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The Size Effect Continues to be Relevant

When Estimating the Cost of Capital (Part I of III) In this paper, published in three parts with NACVA’s QuickRead, Roger Grabowski reviews the size effect, potential reasons why one observes the size effect, and correct common misconceptions and address criticisms of the Size Premia (SP). Throughout this paper, the author shows that using a pure market factor as the sole risk factor in estimating the expec ...

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Big MAC II

Fresenius is the First (General) MAC in Delaware History (Part II of II) This is a follow-up article about the first seller that successfully terminated a deal in Delaware due to a MAC clause. The previous article addressed the General MAC clause. This article addresses the Regulatory MAC clause. Introduction This is a follow-up article about the first seller that successfully terminated a deal in Delaware ...

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Financial Elder Fraud Reports Quadruple; Amount Reaches $1.7 Billion

The number of reports of financial fraud against older adults has quadrupled since 2013, with 63,500 filed reports describing more than $1.7 billion in actual losses or attempted thefts in 2017, according to a report released by the federal Consumer Financial Protection Bureau. To read the full article in McKnight’s Senior Living, click: Financial Elder Fraud Reports Quadruple; Amount Reaches $1.7 Billion. ...

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How Advisors Should Approach Outsourcing

Outsourcing tasks such as technology, compliance and investment management can improve advisers' productivity and efficiency, a study found. Performing due diligence is key when choosing a provider. To read the full article in Financial Planning, click: How Advisors Should Approach Outsourcing. ...

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What You Need to Know About the Federal Opportunity Zone Program

The Qualified Opportunity Zone program has the potential to help investors lower their federal capital gains taxes while contributing to the development of areas that need support. Here is a look at several factors to consider, including which gains are eligible for the program and when a 1031 like-kind exchange may be preferable. Want more tips and resources to help with tax reform topics? PFP Section memb ...

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Lost Profits, Modern New Business Rule

and Defense Strategies Beyond Reasonable Certainty Experts estimating lost profits under the modern new business rule know that lost profit estimates in these cases are held to a higher reasonable certainty standard than calculations for lost profits in cases with established businesses. Failing to meet this higher standard may cause an expert’s calculations to be ruled as speculative. To this level of grea ...

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How to Write Headlines

that Produce Results Great headlines—whether in blog posts or e-mails—can convince people to continue reading, even if the writing that follows is mediocre. In fact, researchers have found that people generally read eight out of every 10 headlines…but read only two of the pieces that follow the headlines. Because blogging and email marketing are such critical tools for accounting and valuation firms, learni ...

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Building Trust in ‘Fake News’ Era

Investors are more skeptical today than ever before about the financial advice they’re getting—and of the professionals offering that advice. Of course, it’s not just the financial services industry that has people wary. The government, the news media and corporations are viewed these days with rising suspicion and distrust by a significant number of Americans. To read the full article in Financial Planning ...

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Aging and How it Affects Advisor Practices

In this video, Martin Shenkman, CPA, PFS, and Hugh Magill of Northern Trust, discuss issues that may arise as a result of longer life expectancies and an aging client base. Among other things, they discuss healthcare spending and the changing nature of estate planning. To read the full article in Wealth Management, click: What to Focus on When You Have Older Clients. ...

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Top Democrat on Senate Panel Wants Hearing on SEC’s Reg BI

Sen. Sherrod Brown, the highest-ranking Democrat on the Senate banking committee, is calling for a hearing on the Securities and Exchange Commission's proposed Regulation Best Interest. He cited a letter from 11 former SEC economists raising concerns about the economic analysis that went into the regulation. To read the full article in Think Advisor, click: Senate Banking Panel Lawmaker Wants Reg BI Hearing ...

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Lost Profits: Fifth Circuit Decision Clarifies Reasonable Certainty

for the Modern New Business Rule A recent Fifth Circuit Court of Appeals decision has thrown additional light on the reasonable certainty standard used to assess lost profits for claims made by new or unestablished businesses. The decision helps put into perspective what information can and, more importantly, cannot be used to calculate lost profits for a new or unestablished business. While sometimes a dau ...

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Big MAC

Fresenius is the First (General) MAC in Delaware History (Part I of II) What did Big Foot, the Loch Ness Monster, aliens at Area 51, and Material Adverse Changes (MACs) in Delaware used to have in common? They all allegedly existed but their existence was never proven. That recently changed with a Delaware Chancery Court judge’s 246-page decision in October 2018 that was affirmed by the Delaware Supreme Cou ...

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Top Financial Firms Cut Jobs Amid 2019 Market Turmoil

Asset managers and banks are under pressure as volatility roils global markets and investors pile into passive, low-fee funds. The $3 trillion hedge fund market has been hit hard as performance sank and funds closed last year. One recruiter thinks more shakeout lays ahead. To read the full article in Financial Planning, click: Top Financial Firms Cut Jobs Amid 2019 Market Turmoil. ...

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Twelve Common Technology Mistakes You Should Avoid

Over my 30-plus year career consulting on technology, I've encountered many mistakes my clients have made regarding hardware, software, and technology in general. As technology has become more integral and complicated, I've seen an increasing number of companies struggle with it. These problems aren't just minor issues; in many cases they could threaten a company's survival. To read the full article in Jour ...

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Spotify Bets Big on Podcasting to Power Battle Against Apple

Spotify Technology SA acquired podcasting companies Gimlet Media Inc. and Anchor FM Inc., a declaration that their specialty is the next big area of growth for the world’s largest paid music service. To read the full article in Bloomberg, click: Spotify Bets Big on Podcasting to Power Battle Against Apple. ...

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Ownership, Specificity, and Brevity

(OSB) The OSB technique is indispensable to establish veracity when hearing or reading questions and answers, such as deposition transcripts, expert report content and even daily conversation. You can (and should) use the OSB mnemonic in most of your public and private communications, including if you provide expert witness testimony. And, once you begin applying the technique you will find it indispensable ...

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Expert Witness Exchange: Expert Beware

Liability Claims May Follow In this article, the Expert Witness Exchange (EWE) discusses expert witness liability exposure. Expert witnesses provide a great service to our court system in the United States, as well as in many other countries around the world. They are often sought out by attorneys to offer their opinion in legal matters without having any personal stake in the outcome. Most of the time, exp ...

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Why the Market for Advisors has Never Been Better

Cerulli Associates estimates that there are just over 300,000 advisors in the U.S. This number has caused some hand-wringing in our industry—and, I’d argue, for the wrong reasons. Despite forecasts suggesting the advisory industry will shrink in the coming years, there’s plenty cause for optimism. To read the full article in Financial Planning, click: Why the Market for Advisors has Never Been Better. ...

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Tax Traps for Divorcing Clients

The surprise split of Amazon CEO Jeff Bezos and his wife MacKenzie puts advisors on alert: Are you prepared with appropriate retirement and tax advice if your clients divorce? It’s unlikely that Bezos will have to crack open his Amazon 401(k) or IRA to get through this event. But for your average client, that’s exactly where most of their wealth may be. To read the full article in Financial Planning, click: ...

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74% of Users Don’t Know Facebook Records Their Ad Preferences

Facebook has been in the news quite a bit for its ad targeting over the past year, most notably with reports that the now-defunct Cambridge Analytica used improperly obtained data to develop “personality” profiles on U.S. voters and target ads toward them during the 2016 U.S. presidential election. But many users are still unaware what information Facebook actually collects for ad targeting purposes. To rea ...

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