As Some States Move Ahead With Fiduciary Regulations, Advisers Prefer Federal Rules

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Concern over a state-by-state approach is one reason that a national set of uniform rules made sense because that would limit a confusing array of regulations, several observers from Pennsylvania noted. Steve Bell, with the Central Pennsylvania chapter of the Financial Planning Association, said a new proposal has been floated in Washington, D.C., that could...

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The Internal Revenue Service is recalling about 46,000 of its employees furloughed by the government shutdown _ nearly 60 percent of its workforce _ to handle tax returns and pay out refunds. The employees won’t be paid. The Trump administration has promised that taxpayers owed refunds will be paid on time despite the disruption in government services caused by the partial shutdown now in its fourth week.

The volatility experienced at the end of 2018 is something long forgotten by some investors. Volatility isn’t always a bad word, it really means a tendency or vulnerability to rapid change, often unpredictably, especially for the worse. For equity investors, 2018 exuded evidence of increased volatility, and much of it was in the downward direction.

Stocks took small losses Monday after China reported a drop in exports in December, but the market didn’t come close to matching the plunges it took in the last few months.

The high-stakes skirmish between the Federal Reserve and Wall Street over the path of interest rates is over. But something quite unexpected had transpired: The Fed, facing strong criticism from Wall Street and the White House for its campaign to raise interest rates to more normal levels, concluded it was best to take a breather. Wall Street, by contrast, was sure…

Values-based planning can help improve your practice by allowing you to better advise your clients, predict their behavior under stress and focus your conversations. If you’re interested in incorporating this approach into your practice, review the three recommendations below.
How will the Government Shutdown impact Reg BI.

So, where is the policy now? What’s changed? And when can advisors anticipate a final rule on Regulation Best Interest?

The three-day talks in Beijing that wrapped up on Wednesday were the first face-to-face negotiations since U.S. President Donald Trump and his Chinese counterpart Xi Jinping met in Buenos Aires in December and agreed on a 90- day truce in a trade war that has disrupted the flow of hundreds of billions of dollars of goods. US officials used three days of trade…
Federal Reserve Chairman Jerome Powell.

“The U.S. economy is solid and there’s good momentum going into this year.” His biggest concern is weakening growth in China and Europe, although he warned a prolonged U.S. government shutdown could become a drag on the economy. The Fed chair, who has been publicly criticized repeatedly by President Trump in recent months, warned that if there is an “extended shutdown,”…

Stocks around the world built on their early 2019 rally Wednesday after negotiators from the U.S. and China extended their round of trade talks to a third day, which investors took as a sign the discussions were productive even though no major breakthroughs have been announced. Oil prices also continued to climb and stocks linked to faster economic growth, such as technology companies, kept climbing. Bond prices fell, sending yields higher.
What is drawing investors to ETFs?

Advances in financial technology allow investors to look beyond traditional investments. Exchange-traded funds offer strategies and indices with mass appeal, and investors acquainted with ETFs have started to adopt direct indexing to further diversify their portfolios.

“Robo-advisors were fortunate in that they launched during a strong bull market,” said Roi Y. Tavor, co-founder and CEO, Nummo. The report, which analyzes the period from December 1, 2017 to December 1, 2018 is the first to truly consider robo-advisors and portfolio performance in a down market. The number of robo-advisors continues to increase, but there are…

In good times and bad, Wall Street has to have a story— a clear, concise view of the economy and markets and how you, our valued client, can make money by trading with us. Bloomberg reporters sifted through dozens of Wall Street research notes and provided a Reader’ s Digest version of the key takeaways. “We think the bear market is mostly complete for emerging markets, has…

One recent characteristic of the stock market is that every day can feel like bedlam. Investors have been careening from fear to relief and back again depending on the latest news. More tests of the market’s mettle lie ahead, with U.S.-China trade talks, the fourth-quarter earnings period and another Federal Reserve meeting on the horizon.

