Advisor News – The News Desk

Being rich offers little protection against making costly financial mistakes. For this week’s Barron’s Advisor Big Q, we asked financial advisors to identify errors that very wealthy individuals tend to make. One mentioned clients who overly concentrate stockholdings in the companies they work for. Another said she’s seen estate plans include spousal lifetime access trusts (SLATs) that don’t dissolve in the event of a divorce (ouch!). And there are, of course, many flavors of mistakes rich people make in passing on their wealth to their children. In other most-read wealth management articles this week: Early retirement’s allure. Financial advisors are fielding more calls these days from clients looking to retire sooner than anticipated. Accelerating the timetable takes careful plan...

Divorce is never pretty, but it can be even uglier—and prolonged—when significant assets are at stake.The average time to get a divorce is a year, according to a 2019 study by Martindale-Nolo Research. But 13% of respondents had to wait over two years before their divorce was final, the report found. And that’s conservative by some estimates. Some advisors say they have seen divorces drag on for five to eight years or more when assets are particularly complex or couples can’t agree on child custody or other particulars. “For anything that has to do with dollars and cents, the more wealth there is, the more complicated everything is,” says Lauren Cosulich, a partner with Summit Trail Advisors in Boston. Here are seven tips for getting through complicated divorces: Set realist...

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Week’s Best: Wealthy People Make Dumb Money Mistakes, Too

Divorce Is Complicated, Especially for the Rich. 7 Smart Tips From Money Pros.