Protecting Clients from Fraud, Incompetence and Scams

  • ID: 2211294
  • Book
  • 240 Pages
  • John Wiley and Sons Ltd
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How much money did your clients lose in the Great Recession?

It doesn′t matter if a financial error was made because of malice or ignorance. The end result is the same:

You. Lost. Money.

Luckily, you don′t have to sit idly and take it. Protecting Clients from Fraud, Incompetence, and Scams will help you identify and avoid the dysfunctional sectors of the financial industry, steer clear of the fallout from the Madoff Era, and guide your clients to real, healthy, sustainable returns.

This powerful book:

  • Pinpoints dysfunctional sectors within the financial industry and offers advice against frauds and scammers

  • Shows how a team approach to asset management can ward off financial predators

  • Offers practical strategies and tools to combat client exposure to risk and asset management

  • Expertly arms you with the tools to eliminate future frauds and reduce fraud losses

  • Identifies trouble spots to avoid with solutions you can put to work right away

  • Helps you provide your clients with assurance in the form of practical solutions for risk and asset management

Financial fraud and incompetence can′t come to the party anymore! With insightful information to protect your clients from losing money, Protecting Clients from Fraud, Incompetence, and Scams is the book of the hour, equipping you with tips and techniques to spot the red flags of fraud and prevent it before it starts.

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Acknowledgments.

Introduction: Every Accountant and Attorney Should Read This Book.

CHAPTER 1 Meltdown.

The Party′s Over.

We All Know The Result.

Grim Statistics.

Retirement Plans and the IRS.

Summary.

CHAPTER 2 Everyone Needs a Family Office.

Why a Family Office?

Retaining a Firm.

The Family Office Advantage.

Summary.

CHAPTER 3 Protect Your (Retirement) Assets.

The Fiduciary Duty.

Documenting a Process.

Plan Options/Simple IRA.

You Cannot Save Enough.

Another Option The 412(e)(3).

The Cash–Balance Plan.

Summary.

CHAPTER 4 How Much Did You Lose Last Year?

Basic Financial Strategies Quiz.

Estate and Financial Planning.

Life Insurance.

Succession Planning.

The Buy–Sell.

Medical Insurance.

Asset Protection.

VEBA.

Other Post–Employment Benefits.

OPEB Cost.

VEBA Plan Benefits.

Taxes.

Retirement.

Legislative Changes.

HSA/HRA.

412(e).

Audits.

Shelters.

6707A.

Captives.

Summary.

CHAPTER 5 Self–Defense.

Captive Insurance.

Basics.

Sharing.

Caveats.

Summary.

CHAPTER 6 Asset Protection Basics.

Asset Protection Necessity, Not Luxury.

Who Needs Asset Protection?

Separating Ownership from Control.

What Is a Trust?

How Does a Trust Work?

How Is a Trust Used?

Offshore Trusts.

Asset Protection FAQs.

Summary.

CHAPTER 7 Shifting the Risk Equation Insurance Maneuvers.

Key Employee Insurance.

LTCi for The Business Owner.

Life Insurance for Business Continuation.

Summary.

CHAPTER 8 Reevaluating Existing Insurance.

Evaluation or Audit.

Consultative Leverage.

Summary.

CHAPTER 9 What Financial Advisors Forget to Tell Their Clients.

Fiduciary Duty.

Summary.

CHAPTER 10 The Truth About Variable Annuities.

Variable Annuity Components.

Mortality and Expense Charges.

Guarantees.

Summary.

CHAPTER 11 What Life Insurance Agents Forget to Tell Their Clients.

Questionable Aspirations.

Coverage Needs.

Estate Taxes.

The ILIT.

Summary.

CHAPTER 12 What You Must Know About Life Settlements.

Life Settlements.

Industry Regulation and Compliance.

Licensing and Reporting.

Compensation.

Compensation Abuse.

Suitability.

Best Execution and Due Diligence.

Fraud Prevention.

STOLI.

Evaluation and Processing.

Tax Treatment.

Case Studies.

Caveat Venditor.

Summary.

CHAPTER 13 What Health Insurance Agents Forget to Tell Their Clients .

Out of Control Costs.

Small Business at Risk.

The Risk of On–Site Medical Clinics.

Using an HSA for Your Personal Retirement.

Creating an Employee Retirement Vehicle.

IRS Form 8889 (HSA).

More Effective Strategy.

Aggregate Cap Planning.

HRA.

Managing General Underwriter.

Summary.

CHAPTER 14 College Funding Strategies and Solutions.

The Traditional Approach.

Good Intentions, Disastrous Consequences.

Traditional Vehicles.

Real Life.

Summary.

CHAPTER 15 Two Alternative Investments for Financial Independence.

The Tertiary Market.

History.

Risk.

Reward.

Another Alternative.

O&G Advantages.

Summary.

CHAPTER 16 Avoiding Fraud: Small Business Case Study.

Introduction.

Suspicion.

Investigation.

Fraud.

Dismissal and Prosecution.

New Mechanisms.

Summary.

Appendix A Best of the Best.

Insurance Advisors.

Investment Advisors.

Law.

Business Services.

Epilogue.

About the Authors. 

About the Contributors.

Mark Boehm, MBA, CWPP

Aaron Skloff, AIF, CFA, MBA.

Carl Allen, III.

Index.

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Lance Wallach
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