Certified Financial Planner Board of Standards reported strong increases in the number and the diversity of CFP professionals in 2020. The number of CFP professionals reached an all-time high of 88,726, a growth of 2.7% over 2019 numbers.
Your clients’ ability to retire early depends somewhat on what sort of lifestyle they’re anticipating during their retirement years. If they plan on traveling extensively or pursuing expensive activities, they might not be able to afford to retire as early as someone with more modest ambitions.
Retirement savers who have built up sizeable balances in tax-deferred retirement accounts like traditional IRAs and 401 plans, may at some point want to consider converting some of these balances to Roth IRAs. Whether paying tax today in exchange for tax-free future withdrawals makes sense depends on several factors.
—Newly released transcripts show that many Federal Reserve officials had concerns in late 2015 over whether they were making a mistake in raising a key interest rate for the first time in nearly decade. The Fed manages interest rates to achieve two goals— keeping inflation under control while promoting maximum employment.
As part of coordinated resolutions with the SEC and the Department of Justice, Deutsche Bank has agreed to pay more than $120 million, which includes more than $43 million to settle the SEC’s charges.
The effects of 10 months of pandemic followed by a politically inspired riot on U.S. Capitol grounds in the last weeks of a presidential term would ordinarily torpedo the stock market. But the Dow Jones Industrial Average (DJIA), S&P 500 and other indexes have not only stayed strong, they have also hit record highs during in the first days of 2021.
In track and field, the success of a long jumper depends on several factors: speed, conviction, height. But perhaps most important is the second-to-last, or penultimate, step they take before launching into the actual jump. This step can prepare jumpers for excellent results, or it can dash their hopes.
Homebuying can be overwhelming and stressful, and that’s when you’re trying to purchase property in normal times. Opting to buy a home during the current climate, amid the coronavirus pandemic, can add even more uncertainty and stress.
There will be more regulation and a more active anti-business approach, especially around the big tech companies. This shift could certainly affect sentiment and, with it, the markets. We need to keep an eye on both tax and regulatory policy going forward, and we will be talking about that here as things unfold.
The U.S. could soon be giving at least a million COVID-19 vaccinations a day despite the sluggish start, Dr. Anthony Fauci said Tuesday, even as he warned of a dangerous next few weeks as the coronavirus surges. He called President-elect Joe Biden’s goal of 100 million vaccinations in his first 100 days “a very realistic, important, achievable goal.”
As of December, U.S. employment remains 9.8 million jobs below its pre-COVID peak. The spending by consumers on services has recovered only 66% of the losses from the spring lockdown. The pandemic’s current, more deadly wave promises to reinforce and worsen this disruption.
The Congressional Review Act was a little-used device that Republicans used frequently early in the Trump presidency. It’s a model that a Democrat-controlled Senate could employ to kill two rules that invited public scorn.
Republicans are unified against Biden’s plans for health care, environmental protection and civil rights. But they might not be able to stop progress on those issues — not to mention tax increases and stronger financial regulation — should Democrats Rafael Warnock and Jon Ossoff emerge victorious today.
The disinvestment during the pandemic, especially in developing regions, will compound over the decade, slowing down the economic spurt expected as the pandemic subsides, according to the World Bank Global Economic Prospects report.
JPMorgan Chase strategists say that the cryptocurrency Bitcoin could reach $146,000 in the long term as it starts to challenge gold as an asset class. The forecast, put forth by strategists Nikolaos Panigirtzoglou, said in a note Monday that Bitcoin’s market capitalization, which is currently about $575 billion, would have to jump 4.6 times to reach gold investment levels.
For many of us, the New Year means a fresh start and the chance to set new goals. As you consider your resolutions, you may want to add “strengthen my financial foundation” to the list. Here are five ways you can put yourself on firmer financial footing in 2021.
2020 was a year characterized in part by the outbreak of a global pandemic, which captivated the world and shocked the global economy and financial markets. As we turn the page to 2021, it can be helpful to reflect on the lessons learned from such a historic year.
The COVID-19 pandemic has accelerated the cost of nursing home care as providers have had to implement new safety and training protocols and buy more personal protective equipment for employees, said Gordon Saunders, a senior brand marketing manager at Genworth who manages the annual survey.
As we enter 2021, most of us are anxiously awaiting a happier year ahead. Traditionally, we mark the fresh calendar year with New Year’ s resolutions to keep us hopeful and motivated— particularly when it comes to our finances. But here are three financial resolutions to warn your clients to stay away from.
Readers had service on the mind in 2020, as COVID-19 wrecked the economy and made face-to-face service next to impossible. The most-read stories at Advisor News reflected that service anxiety.
