‘There’s More Work To Be Done:’ Reg BI Faces Criticism At Congressional Hearing

The Securities and Exchange Commission’s Regulation Best Interest is well-meaning but doesn’t go far enough, the Chair of Certified Financial Planner Board of Standard’s Board of Directors testified today before a Congressional subcommittee. “While we appreciate the opportunity the rule proposals represent, our concern is that they offer the…

Examining the SEC’s Best Interest Rule: “. And in the House bill, we did subject brokers to the same exact fiduciary duty that investment advisers are already subject to– we said that the SEC shall write rules ensuring that brokers who advise retail investors are subject to a legal standard that’ shall be the same as the standard of conduct applicable to an…

The House Financial Services subcommittee on Investor Protection, Entrepreneurship and Capital Markets issued the following testimony by Barbara Roper, director of investor protection for the Consumer Federation of America, at a hearing entitled “Putting Investors First? I am Barbara Roper, director of investor protection for the Consumer Federation of…

Maryland consumers will have less access to professional financial advice, insurance products and investment products under proposed legislation that imposes sweeping, ill-defined burdens on financial advisors, according to the Insured Retirement Institute (IRI), a leading trade association for the retirement income industry.

US stocks move broadly higher, powered by technology and health care stocks. The higher opening puts the market on course for its third straight day of gains as it continues to rebound from its worst week since December. Nvidia and CVS rose. Rite Aid surged on plans to shake up management and trim jobs.

If you feel dread when you think about retirement instead of gleeful anticipation, it could be because you don’t know exactly what your goal is. Here’s how to help target a savings amount and how to get there.

Nationwide Mutual Insurance issued the following news release:. New research from the Nationwide Retirement Institute finds the majority of business owners consider the cost of healthcare to be the biggest expense for those in retirement, outpacing housing, taxes, food and transportation. “Business owners want to talk about employee benefit solutions that…

A broad rally led by technology companies drove U.S. stocks sharply higher Monday, giving the S&P 500 its biggest increase since late January. A sharp decline in Boeing stemmed the gain for the Dow Jones Industrial Average. Investors drew encouragement from a report showing a slight increase in U.S. retail sales for January after a steep decline in December, and…

If you talk to any competent eldercare professional, they will stress that pre-planning is the key to making good choices when it comes to long term care. Unfortunately, what generally happens is that family members wait until a crisis occurs, and then, naturally fast actions leads to hasty, poorly planned decision making. Ken Dychtwald Ph.D., an accomplished…

Bulls dominated the stock market today as the key indexes found support at their 200-day lines. Soaring chip and software stocks boosted the Nasdaq.

Another wave of selling on Wall Street Friday left the S&P 500 with its worst weekly showing since January and its eighth loss in the last nine days. The sell-off, which lost some strength toward the end of the day, followed a surprisingly weak jobs report and more signs that the global economy is hitting the brakes. The U.S. jobs report is the latest batch of…

After Microsoft, there’ s Apple, Amazon, and Google’ s parent company Alphabet. Today, the iPhone accounts for most of Apple’ s revenue, helping Apple to become the first publicly traded company worth more than $1 trillion last year. Both now trade well below that level, and jockey with Microsoft for the most-valuable U.S. company title with valuations of around $800…

Total household net worth in the fourth quarter of 2018 dropped by the largest amount since the fourth quarter of 2008 when the country was in the midst of a steep recession, according to data released last week by the Federal Reserve. In the fourth quarter of 2018, it fell by about $3.7 trillion, a 3.5 percent quarterly decline. More importantly, most of the…

As the bull market for U.S. stocks celebrates its 10th birthday, joining the party has never been cheaper or easier. Investors can buy or sell stocks on their phone with the flick of a thumb, and for a much lower cost. And they also have more choices after the industry introduced thousands of funds to cover everything from the broadest swaths to the smallest niches of the market. That said, investing in the market is still risky.

Broad losses in Shanghai and Hong Kong are leading Asian markets lower, after China reported its exports plunged more than 20 percent in February. Selling Friday also was fueled by worries that the U.S. and China may not be as close to a trade deal as President Donald Trump has suggested. The Shanghai Composite index sank 4.4 percent and Hong Kong’s Hang Seng retreated 1.7 percent, while Japan’s benchmark gave up more than 2 percent.

Stocks are opening lower on Wall Street, putting the market on track for its fourth loss in a row and its first losing week since January. Banks and technology companies had some of the biggest losses in early trading. Kroger slumped after the supermarket operator reported earnings that fell short of Wall Street’s forecasts. European markets narrowed their losses after the European Central Bank pushed back the earliest date of interest rate increases and announced more cheap loans for banks.

The Federal Reserve says the U.S. economy was expanding in January and February, but half the country was seeing fallout from the 35-day partial government shutdown. Some manufacturers expressed worries about weakening global demand for their products and adverse effects from President Donald Trump’s trade policies.

