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January 2010 First of all, Happy New Year and I hope that 2010 is off to a very good start for you! This month marks Cymric’s first anniversary as an integrated office of GenSpring Family Offices. Our families are benefitting from the additional resources that GenSpring offers, while our team continues to provide the very personalized service on which Cymric was built. We added two new families in 2009, at the same time continuing to provide the same personalized high touch service to our existing families, which is critically important to the success of the business. This was possible with the addition of Kevin Hansen, a new Relationship Manager who is a CPA, has a Masters in Taxation and in addition to owning and operating a CPA firm, has worked for 2 single family offices in OC. In 2010 we are adding a new Senior Investment Advisor who will also be working very closely with our families. This will allow us to continue to add new families in a very sensible process, delivering a high level of personalized service. On a more personal note, a highlight this past Fall was being honored by the Family Office Exchange as one of twenty family office industry “Pioneers.” It was a most generous acknowledgement of my service and commitment to our families and the industry, and one for which I am truly grateful. I was also appointed Cochair of the Center for Investment Wealth and Management at the UC/Irvine, Paul Merage School of Business. UC/Irvine is one of only two U.S. universities with such a Center. The investment and wealth management industry (which includes the family office industry) will benefit a great deal from students who can receive an education in investment and wealth management, unlike that which they can receive anywhere else. While on the subject of “next generation” click here to read an article from Estate Planning Magazine,“Protecting A Family’s Good Name in the You Tube Age.” It is something of an eye opener. Co-author Michelle Jordan and I have been concerned about the accelerated use of the internet to collect and communicate information and how it can negatively impact a family’s good name and reputation. We wanted to better educate families on the topic so I hope you find the article helpful and, as always, welcome your comments. Reputation Management was one of the subjects discussed at the “family education” events GenSpring hosted last year, along with Investments, Liability, Estate Tax Reform and an Economic Forecast. We are holding similar events this year on topics of importance to our families and if you know someone you think would be interested, let us know and we would be delighted to invite them. Finally, of course, Estate Tax Reform, which remains a passion, even after 18 years! Jeff Cook has been appointed the new President of Policy and Taxation Group, but as its founder and owner, I will continue to stay engaged in the legislative process in DC, working with Jeff. Last year ended with no new legislation passing and so 2010 is here as the one year of repeal. I did not expect this to happen, but then again, it is politics! Legislation could pass this year to eliminate the repeal and replace it with a 45% rate and $3.5 million exemption retroactive to January 1, 2010. Or, 2010 could end with repeal as law and with 2011 at a 55% rate and $1 million exemption. Stay tuned. . . I think few of us would disagree that 2010 remains a challenging year: economy; markets; tax law; and the general world crisis. More so, therefore, our goals as a family office remain to help our families in any way we can, make their lives easier, and help them make informed decisions. Thank you for taking the time to read more about what we are doing and I very much hope to see you in person during the year. Sincerely,
Patricia M. Soldano |