As you reflect on the holiday gatherings of the past few weeks, it may be a good time to consider your estate plan as well. In my experience, an almost-universal goal of estate planning is long-term family harmony. Will your plan achieve the desired results?

Investor worries about stock market volatility are understandable, advisers told the Tribune-Review, but those should be balanced against the multiple signs of a growing U.S. economy. The economy is doing quite well and has been for the past year or two, “said Kurt Rankin, PNC Financial Services Group economist. After Apple reported Thursday that iPhone sales in…
What sets you apart from other advisors?

After being in the financial advisor industry for 15 years, I still wasn’t hitting my goals. I had to admit that what I was doing just wasn’t working. I dressed and spoke like other agents, but I knew I wasn’t being honest with myself. I decided it was time to make a change.
I identified what made me unique and what my personal style is, then I implemented that into my practice
The federal deficit hit $200 billion in November alone, a sharp increase.

Jan. 03– At least two financial experts in Missoula are concerned about America’s soaring debt, which they believe will necessitate the need for tax increases, cuts in benefits and health programs or some combination of both in the future. Banna teaches free two-night financial advising and retirement planning classes at Missoula College, with the next ones…

The sharp decline comes on the heels of Apple warning traders about slowing revenue and weaker iPhone sales in China. Apple CEO Tim Cook said in a letter to investors the company’s revenue for the October to December quarter is significantly lower than the company had expected. Following the announcement, Apple fell 8.3%.

NEW YORK– The roller-coaster ride on Wall Street resumed on Wednesday, the first trading day of the new year, as stocks plunged early on, then slowly recovered and finished with a slight gain. The Dow Jones Industrial Average dropped as much as 398 points in the first few minutes of trading after more shaky economic news from China. From September through the end of…

Forecasts focus on when– not whether– the next U.S. recession is coming. Because much of the rest of the world economy already has begun to slow, and that is adding to the slow down in the U.S. economy expected this year. Forecasters put off the next recession until 2020 largely because the U.S. economy currently enjoys a brisk pace of growth.

Wall Street closed out a dismal, turbulent year for stocks on a bright note on Monday, but still finished 2018 with the worst showing in a decade. After setting a series of records through the late summer and early fall, major U.S. indexes fell sharply after early October, leaving them all in the red for the year. Britain’ s FTSE 100 lost 12.5 percent.

No doubt the holiday season got the best of your plans to review your financial plan. If that’s so, now would be good time to make sure you start the new year off on the right foot especially when it comes to your retirement accounts. What should you be doing?

It’s that time when economists are looked to as fortune-tellers. The fortune, in this case, is our collective well-being tied to growth in the overall economy. Of course, no economist- no matter how well-trained- can perfectly predict the future of a $19 trillion economy like we have in the U.S..

Shares are mixed in subdued New Year’s Eve trading. Hong Kong’s Hang Seng advanced 1.3 percent while the Sensex in India was flat. Australian’s benchmark edged lower. U.S. futures were higher after President Donald Trump tweeted that he expected to reach a deal to help result trade friction with China after speaking with Chinese President Xi Jinping.
New Year's Resolutions for financial advisors.

There is no other time of year that reminds us of our accomplishments and encourages us to identify self-improvements for the coming year.  Here is a checklist of 2019 New Year’s resolutions that can help you protect those gains you worked so hard to achieve in 2018:

For many of us, the new year means a fresh start and the chance to set new goals. If your resolutions are money related, here are some ways to strengthen your financial foundation in 2019.. If you are setting other New Year’s resolutions, such as hiring a personal trainer, mastering a new skill or traveling overseas, incorporate the cost of pursuing these activities…

In 2019, the yearly contribution limit for a Roth or traditional IRA rises to $6,000. Your modified adjusted gross income may affect how much you can put into a Roth IRA: singles and heads of household with MAGI above $137,000 and joint filers with MAGI above $203,000 cannot make 2019 Roth contributions. For tax year 2019, you can contribute up to $19,000 to 401,…

The Dow has fallen significantly after its biggest point gain in history, shedding as much as 500 points a day after gaining over 1,000 points. The Nasdaq fell 2.2% and the S&P was down 2.1%. The huge gains and losses have suggested that investors remain on edge about the economy, monetary policy, trade, and Washington dysfunction.

