Yield of Dreams

An Alarming Economist Cover: 'Hunting the Rich'

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Hunting_RichThe cover of this week's The Economist screams "maybe advisors have more to worry about than they think!" The cover story delves into both the good and bad reasons we should raise taxes on the wealthy, but the cover image is disconcerning. Here's how the article opens:
THE horns have sounded and the hounds are baying. Across the developed world the hunt for more taxes from the wealthy is on.

The horns and the hounds sound quite gloomy, and indicate that advisors should be taking action sooner than later on their clients' tax planning.

But advisors and wealth managers I talked to this week about Obama's tax plan were not so worried. In fact, most seem to be taking a wait-and-see approach and don't even believe the proposals will go anywhere.

So is the magazine's cover over-exaggerating or should the industry turn more attention toward this issue? Only time will tell. In the meantime, look at those wealthy run!

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Casting a gimlet-eye on asset management issues.

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