Products June 11, 2008

Web site Serves as Forum for Female FAs

Lady Advisor provides resources for female financial advisers.
Reported by

Former Citi Smith Barney branch manager Kirsten Lewis launched Lady Advisor (www.LadyAdvisor.com), a subscription-only online resource for financial advisers, according to a press release. Lady Advisor’s mission is “to empower women financial advisers around the world with the information, resources and sense of community they need to have a successful financial services career and a healthy lifestyle,’ the release said.

The Web site includes virtual classrooms, success stories of women from financial advising and outside of it, and a discussion forum. It also features a lifestyle section, where members can discuss striking a healthy balance outside of the office.

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Lewis said she wanted to build a comprehensive and approachable online community in which women FAs, both new and seasoned, could come together. “I wanted to build an inspiring online place where women financial advisers can gather to discuss various topics ranging from work to family, share ideas, herald personal and professional accomplishments, and connect with their peers from around the world,’ she said in the release.

“Whether women financial advisers are just launching their career in the financial services sector, building up their client base, or simply looking to take that next step up the career ladder, Lady Advisor is here to lend a supportive hand,’ Lewis said.

Data & Research June 11, 2008

Succession Plans Collect Dust for Ultra-HNW Business Owners

Ultra-high-net-worth business owners might have succession and estate plans, but fail to implement or update them, a study says.
Reported by

A study by the U.S. Trust, Bank of America Private Wealth Management, which provides succession planning services, found that, although a large majority of owners of ultra-high-net-worth family businesses have wealth transfer plans in place, most of these plans—both professional and personal—have lapsed.

The study, Protecting the Family Fortune, said only 15% of family-owned companies by the ultra-high-net-worth last past the second generation. More than three quarters (76%) of the surveyed business owners have succession plans, but only 38% implement them, according to a press release from Bank of America.

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Estate plans are not much better off, as the majority of owners do not update their plan enough. More than three quarters (78%) of owners have personal estate plans; however, 89% have not updated them after a life-changing event, rendering it obsolete.

Most surveyed business owners (73%) do not have asset protection plans in place at all, which the release notes could be because owners have not been educated about them. Yet, almost nine out of 10 (89%) business owners were “very” or “extremely concerned” about protecting the family’s wealth.

Conducted by Prince & Associates, Inc., and Campden Research, the study surveyed 242 second- to third-generation business owners with interests valued at a minimum of $300 million, and mean value approaching $730 million.

More information about purchasing the study is available at http://www.campden.com//ptff


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