If 2020 has taught us anything, it’s to be prepared for anything and everything. This mindset should also extend to your finances. Here are some end of year financial planning steps advisors should encourage clients to take to ensure starting 2021 on the right foot.
The Securities and Exchange Commission today charged Gregory Altieri, of Melville, New York, for operating a fraudulent Ponzi-like scheme that defrauded current and retired police officers and firefighters, among others, and misappropriating investor funds.
The Securities and Exchange Commission today announced that it filed an emergency action and obtained an order imposing an asset freeze and other emergency relief against Virgil Capital LLC and its affiliated companies in connection with an alleged securities fraud.
The Securities and Exchange Commission today announced that President Donald J. Trump has designated Elad L. Roisman as Acting Chairman of the agency.
While it’s difficult to call 2020 the worst year ever, it’s certainly a top contender. When you look through history, there were plagues in early times that wiped out massive amounts of the population. Yes, far worse than the coronavirus pandemic. Here are a few years that were surely worse than 2020.
Securing startup funding can be a barrier for entrepreneurs trying to get a new business off the ground. For many owners, the idea of asking a bank or single lender for thousands or even millions of dollars adds an entirely new layer of stress on top of the already overwhelming task of launching a business.
Usually, pulling out money from a tax-deferred account before age 59½ would set off a 10% penalty on top of any income taxes. But under the temporary rules that are part of the coronavirus relief bill, people with pandemic-related financial troubles can withdraw up to $100,000 from any combination of their tax-deferred plans.
According to research from RBC Capital Markets that has tracked the returns of the S&P 500 dating back to 1933, the best outcomes for markets have been with a Democratic president and split Congress, with an average annual return of 14%. The second best outcome was a tie between a full Republican sweep and a Democratic president with a Republican Congress.
The evidence produced by economists, scientists and mathematicians is impossible to ignore: The world’s financial markets are complex beyond our cognitive abilities and fundamentally unpredictable.
The Securities and Exchange Commission announced today that it has filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.
This week the Federal Reserve’s Open Market Committee meets for the last time this year, and the last time during Donald Trump’s presidency. The thing is, the U.S. is not alone: Recovery’s going to be tough in a lot of places, even as COVID-19 vaccines start to roll out.
Global stock markets rose Wednesday after President Donald Trump suggested he may veto a $900 billion economic aid plan and the World Bank said it expects China to eke out 2% growth this year and accelerate in 2021.. London and Frankfurt opened higher and Shanghai, Tokyo and Hong Kong rose in light trading ahead of Christmas.
The Securities and Exchange Commission today announced that it filed an emergency action against California-based real estate development company SiliconSage Builders LLC, aka Silicon Sage Builders, and its sole owner, Sanjeev Acharya, in connection with an alleged $119 million fraudulent offering.
Congress passed a bipartisan $900 billion COVID-19 relief bill after intense negotiations over its final details. $600 direct payment checks for every adult and child earning up to $75,000. Individuals earning between $75,000 and $99,000 would get smaller checks, and the benefit cuts out entirely for individuals earning over $99,000.
Student loans can make paying for college easier when you don’t have savings to pay out of pocket. An estimated 43 million borrowers owe federal student loans, according to the Department of Education. Of the $1.7 trillion in outstanding student loan debt owed, private student loans account for $131.8 billion of that total.
The SEC today announced charges against California-based biotechnology company Decision Diagnostics Corp. and its CEO, Keith Berman, with making false and misleading claims in numerous press releases that the company had developed a working, break-through technology that could accurately detect Covid-19 through a quick blood test.
Bitcoin broke price records a couple of times last week. So, is it time for advisors to add cryptocurrency to the investing toolbox? Although clients might be asking about bitcoin and its cousins, advisors are just peeking over the fence at this point.
The Securities and Exchange Commission today announced the creation of the Security-Based Swaps Joint Venture, a collaborative venture among several SEC divisions and offices that will be responsible for coordinating functions related to the regulation of security-based swaps.
Mortgage rates continue to fall as home equity continues to rise. As of the quarter ending June 2020, mortgage refinance loan values totaled more than $580 billion. That number is up from $306 billion last quarter and more than double from one year ago, according to U.S. Mortgage Originations.
Commissioners were expected to discuss updating “rules that govern investment adviser marketing to accommodate the continual evolution and interplay of technology and advice, while preserving investor protections.”
The Securities and Exchange Commission today charged China-based company Luckin Coffee Inc. with defrauding investors by materially misstating the company’s revenue, expenses, and net operating loss in an effort to falsely appear to achieve rapid growth and increased profitability.
