US Average Long-term Mortgage Rates Rise; 30-year At 3.81%

More than one-third of the $1 billion new assets on the digital advice platform are from new clients.

Dallas Federal Reserve President Robert Kaplan has joined the chorus of central bank leaders hinting strongly that an interest-rate cut is coming at the end of July, but he does not see the need for additional cuts this year. I could see an argument for that, “Kaplan told The Washington Post in an interview Tuesday. Wall Street is pricing in nearly a 100 percent…

This morning, I had a chance to speak with Chun Wang, a portfolio manager who produces great research at the Leuthold Group. Chun just wrote a Macro Monitor comment, Slowdown Or Recession? Confidence Is Key, where he outlines these main points:.

Defined contribution retirement plan sponsors would like to see broader financial wellness topics addressed in participant education, according to a survey by Voya Investment Management, titled, “Survey of the Retirement Landscape: Challenges and Opportunities for DC-Focused Advisors.” “We found that the issue of retirement readiness is more of an issue…

When you do something different, prospects notice.

Insider Q&A: This year is on pace to be one of the hottest on record, again, and the trend may only accelerate as the Trump White House loosens policies meant to combat climate change. That has some investors feeling anger, but others are seeing dollar signs, says John Streur, CEO of Calvert Research and Management, one of the largest families of responsibly invested mutual funds.

Patrick Harker, the former president of University of Delaware and head of the Federal Reserve Bank of Philadelphia, told the Wall Street Journal that he sees no need to lower interest rates. Harker does not sit on the committee of the Federal Reserve which votes on rate increases or decreases. However, all governors of the Federal Reserve participate in…

Water is easy to take for granted. It falls from the sky, and, though it’ s vital, we sometimes treat it as if it’ s worthless. “Water scarcity is a global phenomenon,” said Andreas M. Fruschki, portfolio manager of the AllianzGI Global Water Fund.“ And it’ s most pronounced in regions with the highest population growth,” like the Indian subcontinent and the Middle East.

“For the most part, every governor in the country had no idea what opportunity zones were, they didn’t know how it worked, they’d never heard of it before, it was kind of a shock to everyone and people were left scrambling,” said Patrick Mullen, director of opportunity zones and financial incentives for the Utah Association of Counties. There are 8,761 in all 50 states,…

New tech helping wealth management firms. Wealth managers are increasingly leveraging technology to free up their time, allowing them to focus more on their clients. Deidre Prescott, president and co-founder of Sandy Cove Advisors, said she uses many different kinds of technology to run her business and take care of clients, rather than a large, expensive,…

Here’s an interesting report from The Associated Press: Out of 1,423 participants in a poll, nearly one quarter of them said they never plan to retire from work. Given that today’s average lifespan is 78 years, that’s got to be a long time for some of the people who said they’ll work till they die. That’s no surprise at all: For anyone in their 50 s today, the retirement…

Just because you’re rich doesn’t mean you’re right, apparently. This year’s mistake cost the wealthy an estimated $136 billion so far, according to an Investor’s Business Daily analysis of data from Capgemini’s World Wealth Report. 

Ahead of a House Financial Services Committee meeting, Rep. Maxine Waters (D – Calif.) called for more diversity and representation…

Good news makes investors nervous. The S&P 500 rose above 3,000 for the first time in its history on Wednesday, with gains that continued early Thursday. The most recent jump began after Federal Reserve chair, Jerome Powell, suggested the nation’ s central bank was worried about the economy.

The U.S. Department of the Treasury’s Internal Revenue Service issued the following tax decision:. AGENCY: Internal Revenue Service, Department of the Treasury; Employee Benefits Security Administration, Department of Labor; Centers for Medicare& Medicaid Services, Department of Health and Human Services. Also, the Department of the Treasury and the Internal…

Advisors can’t underestimate the emotional toll an exit can impose.

Jay Clayton says the commission is working closely with FINRA on inspection plans to hold brokers to account.

The U.S. economy is in an odd place. President Donald Trump calls this the “greatest economy” ever, yet he’s also demanding the U.S. central bank inject more stimulus into the economy ASAP, something that typically happens only when a lot of yellow and red flags appear. The overwhelming consensus among experts is that the U.S. economy is slowing after a pretty hot 2018.

