When we begin new projects and work with new experts, we can easily make the mistake of assuming how things will work. We assume that a new partner will tell us everything we need to know up front, but that’s usually not how the dynamic will play out.
Some clients, especially women, might show little interest in the financial planning process, so advisors need to educate them.
The Massachusetts Securities Division requests public comment on a proposed amendment to existing disclosure obligations on advisors registered in the state.
–Morningstar, Inc., a leading provider of independent investment research, today reported estimated U.S. mutual fund and exchange-traded fund fund flows for March 2019. Overall, passive U.S. equity funds took in nearly $24.1 billion while active U.S. equity funds lost $17.9 billion to outflows. These strong flows reflected the broader continuing popularity of…
Target date funds may be employers’ best bet for helping overlooked Gen X workers get ready for their post-work years.
Still, some products with higher yields also have higher Sharpe ratios. Could that indicate better risk-adjusted performance?
Nearly two-thirds of the largest and mid-sized 401 consultants and advisers believe that sponsors want to continue to serve individuals once they retire, according to PIMCO’s 13th annual Defined Contribution Consulting Study. This is up 14 percentage points from the year before. PIMCO’s findings are based on a survey of 238 large and mid-sized consultants…
UnitedHealth, the nation’s largest insurer and a Dow Jones component, topped Q1 earnings views. But shares turned negative on “Medicare for All” fears.
In video 5 of the Rewirement series, Jamie Hopkins, Director of Retirement Research at the Carson Group discusses Social Security.
It wasn’t so long ago that many investors regarded dividends as roughly the financial equivalent of a record turntable at a gathering of MP3 users- a throwback to an earlier era, irrelevant to the real action. But fast-forward a few years, and things look a little different. Since 2003, when the top federal income tax rate on qualified dividends was reduced from a…
Melanie Husk, a financial planner and founder of MEL Consulting Company in Chicago has made a career of helping people achieve their financial goals. A former volunteer with Women Tech Founders and Femfessionals, Husk has made it her focus to empower women to economic prowess. At her company, Husk teaches a financial wellness program once a year to educate and empower women. AdvisorNews asked Husk a few questions about what advisors can do to better empower female investors.
The Federal Reserve gave Wall Street just about everything it wanted, helping to make the first three months of 2019 a great time to be in stocks and bonds. Bond funds were up 3.8 percent, and international stocks rose 11.1 percent, with funds that focus on China and other emerging markets doing best. The Fed abruptly signaled, just as 2019 began, that it was shifting…
In case you missed it, here are a few headlines from this week in financial services news.
President Trump’s executive order directing the U.S. Department of Labor to look into whether private pension funds that have engaged with oil and gas companies on climate change are complying with federal law is “misguided and ignores the very clear information related to the financial risks of climate change,” Ceres CEO and President Mindy Lubber said in…
Success is not a destination; it’s a process, and it takes a lot of persistence and hard work. Create a strong foundation for the process by establishing a solid work ethic and cultivating relationships with your community and clients.
A recession is caused by two consecutive quarters of negative gross domestic product numbers. In effect, it is the end of an economic expansion and the beginning of a contraction. People often confuse a market drop, or a correction, with a recession.
Clients often come to estate planning with a lot of misconceptions. Here’s a few big ones and how advisors can get their clients back on track with a successful estate plan.
—When thinking about retirement, your main focus may center around not being a burden to your loved ones. In fact, 81% of middle-income Boomers have made at least one formal preparation for when they pass away1. Bankers Life President Scott Goldberg shares three steps to help prepare for retirement care.
The American College of Financial Services today announced that Wade D. Pfau, PhD, CFA (R), has been named Director of The American College’s leading Retirement Income Certified Professional (R) Program. Pfau has been with The American College since 2013 and is a Professor of Retirement Income in the Financial and Retirement Planning program and has been a…
Many of our working clients fund their IRAs at this time of the year. It may a good time to review the beneficiaries of your IRAs and much more. If you’ve ever spent time working through your estate plan with a professional, you know how important it is to select and update your beneficiaries.
