ubiquitous, Limber, Separate, and Efficient (PULSE)
This white paper explores the five attributes we focus on to deliver enhanced results within our core investment process. We feel core portfolio investments should be Passive, Ubiquitous, Limber, Separate, and Efficient—or PULSE for short.
Global Population Trends
We’ve all heard about the aging of the baby boomers and their impact on the U.S. economy in coming decades. Looking back, the boomers have always been a driving force of many economic booms, busts, and bubbles.
Investing Like an Institution
Institutions shift their focus from analyzing the characteristics of individual securities toward examining the makeup of the whole portfolio and how it can be managed optimally in terms of risk and reward.
Navigating in a Low Return Environment
In 2015, we saw the financial markets enter into correction territory. Based on our analysis of valuations, it was not unexpected. With equity markets at all-time highs and interest rates at historic lows for several years, something was bound to buckle.
Philanthropy + Finance = Mission Investing for Private Foundations
Mission investing offers foundations a tool to engage in effective philanthropy and drive social change. As a complement to effective grant-making and other philanthropic activities, mission investing can potentially shape desired social outcomes.
Service Unit
Family Foundations
Foundations can contribute to several important goals for the wealthy family: philanthropy, financial education, and clarifying shared family values and vision. When structured properly and managed with the entire family involved, a foundation can provide returns much greater than the money saved in tax deductions.
Service Unit
A Thoughtful Approach to Prenuptial Agreements
A common question we hear is how to broach the subject of prenuptial agreements with the younger generation. It’s a touchy subject that combines love and money at a time when a couple is focused on building a “happily ever after,” not preparing for the possibility of separation.
Should We Have a Family Meeting?
Well-planned family meetings can be a core component to helping families preserve their wealth over multiple generations and can lead to greater chances of long-term success.
Sudden Wealth
From King Midas in ancient Greece to the latest internet millionaire, sudden wealth can bring profound effects and unexpected consequences. For those “lucky” enough to experience sudden wealth, it can be like waking up as a new resident of a completely different country.
Family Foundations
Foundations can contribute to several important goals for the wealthy family: philanthropy, financial education, and clarifying shared family values and vision. When structured properly and managed with the entire family involved, a foundation can provide returns much greater than the money saved in tax deductions.
Family Governance
Every family contains smaller groups that have both overlapping and competing interests. Effective family governance systems serve, manage, and balance those interests.
Giving Wisely
One of the most common concerns we hear from clients revolves around how to share wealth with family members without encouraging entitlement. To help our clients, we developed a multi-stage communication process that takes into consideration your goals and the readiness of the recipient.
Managing the Impact of Wealth
It can be surprising to hear that just 30% of families successfully sustain their wealth beyond three generations. The reasons for wealth transition failures are generally personal rather than technical – resulting from a breakdown of communication within the family, inadequate preparation of heirs, and lack of a shared family vision.
Preparing for Family Business Transitions
Building and maintaining a successful family business over multiple generations poses a significant challenge. As families expand with spouses and children, it can become complicated to ensure everyone has a role they are suited for and promotes ongoing business and personal fulfillment.
Taking Time to Teach
Researchers found a discrepancy between parents and children when asked how young people learn about the role of money and wealth: 80% of parents believed that their children learn everything they need to know about money in school, and 90% of these students said that whatever they know about money they learned from their parents.
SOURCE: Making the Case for Financial Literacy. Jumpstart Coalition, 2005.
Service Unit
Family Foundations
Foundations can contribute to several important goals for the wealthy family: philanthropy, financial education, and clarifying shared family values and vision. When structured properly and managed with the entire family involved, a foundation can provide returns much greater than the money saved in tax deductions.
Portability of the Unused Spousal Exclusion
An estate plan that incorporates portability provisions could possibly reduce overall tax exposure when compared with a traditional estate plan.
Power of Appointment Support Trust
For many ultra-high-net-worth investors, implementing planning strategies designed to help minimize to minimize income and estate, gift, and generation-skipping transfer taxes is a top concern. In the past, limited tax exclusions and credits made it difficult to transfer wealth to both parents and children. However, recent changes to transfer tax laws have opened a new avenue to transferring wealth.