The new tax law is creating a lot of new work and opportunities for trusts and estates lawyers. As such, they’re experiencing two high-class problems: heavy workload and burnout, writes Forbes’ Russ Alan Prince. Prince writes that attorneys who are technically proficient and business savvy will be the ones who will take advantage of the new opportunities created by the new tax law, but also the same ones who will be experiencing the downsides. These problems can be easily resolved, he writes, by having a well-run firm that makes best uses of attorney’s time to “deliver maximum client value and substantial profits.” If they’re able to ride out the workload and burnout, they’ll have another problem to deal with—what to do with all the money they’re going to earn this year.
EP Wealth Advisors, a Torrance, Calif.-based registered investment advisor with more than $3.6 billion in assets under management, named Patrick Goshtigian its new president and CEO. The firm said in a statement that he’ll be focused on its “strategic vision and growth objectives.” In recent years, Goshtigian helped complete the firm’s acquisition of Moore Financial Group (a group with $60 million AUM). Meanwhile, EP Wealth has also acquired Ballou Plum Wealth Advisors ($300 million AUM), Private Capital Management Associates ($80 million AUM) and Millie Capital Management ($240 million AUM).
With interest rates predicted to continue to rise and thousands of baby boomers retiring every day, getting the best rates on fixed income is an issue facing a lot of advisors. Bond trading startup 280 CapMarkets announced a new documentation product, 280 BestX, that pairs with their cloud-based platform, BondNav, to help advisors manage their clients’ fixed income portfolios. Best execution regulations can make bond buying and selling difficult for independent advisors, who suffer from a lack of transparency in the market. “280 BestX documentation was designed to give independent advisors a comprehensive and easy-to-read summary of the prevailing market at the time of the trade, as well as the actions taken to achieve best execution,” said Dave Hsu, chief compliance officer for the company. “This helps advisors maximize their business efficiency while addressing their regulatory requirement with confidence.”