As more people are living into their 80 s and 90 s, more than one out of every two Americans has their sights set on even greater longevity. According to a survey 1 released today by AIG Life& Retirement, a surprising 53 percent say their goal is to live to 100 years. “Living longer should be a cause for celebration, but for many, longevity can bring anxiety and financial…
We spend a lot of time daydreaming about and planning how to achieve our goals. Charting a new career, creating a bucket list, helping a loved one reach success and other goals all have financial implications that deserve consideration. This is where a financial plan comes in.
By getting your clients to be realistic about their needs, they will be able to enjoy retirement and will feel confident in their plan.
Nearly all U.S. financial advisors are using social media for business and/or personal use at this point, with 83% using it for business purposes. Additionally, the advisor community self-reports a high level of proficiency when it comes to their social media capabilities, with 61% now describing their skill level as “expert.”
Marijuana stocks and the cannabis industry helped one of these exchange-traded funds take investors higher than any other.
From their tax advantages to their investment potential, health savings accounts have a range of benefits to both workers and retirees.
We spend a lot of time daydreaming about and planning how to achieve our goals. Charting a new career, creating a bucket list, helping a loved one reach success and other goals all have financial implications that deserve consideration. This is where a financial plan comes in.
In case you missed it this week President Trump nominated a new SEC commissioner and Maryland gives state fiduciary rule a bad report.
Unexpected expenses can come out of nowhere. Here are some tips to be prepared.
LIMRA issued the following news release:. New LIMRA Secure Retirement Institute announces its annuity sales forecast for the next five years. Looking ahead to 2023, LIMRA SRI predicts overall annuity sales could exceed $280 billion.
It’s our duty as their trusted advisors to guide and protect clients by educating them about financial best practices they can apply to mitigate future risk.
Competition from the nonprofit and for-profit sectors has increased exponentially, says Lauren Schadle, chief executive of the FPA.
The Securities and Exchange Commission has been very deliberate with its Regulation Best Interest, which was tentatively adopted last April.
–While the full force of the great wealth transfer has not yet rained its bounty upon Millennials, 1 the growing ranks of these younger self-directed investors will transform the customer experience that firms must deliver to build client loyalty and retain relationships over time. According to the J.D. Power 2019 U.S. “What separates Millennial investors…
COLORADO SPRINGS, Colo. and PROVIDENCE, R.I., April 3, 2019/ PRNewswire/– A new national survey by Junior Achievement USA and Citizens Bank shows that more than 30 percent of teens do not believe they will be financially independent of their parents by the age of 30.. The survey of 1,000 US teens ages 13-18, who are not currently enrolled in college was conducted by…
A study examined how much of a retiree’s nest egg should be invested into a longevity annuity to reduce the odds of running out of money in the later years of retirement.
Sherrod Brown, D- Ohio, ranking member of the Senate Banking, Housing and Urban Affairs Committee, issued the following opening statement at a hearing entitled “The Application of Environmental, Social, and Governance Principles in Investing and the Role of Asset Managers, Proxy Advisors, and Other Intermediaries”:. “I hope today’s hearing will allow the Committee…
Here’s the “Final Four Factors” for the stock market in 2019: policy, the economy, rates and profits.
Utilizing your EQ more often with clients, family and friends can help you better understand people and their motivators. Employ these techniques to improve your EQ and enjoy the benefits of a more personal connection to those around you.
Concerns about turning current savings into retirement income jumped significantly year-over-year, according to BlackRock’s 2019 DC Pulse Survey of more than 1,000 defined contribution plan participants and some 200- plus plan sponsors. When it comes to the critical task of turning savings into retirement income, six in 10 workers are worried, up 14…
Allocating limited resources to the right mix of new and old channels – in a seamless way – is the key to effective multi- and omni-channel marketing. Furthermore, it is important to recognize that new channels can mean exponentially increased content needs.
