Issue 30: 2015

President's Letter

A Message From Keith Banks

Photograph by David Hume Kennerly

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The skills required to build and run a business aren’t the same skills required to sell it. Yet many owners put off preparing for a sale, which is why they are often surprised by the complexity of the process. This issue’s cover story, “Navigating Your Sale,” shines a light on the sale process — the questions that must be answered, the assembling of a deal team and many other steps required to achieve a significant capital gain after years of building wealth within a company.

Also in this issue, we explore a point of concern and confusion for many investors — rising interest rates. Whether it’s DeAnne Steele’s interest-rate primer, John Donovan’s look at the impact of rising rates on fixed income investing, Mitch Drossman’s take on rising rates and estate planning strategies or Chris Hyzy’s investment outlook, the message is clear: The Fed is likely to raise rates, but it is expected to do so in a measured way that is unlikely to derail the economy. Some of our wealth management approaches may need to be altered as a result, but we believe rising rates should not be a major cause for long-term concern.

I also call your attention to “The Global Water Crisis,” which explores an area that’s receiving less attention than it deserves — the growing water stress here at home and abroad, including its resulting global economic implications and emerging investment opportunities.

Finally, as we’re in the midst of the annual giving season, “Give, Monitor, Evaluate” and “Becoming a High Impact Philanthropist” explore how the nature of philanthropy is changing. In these articles we look at new tools that allow wealthy donors to become more focused in their charitable giving goals while also monitoring how their gifts affect people’s lives.

I hope that you find these and the many other articles in this issue interesting and useful.

As we approach the holidays and the end of another year, I want to express my deep appreciation for your continued support of U.S. Trust. On behalf of all of my colleagues, please accept our warmest wishes for a wonderful holiday season and new year.

Keith T. Banks

President
U.S. Trust, Bank of America Private Wealth Management

The skills required to build and run a business aren’t the same skills required to sell it. Yet many owners put off preparing for a sale, which is why they are often surprised by the complexity of the process. This issue’s cover story, “Navigating Your Sale,” shines a light on the sale process — the questions that must be answered, the assembling of a deal team and many other steps required to achieve a significant capital gain after years of building wealth within a company.

Also in this issue, we explore a point of concern and confusion for many investors — rising interest rates. Whether it’s DeAnne Steele’s interest-rate primer, John Donovan’s look at the impact of rising rates on fixed income investing, Mitch Drossman’s take on rising rates and estate planning strategies or Chris Hyzy’s investment outlook, the message is clear: The Fed is likely to raise rates, but it is expected to do so in a measured way that is unlikely to derail the economy. Some of our wealth management approaches may need to be altered as a result, but we believe rising rates should not be a major cause for long-term concern.

I also call your attention to “The Global Water Crisis,” which explores an area that’s receiving less attention than it deserves — the growing water stress here at home and abroad, including its resulting global economic implications and emerging investment opportunities.

Finally, as we’re in the midst of the annual giving season, “Give, Monitor, Evaluate” and “Becoming a High Impact Philanthropist” explore how the nature of philanthropy is changing. In these articles we look at new tools that allow wealthy donors to become more focused in their charitable giving goals while also monitoring how their gifts affect people’s lives.

I hope that you find these and the many other articles in this issue interesting and useful.

As we approach the holidays and the end of another year, I want to express my deep appreciation for your continued support of U.S. Trust. On behalf of all of my colleagues, please accept our warmest wishes for a wonderful holiday season and new year.

Keith T. Banks

President
U.S. Trust, Bank of America Private Wealth Management