White Papers
Home : White Papers : [42-30], [29-20], [19-10], [9-1]
White Paper No. 9 – Managing Investment-Related Taxes: Increasing Net Wealth through Astute
Management of the Tax Consequences of Investment Activity
An important part of Greycourt’s value proposition to its family clients is our ability to add substantially to their net after-tax wealth through
careful management of investment-related taxes throughout the portfolio management process. Because taxes represent such an important aspect of portfolio management for families, two families can experience the same
gross returns but experience profoundly different results in terms of their net wealth. For wealthy families these differences can amount to millions of dollars per year. This white paper describes the main steps
Greycourt takes to minimize taxes throughout the investment process.
White Paper No. 7 – Combining Estate Planning with Asset Allocation
Although estate planning has long played a critical role in preserving wealth for future generations, this area has been dominated by attorneys and trust administrators. Investment professionals, however, can
benefit their clients by developing an understanding of how the mechanics of wealth-transfer techniques work. The integration of asset allocation techniques with estate-planning structures allows investment advisors
to enhance the after-tax, multigenerational value of clients’ overall portfolios.
White Paper No. 6 – Investment Considerations Associated with
Complex Estate Planning Strategies
The paper discusses complex estate planning vehicles that are frequently encountered in the course of Greycourt’s advisory work with wealthy families. The purpose of the
paper is to highlight the investment implications associated with the use of each strategy.
White Paper No. 5 – Working with Investment Consultants: Price Versus Value
Certain cost-conscious investors – especially smaller investors and charitable endowment funds – sometimes express concern about the level of fees charged by Greycourt and a few other premier firms. The purpose of
this white paper is to explain why some firms charge more than others. We will describe the two kinds of investment consulting firms available to investors and suggest how investors might thoughtfully decide which
type of firm is likely to best meet their investment needs.
White Paper No. 4 – Soft Dollars: Greycourt’s Position
Clients, money managers, investment
bankers and brokers often ask why Greycourt adamantly refuses to accept soft dollar payments for its consulting services. This white paper explores the issue of soft dollar commissions and explains why we are
opposed both to the practice and to accepting soft dollars as part of our fee.
White Paper No. 3 – Philanthropy in Estate Planning: Balancing Charity against Personal Spending Needs
Many wealthy clients have philanthropic goals, but few receive sufficient guidance regarding how best to balance these goals against personal spending needs. Deciding how to distribute
wealth can be a complicated and often emotional process. As a result, investment advisors need to understand their clients’ wealth-distribution preferences and must help quantify potential investment risks
associated with different levels and forms of gifting. By helping identify who bears residual investment risk under varying gifting regimes, investment advisors can ensure that their clients’ wealth is distributed
in a way that fits their client’s individual, family, and philanthropic ambitions.
White Paper No. 2 – Money Managers: Greycourt's Criteria and Procedures
for Selecting Best In Class Managers
Clients and money managers often ask us how we select the managers we recommend and how we work with money managers. This white paper describes Greycourt, its
characteristic client base, and the procedures we follow before recommending managers or investment products to our clients.
White Paper No. 1 – Exchange-Traded Funds: Are They the Right Choice?
Exchange Traded Funds
(ETFs) are recent phenomena that started in 1993 when State Street sponsored the first ETF in the form of the SPDR Trust. New funds are constantly being formed and ETFs now provide investors with viable alternatives
to mutual funds. SPDRs (SPY) attempt to track the S&P 500 index much in the same way that Vanguard manages its popular S&P 500 mutual fund.
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