Deutsche Bank began firing thousands of employees in Asia, Europe and the United States on Monday, moving quickly on at least one part of a strategy meant to arrest years of losses, scandal and decline. The job cuts, hours after the bank announced a” radical” turnaround plan, were a show of decisiveness at the expense of workers and a tacit answer to the question most…

Over the last two years, Northwestern Mutual has changed its approach to marketing. When it comes to financial services companies there is typically a gap in connecting with women and Gokhale recognized the business opportunity for Northwestern Mutual to fill that gap, she said. For media buying, the company added Bravo, HGTV and Lifetime to its linear TV buying…

Rizzi, 55, the founder of My Blind Spot, an accessibility advocacy group in New York, filed a federal lawsuit in April 2018 against Morgan Stanley, the firm he uses to manage his personal retirement accounts. Mr. Rizzi also cited the bank for not having an accessibility website or hotline. The case, which sought about $9 million in damages, was settled last summer, his…

So it’ s come to this: surgery, deferred annuities and rock’ n’ roll. In April, the band postponed the start of its North American tour so that Mick Jagge ar could have surgery, reportedly to replace a damaged heart valve. But it turns out that the band chose, as its sole tour sponsor, the Alliance for Lifetime Income— a trade association that promotes the sale of annuities.

Jul. 7– In May, the U.S. House of Representatives passed the most significant retirement-savings bill in more than a decade. It’s called the Setting Every Community Up for Retirement Enhancement, or the SECURE Act of 2019.. –529 plans. 529 plans would be expanded to pay for expenses related to an apprenticeship or to pay back as much as $10,000 in student loans.

CHICAGO— Nearly one-quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals’ retirement plans and the realities of aging in the workforce. According to the poll from The Associated Press-NORC Center for Public Affairs Research, 23 percent of workers, including nearly 2 in 10 of those over 50, don’…

Consumers hate it. The Fed fears it. But what exactly is inflation? Here’s a brief explainer on inflation, and why it matters to the Federal Reserve and you.

When it comes to estate planning, I think it’s imperative to go in-depth with clients. They’ve worked very hard to get to where they are, and I have worked very hard with them to plan for both their retirement and their estate. The last thing anyone wants to see is all of that hard work negated at the end of their life.

Do you have a digital footprint? If so, what provisions have you made in your estate documents for the recovery and use after you are no longer here? Michael Kitces describes digital assets as anything which is stored in electronic form.

U.S. markets were still down in Friday afternoon trading as investors interpreted strong employment data as an argument against their much hoped-for interest rate cuts. The Standard& Poor’s 500- stock index was 11 points, or 0.37 percent, in the red in the afternoon and falling twice that during the morning session. The U.S. added 224,000 jobs in June, the U.S. Labor…

Jul. 5– Are you a worker worried you won’t have enough money to retire? On July 1, California launched an ambitious state-sponsored retirement program for the private sector. “When it comes to retirement income security, most working Californians are in trouble,” said Nari Rhee, director of the Retirement Security Program at University of California-Berkeley’s…

In case you missed this week’s headlines.

Conflict often erupts when families gather to discuss inheritance issues, so advisors prepare carefully to lead productive meetings.

From a taxation perspective, VUL looks a lot like a Roth IRA alternative.

Gallup, a research-based, global performance-management consulting company, issued the following news:. -49% of Investors Expect Market to Be Higher At End Of 2019. One exception is partisan groups, as Republicans overwhelmingly expect stock prices to increase while Democrats are slightly more likely to predict a decline than an increase.

There are two types of issues: ethical and regulatory conflicts, and practice management conflicts.

