The Daily Brief
Yachts for the Needy

Yachts for the Needy

Boats, Boats, Boats. | Carlos Alvarez/Getty Images

Are your clients fed up with all of the unused yachts they have just floating around taking up space? Well, you’re in luck. SeaKeepers Society’s Yacht Donation Program is here to take unwanted yachts and put them to use for a good cause. In all seriousness, a yacht can quickly become an enormous financial burden as the hidden costs of ownership pile up, and such luxury items can be extremely difficult to sell. Interestingly, the tax deduction for donating a vessel to charity may actually be more valuable to a client than what it would fetch in a sale. Donated yachts are put into service as part of SeaKeepers DISCOVERY Yachts Program, which provides vessels for a variety of purposes, ranging from excursions for underprivileged youth to scientific expeditions. Think of it as a ludicrously high-end Kars4Kids. Donate your Yacht today!

 

Advicent Announces Naviplan 16.0

Advicent announced the upcoming 16th edition of its NaviPlan software and told customers to expect new planning options, functionality improvements and updated tax information to improve the flexibility and accuracy of your client plans. A new client presentation program promises advisors a more interactive and engaging way to do financial planning with clients. For Canadian advisors, Advicent is improving NaviPlan’s capabilities with private corporation data, including support for more asset types and greater efficiency when tracking a client’s total asset portfolio.

Financial Aid for the Affluent

More money for the rich. | Joe Raedle/Getty Images

Colleges are beginning to provide financial aid for some of their most affluent students rather than those coming from lower-income families, according to a new study by the New America Foundation. The study found that while college costs are skyrocketing—tuition is around $50,000 a year for private schools and $25,000 a year in-state for public universities—students with incomes of $30,000 or less are being required to spend more than half of their income to pay for college. That’s because many private colleges have small endowments, making it difficult for them to support students with the greatest needs. “After all, it’s more profitable for schools to provide five ‘merit’ scholarships of $5,000 each to entice affluent students who will be able to pay the balance—even if they have less-than-stellar grades—than it is to provide a single $25,000 grant to a high-achieving low-income student,” Stephen Burd of the New America Foundation told the Chicago Tribune.

Confidence Is Key

Girl power! | shironosov/iStock/Thinkstock

More than knowledge or people skills, an overwhelming majority of women financial advisors say confidence is the biggest factor that impacts their career success and advancement. In other words, the old adage, “fake it ’til you make it” isn’t such bad advice after all. The insight comes after Edward Jones polled over 170 top women advisors last month, finding 85 percent thought the industry has made process toward advancing women’s careers in the field. But, 77 percent said there was still work to be done, noting women still face barriers. At Edward Jones, women represent 19 percent of the firm’s approximately 14,500 advisors—higher than the industry average of 14 percent calculated by Cerulli Associates.

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