Hence was born, on March 9, 2009, one of the strongest bull markets ever. People who exited the stock market around March 2009 and never re-entered paid a huge price in terms of missed opportunities. Stocks began their rally against a bleak economic backdrop back in March 2009.

Deb Fischer, R- Nebraska, issued the following column:. In his autobiography, President Teddy Roosevelt sought to clear the air. When our investors know they are treated honestly and fairly, they will continue to grow and expand business here in Nebraska and throughout the country.

Small and mid-size business owners are upbeat but also showing some wariness about the economy. That’s the finding of a survey released by researchers at Pepperdine University and Dun & Bradstreet Corp. The survey found that nearly 80 percent of companies expect to perform better in 2019 than last year. The number of companies planning to hire the next six months was up slightly. But nearly a third who don’t plan to hire say uncertainty about the economy is stopping them from adding staffers.

Byline: Lee Barney and Rebecca Moore. There are dramatic differences when it comes to retirement planning behavior by levels of financial fragility, according to a report from the Society of Actuaries, “Aging and Retirement: Financial Fragility Across the Generations.” The SOA interprets financial fragility as vulnerability to a financial crisis and having a…

You don’t have to be wealthy to have an advisor, the results of an industry association membership survey showed.

Feb. 28– Feb. 28– WASHINGTON– The nation’s economic growth declined at the end of last year for the second straight quarter, denying President Trump the 3% annual increase he had promised that Republican tax cuts would spur. Total economic output, also known as gross domestic product, grew 2.9% in 2018, the Commerce Department said Thursday in a report that was…

Next month marks the 10-year anniversary of the current bull market’s beginnings. Yet many Americans remain reluctant to invest in the stock market, a scary hangover from the Great Recession.

Social Security has been a pillar of retirement life for several decades, but how much do you really know about it? The Social Security trust fund exceeds the gross domestic product of every major economy in the world, except the nine largest: China, the European Union, the United States, India, Japan, Germany, Russia, Indonesia, and Brazil.1. For 61% of retirees, Social…

After Hours: Etsy earnings beat, sending shares toward a buy zone in wild action late. Tesla fell as the SEC asked a judge to hold Tesla CEO Elon Musk in contempt.

NEW YORK- Health care and energy companies led U.S. stocks lower Thursday, ending a three-day winning streak for the S&P 500 and giving the benchmark index only its fourth loss this month. The modest sell-off came as investors weighed mixed economic data and earnings reports while keeping an eye on Washington, where U.S. and Chinese negotiators resumed talks…

Social Security is a complicated element of anyone’s retirement plan. Here are the most common mistakes individuals tend to make and how to avoid them.

U.S. stock indexes edged higher in early trading Wednesday, extending modest gains from a day earlier, as investors reviewed the latest batch of company earnings reports. Gains in consumer goods, technology and communications companies outweighed losses in health care and financial stocks. Garmin rose after reporting better sales. CVS Health slumped after the pharmacy operator gave a 2019 outlook that fell short of Wall Street’s expectations.

Managing debt is the No. 2 financial concern of Millennials with investable assets of $100,000 or more, cited by 31%, according to the Advisor Authority Study commissioned by Nationwide Advisory Solutions. By comparison, managing debt is rated fourth by Gen Xers and does not break the top five for Baby Boomers or Matures. In fact, Millennials may be grappling with…

The Insured Retirement Institute issued the following news release:. -Continued Coordination with SEC “Essential to Achieving Regulatory Consistency”. The Insured Retirement Institute filed comments today on a crucial state regulatory model affecting annuity transactions.

Cerulli research finds fixed indexed annuities are expected to rise to the top of the leaderboard over the next few years. What’s behind the prediction?

A growing number of professional publications aimed at financial advisors plus consumer and news mediums are spotlighting the growing problem of student loan debt. Match those up with increased concern over the potential for robotics and artificial intelligence to disrupt careers and job prospects, and an obvious challenge emerges regarding education…

In video 2 of the Rewirement series, Jamie Hopkins, Director of Retirement Research at the Carson Group discusses Long-term care and how advisors can help clients plan for it.

The U.S. Attorney for the Middle District of North Carolina, Matthew G. T. Martin, issued the following news release:. A Florida financial advisor who provided financial services to professional athletes was sentenced to prison today for conspiring to commit wire fraud and money laundering, announced Matthew G.T. Martin, U.S. Attorney for the Middle District of…

The low-cost race is set to escalate further as Charles Schwab and Fidelity Investments both announced plans to expand their commission-free ETF lineup.

Under certain market conditions, and when it comes to particular asset classes, one method tends to outperform the other. Here’s a look at why and what it means to the average investor.

Jamie Hopkins, Director of Retirement Research at the Carson Group introduces his newest video series Rewirement Tips exclusively found on AdvisorNews.com

This year, consider going beyond the flowers and chocolates and think about providing financial-related gifts to your loved ones of all generations. Here are some gift possibilities to consider:. So, why not use Valentine’s Day as an opportunity to review your disability and life insurance?