The frequent killer of past U.S. economic expansions is being counted on to extend the life of the now record-long current one. The hoped-for safeguard is the Federal Reserve– which even former Chair Janet Yellen admits has a history of snuffing out upswings by raising interest rates to contain inflation. But now, with inflation too low for the Fed’s taste,…

Among provisions of the SECURE Act are those that would allow unrelated plan sponsors to band together in pooled employer plans, otherwise known as “open” multiple employer plans; change the age participants have to start taking required minimum distributions to 72; and provide a new safe harbor for plan sponsors to select a lifetime income provider in order to…

The U.S. energy sector, while not entering a downturn, is facing an extended period of lower oil prices, lower profits and tighter spending, ultimately leading to slower growth, fewer companies and fewer jobs in Houston and across the oil and gas industry. Even with OPEC’s agreement this week to extend production cuts into next year, oil markets remain worried…

New York, NY—- 07/01/2019– Cryptocurrency is the new face of the global financial ecosystem, with cryptocurrencies such as Bitcoin, Ethereum, Ripple, and Litecoin fast becoming the standard transactional forms across enterprises. Cryptocurrency is underpinned by the highly evolved blockchain technology of distributed and secure ledger entries that…

The U.S. economy set a new record Monday for the most consecutive months without a recession– 121– which dates back to 2009.. Cities that have fared the best are New York, Los Angeles, Dallas and Miami. Many analysts expect the U.S. central bank will cut rates before the end of the year.

For the same reason that Willie Sutton robbed banks, advisors have focused on baby boomers: That’s where the money is. This accepted wisdom is so pervasive that some industry watchers question whether the pendulum has swung too far, at the expense of younger clients getting their financial footing. They also stand to inherit $30 trillion from their parents and…

HONG KONG— Stocks rose on Wall Street on Monday after earlier moves upward by markets in Asia and Europe, with global investors buoyed by a thaw in the trade dispute between the United States and China even as the prospects for a long-term deal remained uncertain. Stocks in China led the broad rally early Monday in Asia, with major indexes rising about 2 percent or…

Alex Umansky does not focus on macro market questions. Instead, he focuses on finding stocks that make his portfolio one of the best mutual funds.

In case you missed this week’s headlines.

Many studies have illustrated that millennials, gen-xers, baby boomers and the silent generation all prioritize for some type of savings. However, their approach differs based on behavioral biases, socioeconomic status, educational background and attitudes toward sustainable investing. Additionally, each group deems different tools important in…

WASHINGTON- Economists now expect the Federal Reserve to cut interest rates multiple times this year- coming round to the view held by investors, though they haven’t gotten all the way there yet. Several respondents in the economist survey made clear in comments that their forecasts may change, depending on whether progress is made toward resolving disputes…

Banks were leading stocks higher in early trading on Wall Street after the Federal Reserve gave many of them permission to raise dividends and buy back more stock. The Federal Reserve late Thursday approved the plans by the country’s 18 biggest banks to return more money to shareholders. The approvals was part of the Fed’s annual checkup of the banking system. Progress Software jumped after reporting earnings that easily beat analysts’ forecasts. Bond prices fell, sending yields higher.

Advisors who are passionate about their favorite hobby find ways to craft their firm’s brand identity around their personal interests.

David Lau, founder and CEO of DPL Financial Partners, a firm that bills itself as a commission-free insurance network for retirement plan and wealth management fiduciaries, uses a personal story to explain the source of his deep interest in the topics of income insurance and annuities. “Watching my father’s experience during his late career really drove me to…

“Employers spend large amounts of time and money providing employees with access to high quality and low cost investment options in their plan,” says Christopher Jones, chief investment officer at Edelman Financial Engines, noting that his firm has rolled out a newfiduciary distribution review program that provides departing employees private, on-on-one…

And while he aims to educate others as part of his career, the Virginia Beach resident maintains that mindset himself. More than two years ago, he opened Escape Room Virginia Peninsula in Hampton. And now both of his business worlds are coming together in a new location at 4317 Bonney Road, just a couple miles from the firm’s office and the Virginia Beach escape room.

In a recent article from Money and Markets entitled “Fed: Tariffs Will Cost Average Family $831 More in 2019,” the argument was made that after the latest increase from 10 percent to 25 percent on $200 billion in tariffs on Chinese goods, the average U.S. family will pay $831 more a year for the same goods they bought last year. Also not factored in is the rising costs of…

American consumers are feeling less confident this month as heightened trade tensions have apparently taken a toll on their spirits. The Conference Board, a business research group, says its consumer confidence index fell to 121.5 in June from a revised 131.3 in June after rising in April and May.