U.S. stocks’ strength in April has been especially apparent in the current bull market. The Dow Jones Industrial Average (Dow) has closed up in April for the last 13 years, while the S&P 500 has closed up in April for 12 out of the past 13 years.
The plans you make now need to take into account the effects they’ll have 10 or 15 years down the road.
When aging clients explore whether to move out of their home to get appropriate care, financial advisors can add value.
If your prospects and clients seem inscrutable, look for the bias. One professor says it is the key to understanding how a person ticks.
By Adri Miller-Heckman for IRIS.xyz. Gender balanced teams are on the rise, the industry is desperate to add women to their firms and teams in order to attract and retain more women.. But without proper training, this diverse structure will have limited benefits.
Will there be a Recession in the US soon? This question has been pondered and debated by many. Last December, the curve between US three-year and five-year Treasury notes and that between two-year and five-year notes inverted.
–President and CEO George Nichols III today named Chad Patrizi, PhD, executive vice present and provost at The American College of Financial Services beginning May 1, 2019. This newly created position will be the second-ranking administrative officer at The American College. Patrizi comes to The American College from American Public University System,…
As the 2018 income tax filing season heads down its final stretch, many Americans are finding themselves with surprise tax bills. One area that can lead to unwanted surprises come tax season is required minimum distributions.
Many seniors are worried about running out of money in retirement. Annuities are one option to prevent that from happening.
Robert Colby, chief legal officer at FINRA, said the self-regulatory organization was paying close attention to the rulemaking, and would wait to see what role, if any, FINRA will have in its enforcement.“ We saw referred to FINRA 472 times, but who’ s counting? Taking on the theme of operation efficiency in regulation, Merri Jo Gillette, the deputy general councel of…
Melissa Acayan, compliance counsel for senior and at-risk clients for Raymond James& Associates in Tampa, receives cases every day where a financial adviser suspected an older client was being taken advantage of by a family member or caretaker. In Florida alone, 127 cases escalated to her group last year. “We see the most horrific abuses every day,” Acayan recently…
March is Women’s History Month. As such, it’s the perfect time to celebrate the historic women who paved the way for all of the women currently working in the financial services industry by acknowledging the triumphs and obstacles they faced and sharing their stories.
The fiduciary battleground is moving to the states as more of them eye best-interest regulations.
The S&P level that just emerged as resistance, courtesy of Schaeffer’s Senior Market Strategist Matthew Timpane. History says this big bank stock could bounce. How options traders are positioning for KB Home earnings. Plus, bull notes for Apple after its big event; a potential proxy fight for Bed Bath& Beyond; and Piper Jaffray’s bullish on Nvidia.
According to T. Rowe Price’s second annual survey focused on workers participating in the gig economy, 56% of independent workers are actively saving for retirement. Significantly more traditional workers are actively saving for retirement in comparison. This may be due to the fact that the majority of traditional workers use their employer-sponsored…
one topic that needs to be addressed with those nearing retirement is their retirement exit strategy – specifically as it relates to 401(k) and other retirement accounts.
Manufacturing could hold the key to the economy, some economists say.
Shares are sharply lower in Asia after a broad retreat on Wall Street on Friday. Japan’s Nikkei 225 stock index tumbled 3.2 percent while the Shanghai Composite declined 1.1 percent. Growth concerns were revived by weak factory data from Europe. Investors are watching for signs of progress ahead of China-U.S. trade talks that are due to resume Thursday in Beijing.
Sustainable investment strategies have the financial services industry seeing green in more ways than one.
Just a few months ago, rising rates were bearing down on everyone from homebuyers to stock investors after the Federal Reserve put through seven quarter-point increases in 2017 and 2018.. The move- or anticipated lack of moves- reverberated immediately through the bond market, and the yield on the 10- year Treasury note tumbled to its lowest level in more than a…
The Certified Financial Planner Board of Standards issued the following news release:. -The benefits of an HSA extend beyond your current healthcare needs, says CFP Board Ambassador Dan Mathews, CFP (R). A health savings account can supplement health insurance and better serve consumers in long-run, says CFP Board Ambassador Dan Mathews, CFP (R).