Americans’ optimism about their personal finances has climbed to levels not seen in more than 16 years, with 69% now saying they expect to be financially better off “at this time next year.”

The gross national debt surpassed $22 trillion for the first time in U.S. history, according to data released by the Treasury Department on Tuesday. National debt stood at $21.974 trillion as of Dec. 31, representing an increase one year after President Donald Trump signed a tax reform bill in which a lower corporate tax rate lowered Treasury revenues.

Valentine’s Day remains a very popular time for marriage proposals, but have you created a financial plan for your possible new life together? “It is so important that couples planning marriage reach an agreement about how they intend to merge their finances,” said Dan Fan, senior vice president and director of wealth planning at First Bank.

Video game and chipmakers led stock futures higher Tuesday, as lawmakers hustled to avoid a government shutdown and the Dow Jones index held at 25,000.

Someone has to inherit your assets, and if you don’t decide, state laws will do it for you. That means your awful Great Uncle Ed may inherit, while your beloved cousin Mary may get nothing. That’s only one reason to get busy.

With a longer lifespan and often less time building a nest egg, the stakes for women are higher in retirement, but these challenges don’t have to sideline your planning.

Strategies can be mixed together. A long-term care plan should never be an all or nothing plan – it should be collaborative and coordinated with the overall retirement income plan.

This $1.5 trillion dilemma doesn’t discriminate.

Fresh doubts about whether star managers can deliver consistently superior returns have been raised following Bill Gross’ retirement.

If you can encourage the unique passions, goals and skills of each individual in your company, you can create a work place that is just as dynamic as its people. One of the ways I’ve found to best grow and encourage my employees is by instituting a culture of ownership.

The Ways and Means Committee of the U.S. House of Representatives heard open testimony Wednesday morning from a stable of retirement and financial experts, with the stated goal of promoting solutions to American workers&# x2019; significant projected retirement savings shortfall. Speakers included Diane Oakley, executive director, National Institute on…

Cryptocurrency has the potential to completely change how our economy functions— and it’ s already doing it. Many countries have either allowed or fully embraced cryptocurrencies like Bitcoin, the market cap for multiple cryptocurrencies has exceeded $1 billion, and public regard for cryptocurrencies is at an all-time high. That means the core institutions…

Having a will is an essential part of an estate plan. A will directs how your probate assets will be distributed upon your passing, designates an Executor to be in charge of your estate, and allows you to create trusts for minor grandchildren or disabled beneficiaries.

Our first issue, published in February 1994, offered guidance on timely issues of the day, such as how to take advantage of the home-sale-profit exclusion and how to comply with new rules that for the first time required a receipt for charitable donations of $250 or more. Some advice, such as how to figure tax on Social Security benefits, proved to be evergreen.

The Tax Cuts and Jobs Act goes into effect for 2018 taxes, but the results of much lower business taxes are already visible in the US stock market. The top reason to limit spending, according to the Bankrate study, is to save more. According to the Federal Reserve, 40% of Americans can’ t afford a $400 emergency from savings, so the results of the Bankrate study are…

But Catherine Putney of ITR Economics of Manchester produced groans from a lunchtime audience when making a more dire prediction. “ITR does mention that 2030, will be a pretty– I don’t want to say apocalyptic– but another Great Depression in the United States,” Putney told 160 people attending a Greater Manchester Chamber of Commerce luncheon at the Puritan…

After suffering their worst December in almost 90 years, U.S. stocks rebounded in spectacular fashion in January. U.S. markets notched the best January in 30 years, fueled by positive news from the Federal Reserve. Federal Reserve Chairman Jerome Powell remained cautious while pointing to strength in the labor market and tepid inflation.

Achieving your goals requires much more than just choosing the right investments. To keep you on track, financial professionals sometimes need to step in with some clear coaching and a little tough love.

Cryptocurrency exchanges that want to use Nasdaq’ s proprietary surveillance technology need to have more than money. A team of about 20 people contribute to an elaborate due-diligence process aimed at ensuring that any exchange that wants to use the technology, which scans for fraudulent transaction patterns, is technically capable and morally inclined…

WASHINGTON— The Federal Reserve held its benchmark interest rate steady Wednesday and sent its strongest signal to date that it sees no need to raise rates anytime soon. The Fed’s key rate influences many loan rates for businesses and consumers, including mortgages. The picture sketched by Powell and the Fed was of a U.S. economy that remains on firm footing with…

Stock markets are up slightly ahead of the U.S. Federal Reserve’s interest rate announcement and the subsequent news conference by Chairman Jerome Powell. Investors expect the central bank to keep its rates on hold but will be looking for Powell to confirm that any further hikes will be gradual. Concerns about the pace of rate increases, which can make borrowing more expensive and cool off economic growth, had last year sent stock markets into a tailspin.