Allianz Life, a provider of retirement solutions, including fixed and variable annuities and life insurance for individuals, issued the following news release:. While the past few years have put a spotlight on female empowerment, women say they are struggling to make progress with financial confidence and decision making, according to the 2019 Women, Money and…

Month-over-month data shows that the Dow is up by 7.8% and the S&P 500 7.3%, respectively, according to Fortune magazine. President Trump has touted himself and the work of his administration for the stock market surge, tweeting, “Stock Market is on track to have the best June in over 50 years! Chief investment officer of Wilmington Trust, Tony Roth, noted a 5%…

U.S. stocks opened the week mixed as investors focus on upcoming trade talks between the U.S. and China. The muted opening follows a third straight weekly gain for the S&P 500 index that included a new record and the erasure of May’s losses. Technology and financial stocks led the gainers. Broadcom, Micron, and Goldman Sachs all rose. Health care stocks were the biggest losers. Bristol-Myers Squibb and Celgene both fell. Energy stocks also fell.

NEW YORK— All 18 of the nation’ s largest and most complex banks are strong enough to withstand a severe economic downturn and would be able to stay in business without collapsing, the Federal Reserve said Friday. The Fed adjusts its stress tests each year, depending on the economic climate. In this year’ s most dire scenario, known as the severely adverse scenario, the…

In case you missed it:

Specifically, the Supreme Court has been asked to weigh the following questions: “Whether an ERISA plan participant or beneficiary may seek injunctive relief against fiduciary misconduct under 29 U.S.C. 1132 without demonstrating individual financial loss or the imminent risk thereof; and whether an ERISA plan participant or beneficiary may seek…

WASHINGTON- The Federal Reserve left its key interest rate unchanged Wednesday but signaled that it’s prepared to start cutting rates if needed to protect the U.S. economy from trade conflicts and other threats. The Fed kept its benchmark rate- which influences many consumer and business loans- in a range of 2.25% to 2.5%, where it’s been since December.

Think social media and T-shirts: RIAs should swap “fee only” for “commission free” to draw a stark contrast between themselves and brokers, experts say.

WASHINGTON— Federal Reserve officials are expected to leave interest rates unchanged on Wednesday, but officials face a tough decision as economic data sends conflicting signals, trade tensions run high and political pressures mount. Mr. Trump increased tariffs on $200 billion worth of Chinese goods only days after the Fed’ s last gathering, and has…

It’s been a while since the Fed has talked about rate cuts. After last cutting rates in 2008, the Fed started hiking rates in 2015 and has raised them a total of nine times since then. Now, amid the longest economic expansion ever recorded in U.S. history, the bond market is aggressively pricing in not one, but two rate cuts this year.

If you read our law firm’s previous articles on a regular basis, you have gained a basic understanding of estate planning and the documents that make up an estate plan. For this article, I’ll be addressing the process of estate planning itself and discussing how each component of an estate plan works with the other parts. Estate planning is multifaceted and…

New Jersey securities regulators should tap the brakes on new state regulations governing financial investment professionals until officials can identify whether any investor protection gaps exist under stringent new federal regulations that were announced this month, according to the Insured Retirement Institute. New Jersey is one of a handful of…

The state regulator says its proposal is necessary after the commission failed to craft a uniform fiduciary standard.

You’re busy taking care of your clients’ financial needs, but are you neglecting your own financial plan?

Asian shares are trading mixed amid a wait-and-see attitude about the direction of interest rates and the trade dispute between the U.S. and China. Japan’s benchmark Nikkei 225, Hong Kong’s Hang Seng and the Shanghai Composite are rising, while shares in Australia and South Korea are falling. On Wall Street, stocks ended a choppy week of trading with modest losses as investors look forward to getting more clues about the direction of interest rates from the Fed.

When you go to the doctor, there’s an expectation that she will act in your best interest. You don’t expect to be prescribed costly pills because the office is getting a commission from the drug company, when a healthier diet will do the trick. The changes made by the Securities and Exchange Commission this month are voluminous’ one rule change alone takes up 771…

Takeaways from Reg BI’s final form.