By Michael A. Smith, Partner, Carlile Patchen & Murphy LLP Flying monkeys are tame by comparison and Dorothy would probably be terrified as virtual currency schemes (also known as cryptocurrencies) have proliferated in recent years, gaining ground as a means of exchange. Proponents of these cryptocurrencies argue that they provide benefits of anonymity, speed, convenience, […]
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By Carl A. Aveni II, Partner, Carlile Patchen & Murphy LLP It’s the seventh day of trial, and the novelty has definitely worn off. Your expert is on the stand, methodically slogging through the minutiae of your case, but, frankly, nobody seems particularly excited about it. The testimony has been reduced to a series […]
By Paul Sullivan Originally appeared in “The New York Times” on January 19, 2018. When a financial adviser leaves a firm, clients often get caught in the middle of what amounts to a messy divorce. A squabble now playing out in the wealth management industry suggests that many of those splits could get messier. Financial […]
COLUMBUS, Ohio, Jan. 4, 2018 /PRNewswire/ — Carlile Patchen & Murphy LLP is pleased to announce that Brandon A. Borgmann has been promoted to Partner in the Family Wealth & Estate Planning practice of the Columbus based law firm. “Brandon is well deserving and has been a member of our practice group for a decade. […]
COLUMBUS, Ohio, Jan. 4, 2018 /PRNewswire/ — Carlile Patchen & Murphy LLP is pleased to announce that Geoffrey S. Kunkler has been promoted to Partner in the Family Wealth & Estate Planning practice of the Columbus based law firm. “Geoff has worked hard to earn this promotion. His accreditation from the Department of Veterans Affairs […]
By Jack C. Butler, Partner, Carlile Patchen & Murphy LLP As of January 1, 2018, new IRS rules regarding audits of partnerships became effective. These rules, adopted prior to and not part of the Tax Cuts and Jobs Act, apply to any entity or arrangement that is a “partnership” for tax purposes, which […]
We show that the assignment of property rights to client relationships affects employee behavior in the industry for financial advice. Our identification comes from staggered firm-level entry into The Protocol for Broker Recruiting. The Protocol effectively transfers the ownership of the client relationship from the firm to the employee.
Experts fear Morgan Stanley’s exit from the Protocol for Broker Recruiting is a stern warning to broker-dealers planning to leave the wirehouse and to the firms planning to hire or absorb these individuals. The clear message, say lawyers, is that doing so would lead to more payback in courts or in arbitration. Other broker-dealer firms are […]
By Jordan Butler, Associate, Carlile Patchen & Murphy LLP Deferred compensation is an arrangement in which a portion of an employee’s income is deferred and paid out at a later date. A “qualified” deferred compensation plan is one that must comply with the rules and regulations of ERISA (e.g., 401(k) plans). “Nonqualified” plans give employers […]
By Joseph M. Patchen When you get on a plane, whether you are the pilot or the passenger, you make a visual check and a mental note of your exit plan in case of emergency. It doesn’t take long and hopefully never becomes important — but you always do it. Likewise, when successful business owners […]