The markets responded to ongoing stimulus talks as Senate Republican leader Mitch McConnell said he was “optimistic” Congress would be able to reach a deal sometime soon, while Senate Democratic leader Chuck Schumer said leaders were “making progress.”
Nearly 40 percent of those planning to retire say the pandemic has disrupted their intentions, according to the Edward Jones/Age Wave Four Pillars of the New Retirement study. You might have been thinking about retiring early — can you still do so?
Talk of student loan forgiveness has borrowers looking forward to 2021. But many already benefited from some unprecedented events in 2020:. The current student loan forbearance is scheduled to end Jan. 31.
In a holiday season that many of us will spend apart from loved ones, gift-giving might feel more important than usual. After all, if you can’ t travel to see family, at least you can see them unwrap gifts over a video call, right? Three-quarters of holiday shoppers are planning to use credit cards to purchase gifts this year, according to a NerdWallet survey.
Stocks and bonds posted strong returns in 2020 despite a tumultuous year, although that may be surprising only for bonds. We believe we’re in the early stages of a new bull market for stocks, but the opportunities for bond investors may require more patience.
Global consulting firm Protiviti has released the findings of its annual Finance Trends Survey, which reveal CFOs and senior finance executives are facing a growing list of responsibilities and demands from internal stakeholders as the pandemic has stress-tested the finance labor model in real time. More than 1,000 finance leaders participated in the…
As we consider what may happen in 2021, it’s useful to reflect on how we ended 2020—both the good and the bad. For the good, the election is behind us. Vaccines look to be more effective than anyone expected. Jobs and confidence are holding up surprisingly well as the economy adapts. In many ways, things are much better than we thought.
The Securities and Exchange Commission has charged New York-based brand-management company Sequential Brands Group Inc. with failing to impair its goodwill as required by accounting principles and the federal securities laws.
Not all business is good business. Many advisors take whichever clients come their way at the start of their careers, only to find themselves saddled with exhausting clients and juggling infeasible requests a few years later. These situations threaten to demoralize advisors.
The National Association of Insurance Commissioners ended their fall meeting by electing a new slate of 2021 officers, with President-elect Dean Cameron announcing that he has COVID-19. Cameron, 59, is a former longtime Idaho state senator and that state’s insurance commissioner.
The Securities and Exchange Commission today announced that General Electric Co. (GE) has agreed to pay a $200 million penalty to settle charges for disclosure failures in its power and insurance businesses. In 2017 and 2018, GE’s stock price fell almost 75% as challenges in its power and insurance businesses were disclosed to the public.
The pandemic has forced us to change the way we connect with each other. Access to and familiarity with virtual meeting programs like Zoom, GoToMeeting and Microsoft Teams has become a life skill for people and businesses wanting to maintain any semblance of normalcy. Our firm has found some benefits to virtual meetings.
The Securities and Exchange Commission today charged ICE Data Pricing & Reference Data, a global securities pricing service and New York-based registered investment adviser, for compliance deficiencies relating to its delivery to clients of prices based on quotes it received from a single market participant, also known as single broker quotes.
Fifty-four percent of consumers who reported having anxiety when it comes to their financial situation say the pandemic is the cause of at least half of their stress. However, Americans are still taking action to better their financial futures, with 60% of respondents saying they are actively working to improve their financial situation.
Jamie Hopkins, Director of Carson Coaching, returns with more video tips on how retirement regulations will impact investment advice. The Department of Labor, in particular, has put forth new rules that advisors need to know about.
The Securities and Exchange Commission today announced that UK-based investment adviser BlueCrest Capital Management Limited has agreed to pay $170 million to settle charges arising from inadequate disclosures, material misstatements, and misleading omissions concerning its transfer of top traders from its flagship client fund.
Investors who tried to “cut losses” and exited the market likely did so at the wrong time and missed out on the beginning of the upturn. Unfortunately, this is not uncommon– investors who overreact to market declines often find themselves on the investment sidelines just when a new rally begins.
2020 was certainly an unusual year, but in terms of market performance over the entire year—if you ignore the path of the returns—it wasn’t all that unusual. 2021 may offer similar performance, though analysts say it will likely be a smoother ride to get there.
The Securities and Exchange Commission today announced settled charges against The Cheesecake Factory Incorporated for making misleading disclosures about the impact of the COVID-19 pandemic on its business operations and financial condition.
The first don’t Orman recommends is do not retire too early even though there is a small but burgeoning ‘early retirement’ movement. During a podcast, Orman was asked about FIRE – that’s “financial independence, retire early.” Her blunt response was, “I hate it!”
