Minimize tax hits via upstream gifting; BofA exec on what wealthy clients want; tech choices at a Silicon Valley RIA

TAX PLANNING: For clients with highly appreciated stock holdings, figuring out a way around capital gains hits is key. "At any point in time, someone can have or hold an asset that has a low cost basis and a big unrealized gain, and we need to think about, are there ways that we can help them not incur that tax liability?" said Benjamin Rizzuto, CFP®, CPWA®, CRPS® of Janus Henderson Investors' Specialist Consulting Group. “Upstream gifting” is one way — read more on the strategy. 

READ: How to avoid capital gains taxes with highly appreciated stocks

WEALTH MANAGEMENT: Bank of America Private Bank is going into high gear on recruiting, luring private bank leaders from industry rivals. FP sat down with Emily Dreas, BofA's private bank senior market executive in New York, for a conversation on credit, cash flow and more — including the trendy new investment that ultrahigh net worth clients are now interested in. “I think people are getting used to rates where they are now. We're not used to zero anymore,” Dreas said. 

READ: What's hot with UHNW clients? BofA exec sees shift

TECHNOLOGY: No surprise that a new RIA based in Silicon Valley would be hyperconscious of new AI tools and more that could be incorporated into a budding wealth management practice. "I've been more willing to be what I call an 'early adopter' here, just because of the efficiency, time savings and the ability to make my staff that much more productive," said Tony Blagrove, CFA, CFP®, founder of Traveka Wealth. See the tech choices he made, and why. 

READ: Silicon Valley RIA bets on early AI adoption: Show Me Your Stack

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