The massive payout ends a yearslong legal saga stemming from allegations that Brockman hid more than $2 billion in income from the IRS through a sprawling offshore web of shell companies and secret bank accounts.
Under the terms of the settlement, Brockman’s estate will pay $456 million in back taxes and $294 million in penalties covering tax years from 2004 through 2018, the filing shows.
These so-called indexers want to have the benefits of active management while calling themselves indexers. It’s a “chicken-and-egg” kind of argument. Except, in this case, those of us who have been in the industry long enough recognize the repackaging of the original active management methodologies that came first.
Research says nine out of 10 financial advisors believe AI can help grow their book of business. Additionally, 83% believe AI will have a direct, measurable, and consistent impact on the client-advisor relationship in the next 18 months.
