Sally On Media Corp. is official! A few weeks ago, I incorporated and trademarked my company in the state of Illinois.

My visual identity is coming together as this blog post indicates:

http://tinyurl.com/sallyon

In the weeks and months ahead, my website/blog will get a new look and feel, too.

Thanks!

I must say that it is a pleasure working with my partners on behalf of my new client, Wealth Strategist Network.

As some of you know, I am doing the PR/integrated marketing for Wealth Strategist Network. Emily Lonigro, founder of Lime Red Studio, is redesigning their site and when it's done it will have a completely different look and feel, with fresh content, improved navigation, the works. Working with Metrist Partners, we will optimize the site so that people can find our client easily and frequently. Avery Cohen, the founder of Metrist, is a brilliant marketer and it has been a true delight working with him this summer.

Back to Emily...I know first-hand what a great designer she is. She designed my business cards and wrote about it here:

http://tinyurl.com/sallyon

Thanks for the nice plug, Emily!

My client, Wealth Strategist Network, has some great advice for wealthy investors who are trying to protect their assets in our rough economy.

WSN recommends that wealthy families focus on three core areas of wealth management: investing, infrastructure and spending-and-saving plans:

1. Find investment options with low costs in terms of loading and management fees.

Ask yourself: Did that fancy hedge fund add value to my portfolio? Could I own one mutual fund to accomplish the same thing that I'm getting now with 5, 10 or 20, but with better tax efficiency, lower cost and more free time to do what I really want? Even to people of substantial wealth we recommend "target date" and/or index funds that are broadly diversified and easy to manage. You don't have to waste time asking yourself, "How much do I allocate into each of these 5, 10 or 20 funds?"

Furthermore, owning one diversified mutual fund simplifies the conversations you need to have with your financial advisor. Many of them push back and say they can add more value by making tactical investment decisions. But can they prove it? Ronald Reagan used to say "Trust, but verify". This principal works for the Soviets, teenagers and financial advisors! We always coach wealth owners to ask well-informed, pointed questions, and doing so is even more important today. If wealth owners can minimize the variables in their portfolio (today's economy provides enough variables) they will remain in better control.

Take emerging market hedge funds as another illustration. They might sound attractive until you consider the tax implications. Many hedge funds have a three-year lock-up, meaning you can't access your money for three years. Nevertheless, you have to pay capital gains taxes for each of the three years, and you can't use the money in the fund to do so. Consequently, you wind up using other assets to pay capital gains. Unless you are so skilled that you can identify a manager that, prospectively, can add enough value to beat the emerging markets index net of fees and taxes, we would recommend an emerging market ETF or index fund to get around this-you have more liquidity and it's more tax efficient. And the dealings with your financial advisor and accountant are that much easier. Plus, you get to keep more of the profits because the fees are a lot lower!

2. Know who is doing what with your money at all times. Have a sound wealth-management infrastructure.

Bernie Madoff managed to commit fraud because there were no checks and balances. When one organization is the money manager and the custodian, lots of bad things can happen that the wealth owner can't see. The failure of Lehman Brothers is also rich in lessons about good infrastructure. People who concentrated their hedge fund investments with firms that used Lehman as their prime broker had too much "counter-party risk". They were saddled with costs, illiquidity, worry and other headaches in the aftermath of the firm's demise.

This leads to an important lesson for wealth owners: learn about wealth management from people who aren't in the business of selling you investment products. Have un-conflicted experts coach you on what kinds of questions to ask your financial advisor or money manager. Learn how to measure your investment results - time-weighted returns are important, but you can't spend percents. And focus on the long term without getting too emotional about near-term market volatility. Again, the more in control you are of your assets and your impulses, the better your money will work for you.

3. Revise your spending-and-saving plans.

Let's take a 65-year-old couple. There is a one-in-four chance that at least one of them will live to be 92 years old. Experience a terminal illness such as Alzheimer's and the last few years of an elderly person's life can be quite costly, what with nursing-home costs and medications. Ergo, even the wealthy need to think: how much do I need to save to live my life in comfort without being a financial burden to my children - who may have children and even grandchildren of their own?

Indeed, the financial crisis has reminded us that the world is uncertain. Recent events necessitate an important discussion that wealth owners should have with their families: Entitlement no longer has a place in the family order. Nothing should be taken for granted - and, you have the power to achieve your own success. Each child in a wealthy family has the obligation and the opportunity to pursue his or her own career and contribute wealth to the family. A return to a sound work ethic and deferred gratification is good not only for the family and the individual but for society as a whole.

Several universities are revamping their wealth management courses for these and other reasons. For information on the University of Chicago's Private Wealth Management course, which Stuart teaches, please click here: http://www.chicagoexec.net/chicago.nsf/PROGRAM.html?opennavigator&id=230