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.

Dec. 27– What the stock market gives, the stock market takes away. Shon Anderson, president of Dayton’s Anderson Financial Strategies and president of the CFA Society of Dayton, said Thursday morning he did not initially foresee negative volatility to this extent in the market. This year is shaping up to the first since 2006 in which the U.S. economy grew at about…

It seems the famous “fiduciary rule” has lost steam and is no longer headline news due to delays and lack of support in general. Yet we see situations every day where clients were not ethically cared for. This strikes me as archaic in this day and age of technology and transparency.
Consumers and their advisors now have plenty of options to secure guaranteed income for life.

Consumers and their advisors now have plenty of options to secure guaranteed income for life.

White House economic adviser Kevin Hassett tried to bring some calm to the markets earlier Wednesday when he assured reporters that Federal Reserve Chairman Jerome H. Powell’s job is “100 percent safe. “Yes, of course, 100 percent,” said Hassett, the chairman of the president’s Council of Economic Advisers, when asked by reporters at the White House if Powell’s job…
Here's the Top 10 Financial Articles from 2018 from AdvisorNews.

There’s been no shortage of financial news in 2018. From the SEC’s Regulation Best Interest to the ups and downs of the stock market, here are the best AdvisorNews articles of 2018.

Business owners have a lot to think about with economic indicators pointing toward a potential slowdown.

Although the economy and consumer spending have been strong, some business owners, particularly those who sell big-ticket items and services, are feeling the effects of volatility in stocks that has persisted for much of this year. And some companies seeking investors are finding some resistance, even from people who a few months ago were eager to put their money down.
FIRE planning is popular with millennials.

Under new investment approach, some Millennials plan to save more, quit work soon er Á. While many of us have asked a financial adviser what steps might help us achieve an early retirement, it’s a good bet the majority of younger workers don’t really expect to be able to do so anytime soon. Sarah Lynn Carlson, an adviser with Spokane-based Fulcrum Financial Group…
Congress is expected to end its current session without taking action on retirement savings bills.

With Congress consumed by finding a way to keep the government open for business, and the session coming near the end, the financial services industry is conceding defeat on passing a retirement security package in 2018.

FINRA announced today that it has fined Merrill Lynch, Pierce, Fenner& Smith Inc. for improperly selling shares in initial public offerings to industry insiders, including its employees’ immediate family members and customers who were brokers at other brokerage firms. FINRA rules restricting who may purchase IPOs are intended to promote investor…

NEW YORK— Stocks went into another slide Thursday in what is shaping up as the worst December on Wall Street since the depths of the Great Depression, with prices dragged down by rising fears of a recession somewhere on the horizon. “This is the classic shoot-first-and-ask-questions-later market,” said Scott Wren, senior global equity strategist at Wells Fargo…

US stocks are slipping again after several days of steep losses as investors remain concerned that economic growth around the world and in the U.S. could slow down dramatically over the next few years. The benchmark S&P 500 index is now 15 percent below the peak it reached in late September. Oil prices fell further and interest rates continued to head lower after the Federal Reserve signaled that it will raise rates next year, albeit at a slower pace.

Treasury Secretary Steven Mnuchin says that the negative market reaction following the Federal Reserve’s rate hike this week was “completely overblown.” Mnuchin says the market overreacted and that computerized program trading took over and drove stock prices down further.

