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Trusts Aren’t Just for the Wealthy

Six ways they can be used.

portrait of Danny Lohrfink
Lohrfink
 Danny Lohrfink is the co-founder and chief product officer of Wealth.com. Previously, he was business lead of SoFi’s wealth management division, SoFi Invest, and held several roles at Goldman Sachs Private Wealth Management, including VP on the PWM Management team.

By Danny Lohrfink 
The Holistic Guide to Wealth Management

Contrary to popular belief, a person’s net worth is not the only – or most important – factor when deciding if a trust is appropriate for them. After all a trust is simply an agreement between someone who owns an asset and a trusted person whom they choose to hold and manage that asset for them.

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This common misconception that trusts are only for the wealthy has long prevailed as a leading narrative because of the historically high costs associated with establishing and managing a trust. These costs presented a barrier for many individuals who lacked the financial resources to hire an expensive estate planning attorney. The result was that only the wealthy had these vehicles because they were the only people who could afford them.
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All Ages Can Benefit from Trust and Estate Planning

portrait of Cody Barbo
Barbo
 Cody Barbo is the founder and CEO of Trust & Will. Before this, he was founder and CEO of Industry, a “LinkedIn” for the service and hospitality industry. He serves on the San Diego State University Alumni Board of Advisors and Phi Kappa Theta Fraternity’s National Foundation Board.

Advances in online planning tools make it easier and more affordable.

By Cody Barbo
The Holistic Guide to Wealth Management

Studies show that 60 percent of families don’t have any estate planning in place, which usually makes it more painful and expensive for families to settle the estate of their loved ones.

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When it comes to considering who will be the best guardian for your children or how to divide your assets among loved ones, thinking about your estate can be stressful and intimidating. In fact, our research shows that half of people who eventually do get estate plans in place, spend one to five years considering before actually completing it. Why do so many people procrastinate about something that’s so important?
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Four Misconceptions about Annuities and Insurance

Lau
 David Lau is the founder and CEO of DPL Financial Partners, a privately held financial services firm that specializes in the development and distribution of low-cost, commission-free insurance and annuity products, for registered investment advisors (RIAs) and individual investors.

Perceptions are changing … and rightfully so.

By David Lau, founder and CEO of DPL Financial Partners, and 
Ross McGoodwin, regional vice president at DPL Financial Partners
The Holistic Guide to Wealth Management

After the stock market swooned (-22% S&P 500) and the majority of bond indices suffered double-digit losses in 2022, protection and income solutions are at the forefront of planning discussions. Instead of these principal protection and income solutions being offered only by commission-based agents, however, now they can be offered by fiduciaries for planning discussions and appropriate implementation.

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According to LIMRA (Life Insurance Marketing and Research Association), retail annuity sales in 2022 shattered the annual sales records set during the global financial crisis of 2008. For instance, fixed-rate deferred annuities totaled $113 billion, more than double the sales in 2021, LIMRA reported. CD alternatives, such as fixed-rate deferred annuities, provide security and tax-deferred growth. I have found this helps clients guarantee upside return, something they are actively seeking after one of the worst years in combined equity and bond performance since World War II. I’ve also found that fee-only options will provide higher rates compared to traditional, commission-based solutions.
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ADVISORY & CONSULTING

Fifteen Age-Based Client Milestones to Cover

timeline
Source: Bento Engine

 

portrait of Philipp Hecker
Hecker
 Philipp Hecker is a co-founder and the CEO of Bento Engine, a FinTech at the intersection of technology and impactful wealth management advice. At J.P. Morgan he founded and led the Wealth Planning & Advice organization. He holds an MBA from Harvard Business School.

Close the advice gaps.

By Philipp Hecker
The Holistic Guide to Wealth Management

Despite the significant growth of the U.S. wealth management industry over the past few decades, the state of advice in this country falls short of its potential. Americans deserve more and better advice beyond just investment-related matters. Several concerning statistics highlight this issue:

  • A Caring.com survey finds that a staggering 67 percent of Americans pass away without a will, lacking even the most fundamental trust and estate documents.
  • An Edward Jones survey finds just one in five U.S. parents have saved, or are planning to save, for their children’s education using a 529 plan. In fact, two thirds (67%) of survey respondents said they were not aware of the features and potential tax benefits of 529 plans.
  • Vanguard data finds that just one in six retirement account holders over age 50 are making catchup contributions to which they are eligible.

Our firm’s research found that three in five investors (60%) who have advisors are not getting the guidance they need about making retirement catchup contributions, while two in five (40%) lack clarity about fundamental decisions around the optimal timing for initiating Social Security benefits.

Imagine what it’s like for the majority of Americans who don’t have financial advisors.
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ADVISORY & CONSULTING

Alan Whitman: Breaking the Mold with PE Backing | Holistic Guide

Ex-Baker Tilly CEO takes helm at a new “category” of CPA firm.

Sponsored by The Balanced Millionaire: The Advisor Edition by Dr. Jackie Meyer | See Today’s Special Offer

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By Rory Henry CFP®, BFA™
For CPA Trendlines

When CPA firms talk about growth, the conversation often centers on acquisitions, headcount, or revenue targets.

But Alan Whitman, the ex-Baker Tilly CEO and newly named CEO of a private-equity-backed hybrid, says sustainable growth requires something deeper: clarity of strategy, shared language, and systems that enable people to perform at scale.

MORE Alan Whitman Plants a Flag in the Private Equity Landscape | Whitman: Build Culture on ‘Progress,’ Not Change | Moss Adams-Baker Tilly Merger: Bigger Isn’t Better. Better Is Better. | Rory Henry and The Holistic Guide to Wealth Management | The Holistic Guide to Wealth Management |

5 Advis-ROR® Takeaways

  1. Growth requires a mindset before metrics. Sustainable scale comes from changing how a firm thinks and operates, not just from chasing revenue, headcount, or deal volume.
  2. Strategy is about direction, not activity. Conferences, outreach, and initiatives only matter when they clearly support how the firm wants to be seen and who it is built to serve.
  3. Systems enable people to scale. Communication, sales, and talent engines allow firms to grow without relying on individual effort or burnout.
  4. Language creates alignment. Clarity about who the firm is and what it does helps teams make consistent decisions and reduces confusion as the organization expands.
  5. Leadership demands clarity over hope. Early success may come from hustle and hope, but long-term growth requires intentional structure, accountability, and shared understanding.

This episode of AFO Wealth Management Forward was recorded shortly before the public announcement of a new professional services platform that combines accounting and advisory firm Nichols Cauley with insurance brokerage Partners Risk Services and transaction advisory firm JGH Consulting. The new platform is supported by a strategic investment from private equity investment firm Madison Dearborn Partners. Whitman was named CEO of the combined platform.  Widely known for his role in helping scale Baker Tilly into a national firm, Whitman says his leadership mindset is focused less on outcomes and more on the conditions that enabled growth.

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