The Investment Management Consultants Association's annual consultants conference, which will be held in New York City Jan. 30-31, will feature presentations by investment strategists Milton Ezrati of Lord Abbett & Co., Jonathan Golub of UBS, Burt White of LPL Financial and Carmen Reinhart of the Peterson Institute for International Economics. "What’s unique about the IMCA conference is that we will have exhibitors and sponsors, but there are no ‘pay to play’ presentations," says IMCA Executive Director Sean Walters. "We’re one of the only conferences in the industry that uses peer-driven content."
American and European family offices chose to make tactical changes rather than strategic ones after the recession, a Cambridge Associates survey found. The most common changes included increasing liquidity, rebalancing portfolios, reducing risk and making more cash flow projections. About 75% of respondents said they've increased oversight of outside advisers. Meanwhile, only about 25% of family offices made strategic changes such as raising allocations to hedge funds and decreasing public equity holdings.
Affluent taxpayers could face an almost 300% increase in taxes starting in 2013, according to a report from research firm Washington Update. The expiration of Bush-era tax cuts will lead to tax increases on dividends, capital gains, estates and ordinary income. The report recommends strategies such as selling off assets in 2012 and deferring charitable giving as a way to minimize the effects of the changes.
Advisers are telling their high-net-worth clients to be more cautious in case of an audit by the Internal Revenue Service. Some suggest that clients improve record-keeping and hire appraisers to value assets. Recent data show that the IRS is increasingly focusing audits on people with income of $1 million or more.