After years of providing financial advice and planning to St. James area residents, Jim Branstad and Dave Wildeman are both stepping away from the company they helped build, and grow. Wildeman started his career with Ameriprise in New Ulm, but saw an opportunity in St. James 21 years ago. “The first days were a steep learning curve,” said Wildeman, a former CPA for 22…

BALTIMORE– Fears of a recession have been mounting with the U.S. stock market appearing to be headed for its worst December since 1931– during the Great Depression. So is a U.S. recession imminent? Plenty of economic gauges suggest that far from being derailed by a stock market that’s set to suffer its first annual loss in a decade, the $20 trillion U.S. economy is…

The Federal Reserve raised short-term interest rates Wednesday, a widely expected move that President Trump has called “foolish” but that the central bank felt was necessary to keep the U.S. economy thriving. “Our forecast for next year is we’ll still have solid growth next year, declining unemployment and a healthy economy,” Fed Chair Jerome H. Powell said during a…

In a recent LIMRA SRI survey of more than 500 retiree investors, 3 in 10 reported that they are taking regular, systematic withdrawals from their savings and investments. Nearly half reported that they are taking occasional withdrawals, but 26 percent are taking neither systematic nor occasional withdrawals.

LOS ANGELES, Dec. 18, 2018/ PRNewswire/– Fewer than half of retirees agree that they have built a large enough retirement nest egg, with only 16 percent “strongly” agreeing and 30 percent “somewhat” agreeing, according to a new survey by nonprofit Transamerica Center for Retirement Studies.. “Retirees’ circumstances regarding when and how they retired exemplify…

As December winds to a close, you’ll probably see many reports and analyses of how the financial markets behaved this past year- and, of course, you should review your own investment portfolio’s performance. As in most years, you’ll likely see some gains and losses- which may be of particular interest if you want to consider a strategy known as tax harvesting.
11 states have taken action to close the retirement gap

In 2018 alone 16 states and one city have introduced legislation to tackle the growing issue of the retirement savings gap among private-sector workers. Which states and what are the specifics on these newly introduced plans?

This week, we will talk about some unusual IRA rules. Sometimes, federal law allows special benefits for military personnel. One of these special treatments that most people do not know about allows the beneficiary of military death gratuities and Service members Group Life Insurance to contribute funds to a Roth IRA or a Coverdale Education Savings Account.

Dec. 18– Kimberly King had her first car insured with State Farm agent Norman Carver more than 35 years ago. King, 57, of Bloomington, said she doesn’t know what she will do when Carver, 85, also of Bloomington, retires Dec. 31 after a 51- year State Farm career in Victoria. “With State Farm, they came out, gave the estimate of what the damage was and cut a check on the spot,” she…

US stocks are falling again, led by sharp drops in health care companies after a judge in Texas ruled that the 2010 Affordable Care Act is unconstitutional. Hospitals and health insurers are taking some of the biggest losses. Trade tensions between the US and China and Britain’s messy departure from the European Union are also in focus.

The Alabama Securities Commission issued the following news:. Ronald Warren Powell pleaded guilty in the Colbert County Circuit Court on Monday to one count of Securities Fraud for engaging in an act, practice, or course of business which operated as a fraud or deceit upon investors and one count of Insurance Fraud. The plea was announced by Joseph Borg, Director…

The Insured Retirement Institute issued the following news release:. Improving sales, advancement of favorable legislation and demographic trends are among positive factors for the insured retirement industry, according to the Insured Retirement Institute in its State of the Insured Retirement Industry report. “In March, many breathed a sigh of relief…

Based on expectations for economic growth and monetary policy, along with the fiscal tailwinds of government spending, reduced regulation and lower taxes, LPL Financial Research expects 2019 may be a good year for equity investors. The company forecasts GDP growth of 2.75 percent.

New York— Stocks staggered to eight-month lows on Friday after weak economic data from China and Europe set off more worries about the global economy. Major U.S. indexes fell about 2 percent and the Dow Jones Industrial Average dropped as much as 563 points. Sameer Samana, senior global market strategist for Wells Fargo Investment Institute, said investors are…

The holiday season is prime time for charitable giving. Worthy causes ramp up their efforts to get people to give, and in past years, they’ve been able to dangle a nice tax deduction as incentive. In 2017, three-quarters of those in the 90th to 95th income percentile- those who earned between $220,000 and $315,000- claimed the deduction, TPC said.