Each week MDRT and AdvisorNews bring readers advice on topics encompassing the financial services industry including case studies, practice management, tips for success and much more.
WASHINGTON— The Federal Reserve left its key interest rate unchanged Wednesday and projected no rate hikes this year, reflecting a dimmer view of the economy as growth weakens in the United States and abroad. The Fed said it was keeping its benchmark rate— which can influence everything from mortgages to credit cards to home equity lines of credit— in a range of…
“How does a reputable financial advisor combat the current perception and differentiate themselves?” and “What are the most important messages for these types of businesses to communicate now?”
U.S. stock indexes closed mostly lower on Tuesday after a late-afternoon splash of selling erased early gains, ending a weeklong rally. Banks accounted for much of the decline, along with utilities and industrial companies. Investors were looking ahead to what the Federal Reserve would say today following a two-day meeting of policymakers.
The Federal Reserve did the expected today and is holding interest rates to the current range of 2.25 to 2.5 percent.
The Federal Reserve is considered sure to leave its key short-term interest rate unchanged and to stress its new watchword _ “patient”_ in conveying its intention to leave rates alone for the foreseeable future. Besides issuing a policy statement, the Fed will also update its forecasts for the economy and interest rates, and Chairman Jerome Powell will hold a news conference. Analysts will be looking for any new hints of how the Fed intends to manage its rate policies in coming months.
Recently I talked about how the last 11 years have been no better than cumulative GDP during the Great Depression. I’ ll talk more about that later this week. Total debt peaked at $58.4 trillion, or four times GDP, in the first quarter of 2009 and just barely deleveraged in the financial and consumer sectors during the Great Recession.
Advisors: help your clients separate fact from myth by educating them on these common misconceptions.
The message the Federal Reserve is poised to send when its latest policy meeting ends this week is a soothing one. It reflects an abrupt shift in tone since the start of the year in the face of a slowdown in the United States and abroad, persistently tame inflation and a nervous stock market. The Fed is instead set this week to keep its key short-term rate in a range of…
The United States House of Representatives Committee on Financial Services and the House Subcommittee on Investor Protection, Entrepreneurship and Capital Markets held a hearing Thursday morning examining the Securities and Exchange Commissions proposed Regulation Best Interest rule.
March 19– Mar. 19– Fred Berney spends his nights in his basement, surrounded by video editing equipment. The 79- year-old Walkersville resident owns his own video business, where he edits video photo slideshows or will edit videos. At one point, the company had a contract with Booz Allen to translate textbooks into videos.
Who’s to blame for the current state of financial advice? It’s complicated.
Amanda Hill, 27, deals with big student loan debt by doing everything she can to keep her other bills small.
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…
Each week MDRT and AdvisorNews bring readers advice on topics encompassing the financial services industry including case studies, practice management, tips for success and much more.
Regulation 187 will change the way annuities are sold in New York.
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…
SILICON VALLEY, Calif., March 13, 2019/ PRNewswire/– Nearly half of Americans surveyed mistakenly believe all financial advisors are required by law to always act in their clients’ best interest, according to new data from leading digital wealth manager Personal Capital. In its 2019 Financial Trust Report, released today, Personal Capital also revealed that 65…
A new lawsuit was filed Monday challenging Ohio National’s decision to stop paying trail commissions on certain variable annuity contracts.
A new type of advisor is emerging, shaking up traditional, outdated approaches and placing greater emphasis on getting ordinary workers retirement-ready.
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.
Senate Bill 1534 was introduced Feb. 6 and quickly passed out of the Senate Finance Committee before clearing the full Senate this week. The bill moves on to the House of Representatives.
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.
Each week MDRT and AdvisorNews bring readers advice on topics encompassing the financial services industry including case studies, practice management, tips for success and much more.
Are you or someone you know new to the financial services industry? Check out our guide to industry associations and groups to make the decision-making process a little easier.
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.