Private job growth dropped from a strong 906,000 last month to 344,000, again well below the expected 540,000. Even if we adjust for the effects of expiring temporary census jobs, at 93,000, this is still a notable weakening of what until now had been a very resilient employment picture.
The Securities and Exchange Commission announced that SCANA Corp. and its subsidiary South Carolina Electric & Gas Co. (SCE&G) have agreed to settle the SEC’s lawsuit charging them with defrauding investors by making false and misleading statements about a nuclear power plant expansion that was ultimately abandoned.
U.S. markets were up by double digits in November, as were most markets around the world. We saw new all-time highs here, and even fixed income had a good month. From an investor’s point of view, things looked not just good but great—and clearly markets expect even better times ahead. But do they have it right? Let’s take a closer look.
The Securities and Exchange Commission today charged disbarred attorney, Richard J. Rubin, and licensed attorney, Thomas J. Craft, with fraud for their roles in a legal opinion letter scheme to fraudulently facilitate the sale of millions of shares of microcap securities to retail investors.
Stocks were relatively muted Wednesday, after disappointing jobs data as well as a stimulus stalemate weighed heavy on investors’ minds. Despite Salesforce.com plummeting after acquiring Slack for $27.7 billion, the blue-chip index was instead propped up by outsized gains from the likes of Boeing, Goldman Sachs, and Chevron.
A way better than expected earnings season, a likely split Congress, and major breakthroughs on the vaccine front all helped stocks soar last month. Add ongoing support from the Federal Reserve as the cherry on top and we are looking at a truly historic month on many levels. But what now?
The SEC charged New York resident Mark Alan Lisser with fraud for operating at least two boiler rooms, on Long Island, New York and in Boca Raton, Florida, through which he raised approximately $2.1 million from at least 71 retail investors and misappropriated more than $900,000 of their funds.
Janet Yellen, announced Monday as Biden’ s nominee for treasury secretary, served as chair of the Federal Reserve from 2014 to 2018, when she placed a greater emphasis than previous Fed chairs on maximizing employment and less focus on price inflation. Biden also named Cecilia Rouse as chair of his Council of Economic Advisers.
A recent IRS ruling tying up a loose end in the 2020 economic-relief law could force many small businesses to pay taxes on government aid meant to help through the pandemic. The IRS decision got lost in the swirl of news out of Washington last week, including that the Treasury Department moved to restrict the Federal Reserve’s emergency lending.
This week, President-elect Joe Biden delivered with the nomination of Federal Reserve chair Janet Yellen, which won plaudits from a wide range of policymakers, from progressive senator Elizabeth Warren to Gary Cohn, Donald Trump’ s former top economic advisor.
A new wave of COVID-19 cases threatens to trip up the economy. Increasing cases in Europe and the United States have brought new restrictions on activities, but the market doesn’t appear to be fazed by the recent outbreaks.
The good news about Janet Yellen goes beyond her ridiculously distinguished career in public service. Before she held office, she was a serious researcher. And she was, in particular, one of the leading figures in an intellectual movement that helped save macroeconomics as a useful discipline when that usefulness was under assault.
A new report found that credit card debt is falling. That’s good news, right? Well, yes and no. Ever since the pandemic started, many people have been receiving government relief. Kathy Jones, chief fixed-income strategist at Charles Schwab, said people have also had fewer ways to spend that money.
Retirees will talk about things like paying off their mortgage so that they “don’t have to worry about it” or buying long term care insurance so they “don’t have to worry about it.” Not having to worry about things is the ultimate goal in an enjoyable retirement.
Beacon Pointe Advisors, one of the country’s largest independent comprehensive wealth advisory firms, announces their a merger involving CBD Wealth Management, a wealth management firm with $690 million in assets under management/advisement, making this Beacon Pointe’s largest deal to date.
The Dow Jones Industrial Average traded above 30,000 points for the first time Tuesday as investors were encouraged by the latest progress on developing coronavirus vaccines and news that the transition of power in the U.S. to President-elect Joe Biden will finally begin.
The post-election environment and positive developments toward a COVID-19 vaccine have led to a surge in stock prices. The added clarity on these two fronts has boosted sentiment, which may present a risk in the near term as stock prices are near all-time highs.
According to the SEC’s complaint, from 2018 to 2020, Andrew J. Chapin, the founder and CEO of Benja Inc., told investors that Benja was a successful online advertising platform that generated millions of dollars in revenue from popular consumer clothing brands and retailers.