The end of a tumultuous year is in sight. We had markets surging and crashing, the strongest growth since 2014, and the start of a trade war. Yes, political chaos that overlaid the economy.
Ohio National, Trail, VAs, Annuities, company.

Trail commissions stopped today for any producer who sold a VA with a guaranteed minimum income benefit rider. The company has been sued twice so far by broker-dealers in federal court.

Those are some of the findings in multiple polls of U.S. adults in 2018 by employee benefits provider Unum. Finances, family, and health top stressors. In a January poll of 1,232 U.S. adults, the top causes of stress among all age groups included finances, home life and family relationships, personal health, job responsibilities, and the health of family members.

With the Dow falling hard over the last few weeks and the S&P 500 now below its 50- day moving average for the third time in seven years, investors find themselves wringing their hands in fear and frustration. 2011 and 2015 marked the last time the S&P fell under the 50- day average indicator and in both years, the corrections continued for months.

By Pam Krueger for Iris.xyz. It’ s human nature to want to invest money to make more money, but now millions of everyday consumers also want to know their investments align with their social values. According to Morningstar, $23 trillion has now been invested in stocks which are considered socially responsible.

Global stock indexes are climbing as the market changes course again, reversing some of its losses from last week. Technology and internet companies and retailers are climbing while energy companies rise along with oil prices. British lawmakers called a no-confidence vote in Prime Minister Theresa May, but the British FTSE 100 index and the pound are both higher.
Fixed annuities can make great wealth transfer vehicles.

Positioning a fixed annuity as a wealth transfer vehicle is a great way to help clients ensure they are leaving their lifetime of savings to their heirs as intended.

–The demand for financial advice has increased among individuals’ major or minor financial objectives, according to a study of current workers recently conducted by T. Rowe Price. The study, ” Retirement Savings and Spending: Behaviors and Attitudes toward Financial Advice,” found that since 2017, the need for advice has risen for the majority of the financial…

NEW YORK- U.S. stocks remained volatile Monday as the market took a dive in early trading only to erase those losses later and end slightly higher. Weak economic data in China and Japan and uncertainty over Britain’s status in the European Union knocked down overseas indexes. Tensions between the U.S. and China kept climbing following the detention of Huawei…

–According to the sixth-annual Legg Mason Global Investment Survey, U.S. investors who work with a financial advisor are more than twice as confident they will have enough money to enjoy a comfortable life in retirement. They also reported having more diversified portfolios, less reliance on U.S. stocks, and were markedly more willing to invest in ESG-oriented…

It’s crunch time for Brexit, and investors will be on high alert in the run-up to Christmas. British lawmakers are widely expected to reject on Tuesday Prime Minister Theresa May’s Brexit deal with the European Union. That will open up an array of consequences that could roil financial markets _ especially the British pound _ in the days and weeks to come.

–Come December 13, 2018, thousands of advisors will be out tens of millions of dollars as a result of Ohio National Life Insurance Company’s termination of trailing commission payments on its variable annuities with guaranteed minimum income benefit riders. Those harms are what led to the filing of a federal class action lawsuit by securities attorneys…

Dec. 09– Last week, we looked at some tax planning opportunities that are available to business owners. Charitable Deductions: Tax reform nearly doubled the standard deduction and capped the deduction for state, local and real estate taxes at $10,000 for married filing joint filers. You could also use a Donor Advised Fund.

The Aug. 16 death of Aretha Franklin points out some estate planning issues. You would expect someone of Aretha’s wealth and connections to have a complete estate plan. It has been estimated that 60 percent of U.S. adults do not have a will.

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.

“I am a Tariff Man,” Trump announced Tuesday to signal his devotion to import taxes- a remark that served to downplay the likelihood of ending his trade war with China. Their meeting last weekend at an economic conference in Argentina produced a 90- day truce, a suspension of further increases in U.S. tariffs on Chinese goods and a pledge by Beijing to buy more U.S….
Why your hiring process should match your company values.

In order to build a healthy company culture, you have to be clear on the values that guide your work. And you have to make sure your team is on the same page.