The wealth management business is in a race to engage today’s diverse asset management customers. Top wealth management executive Gunjan Kedia explains what U.S. Bank is doing to better serve women in the marketplace amid sweeping demographic changes.
The American Bankers Association wrote to the Internal Revenue Service last week seeking relief from certain aspects of the new IRS’ application process for obtaining an Employer Identification Number for trusts and estates of descendants.
As part of its ongoing actions to implement regulatory relief identified by the decennial Economic Growth and Regulatory Paperwork Reduction Act review, the OCC today proposed several rule changes and sought comments on prospective changes sought by ABA during the EGRPRA feedback process.
The long-anticipated transfer of wealth to Gen-Xers and millennials has begun. How can banks position themselves to succeed with these clients? Insights from a recent ABA survey offer some clues.
How can community banks make wealth management a profitable part of their strategy? At Canandaigua National Bank and Trust in New York, 45% of non-interest income—and 15% of the bank’s total revenue—comes from wealth management, says EVP Sam Guerreri.
The American Bankers Association today wrote to Delaware State Bank Commissioner Robert Glen urging him to withdraw a proposal that would prevent new trust company applications from being approved unless they are affiliated with a national bank, an FDIC-insured depository institution or a bank holding company.
In response to the OCC’s advance notice of proposed rulemaking on fiduciary capacity and non-fiduciary custody activities, ABA today submitted a comment letter urging the agency not to proceed.
The OCC is issuing an advance notice of proposed rulemaking regarding the scope of activities that are fiduciary in nature, as well as the requirements of non-fiduciary custody activities of national banks, federal thrifts and federal branches of foreign banks.
Trust bankers and wealth management professionals need to be ready for the law on wills to evolve with technology.
In addition to final rules generally concerning 199A qualified business income deductions, the IRS last Friday concurrently issued proposed rules addressing how the deduction would affect charitable remainder trusts, split-interest trusts and regulated investment companies.