Biden chose Janet Yellen to become Treasury secretary, tapping her to guide his efforts to steer the pandemic-hit economy out of crisis. If confirmed, Yellen would be the country’s first woman Treasury secretary.
Nowadays, no single source of income may be enough to ensure a comfortable retirement. People also need to save on their own. Public-sector and nonprofit organizations don’t offer 401(k) plans that employees can contribute to. However, they can and do offer other employer-sponsored plans: the 403(b) and the 457.
Jamie Hopkins, Director of Carson Coaching, returns with more video tips on financial planning topics. In this video, Hopkins talks about helping clients plan qualified charitable distributions from their IRAs.
Many Black entrepreneurs strive for self-sufficiency, inspiring others to build wealth through business ownership. They are the unsung neighborhood heroes who sell real estate or insurance, own beauty salons or barber shops, and run funeral homes, corner convenience stores, medical practices, banks, bookstores and restaurants.
The Sandwich Generation has become increasingly younger, more female, and more diverse as a result of the pandemic.
U.S. 30- year treasury bond interest rates are at all-time lows. If you paid $1,000 for that bond today and hold it until maturity, that $1,000 they give back to you is not going to buy as much then as it does today something to do with inflation.
“Side gig” has become synonymous with a handful of jobs: dog walking, delivering groceries and driving for Uber or Lyft. But these aren’t the only opportunities occupying the space. You can teach a virtual yoga class, for example, sell clothing online or work as a freelance designer.
2020 is a unique year in a variety of ways — while many of the normal rules regarding managing income and timing deductions still apply, new provisions for 2020 have been implemented by The Coronavirus Aid, Relief and Economic Security (CARES) Act that may impact your year-end tax planning.
An afternoon slump left stock indexes broadly lower on Wall Street, erasing early gains, as traders worried anew about the rapid spread of the coronavirus in the U.S. The S&P 500 lost 1.2%. It was up 0.3% in morning trading and small-company stocks were headed for another record high after Pfizer and BioNTech reported updated data.
One misconception people have is that financial managers are only for the super wealthy, a necessity or luxury exclusive to those with a lot of money to manage. But financial advisor Chris Everett said that’s absolutely not the case. Everett has published a new book on retirement planning.
While the dynamic nature between the cross-sections of policy politics, the public health crisis, and the economy will persist well into 2021, we find comfort in the fact that the economy won’t have to absorb extensive policy changes on top of the ongoing battle with the public health crisis.
—Global stock markets were mixed Wednesday after Wall Street declined as hopes for a possible coronavirus vaccine were tempered by worries about the pandemic’s continuing impact. London, Tokyo and Frankfurt retreated, while Shanghai, Hong Kong and Sydney advanced.
Americans don’t save nearly enough for emergencies or retirement, but we’re more likely to save if the money is automatically deducted from our paychecks. People are much more likely to contribute to a retirement plan, for example, if they’re offered payroll deductions, according to AARP’s Public Policy Institute.
Most Americans fail a financial fluency quiz of key investment selection terms, and confusion over a term like “passive investing” can translate into saving less and lower use of investment products, according to a new report
In the third quarter, analysts had more information and the environment included fewer twists and turns, which should have made predicting results much easier. Still, analysts were overly pessimistic by nearly the same margin, as earnings results far surpassed expectations.
Lamar Alexander of Tennessee on Monday became the third Republican senator to announce he opposes economist Judy Shelton’s nomination by President Donald Trump to be a governor of the Federal Reserve Board, saying he has reservations about her willingness to maintain the board’s independence.
Investors this year say their number-one financial concern over the next 12 months is losses to their portfolio due to the impact of the COVID-19 pandemic (32%), followed closely by protecting assets (31%), while managing volatility (22%) is a distant third.
Jay Clayton confirmed in a lengthy news release this morning that he will be stepping down as chairman of the Securities and Exchange Commission at the end of this year. The move had long been rumored and will leave President-elect Joe Biden to nominate a new commission head.
Many large retailers, including Walmart and Kohls, have already announced they will be closed on Thanksgiving and opening early on Black Friday. Some retailers like Walmart and Amazon have already started rolling out deals throughout November. Holiday shopping will increase even more this year, experts say.
Wells Fargo’s former chief executive and former head of Wells Fargo’s Community Bank defrauded investors by using a metric that was inflated by accounts that were opened for consumers who did not ask for or want them, according to new charges filed by the Securities and Exchange Commission.
Last spring, advisors and clients alike had to learn to use tools like Go To Meeting or Zoom. If – like I was – you or your clients had previously been resistant to new technologies, COVID might actually have been the kick in the pants you needed to catch up to current times.