Released in late November, the Pete Buttigieg retirement plan focuses on ensuring “all Americans experience dignity and security in retirement.” Buttigieg’s plan identifies the three biggest short comings of retirement savings in America.
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Paul Volcker, who as Federal Reserve chairman in the early 1980s elevated interest rates to historic highs and triggered a recession, always maintained it was the price to be paid for quashing double-digit inflation.
The late Federal Reserve chief was most renowned for fighting inflation, but he also understood—before almost anyone else did—that Wall Street was out of control.
In this week’s Rewirement Tip, Jamie Hopkins discusses some end-of-the-year tax planning strategies.
With the start of a new decade just around the corner, Americans are feeling optimistic about their current and future financial situation, but reducing the burden of personal debt will be a priority for many who acknowledge they bit off more than they could chew in 2019, according to a Fidelity Investments’ survey.
Futures: The stock market rally and China-tied Apple, AMD and Alibaba await President Donald Trump’s China trade war decision on Dec. 15 tariffs.
With ongoing trade tensions, geopolitical uncertainty, and unpredictable policymaking becoming the new normal, Vanguard expects U.S. growth to decelerate below trend to around 1% in 2020, with the risk of recession still elevated.
The Labor Department’ s report was much stronger than last month, helped in part by the end of a General Motors strike. The return of tens of thousands of striking workers to their jobs at General Motors helped supercharge hiring totals last month. President Trump stoked trade tensions this week by imposing new tariffs on steel and aluminum from Brazil and…
Friday’ s November jobs report will provide insight into whether steady hiring remains a source of strength for the U.S. economy even as the Trump administration’ s trade conflicts have heightened uncertainties for employers. Renewed concerns that trade will continue to hamper the U.S. economy drove stock prices lower earlier this week.
The SEC’s Division of Investment Management and Division of Trading Markets published a list of the four most frequently asked questions regarding Form CRS, which firms will need to be following by June 2020 as part of the SEC’s adoption of a four-part rulemaking package last June.
Review your investment portfolio before the end of the year to see what Long Term Capital Gain Dividend distributions have already hit the account and check to see if there will be any others to come before year end. Careful tax planning like this can save your clients a bundle.
Investing is vastly more complex these days. We cut taxes in 2017, but future tax increases—large ones—are likely. The Federal Reserve is lowering interest rates because it is told to by the president. There are tariffs, things we haven’t seen in a while. Deficits are rising with zero collective will to contain them.
Stocks closed broadly lower and bond prices rose sharply on Wall Street after President Donald Trump cast doubt over the potential for a trade deal with China this year. Investors had been hoping for a deal this year, or at least enough progress to stave off new U.S. tariffs on Chinese goods, including smartphones and laptops, scheduled to start Dec. 15.
End-of-the-year planning is an important step for advisors to get their clients in a position to take 2020 by financial storm. As advisors guide their clients through the remaining weeks of 2019, keeping these tips in mind will go a long way for advisors and clients.
The proposal will impose a uniform fiduciary conduct standard on broker-dealers, agents, investment advisors and investment advisor representatives providing financial advice to any clients in Massachusetts. A public hearing will be held on the proposal next month, officials said Monday, with adoption to follow as soon as Feb. 1.
Two U.S. presidents have been formally impeached by Congress: Andrew Johnson and Bill Clinton. In addition, two other U.S. presidents have faced formal impeachment inquiries: Richard Nixon and Donald Trump. So far, no U.S. president has been removed from office through the full impeachment process.
Income is hard to find, just as many retirees are looking for it. Rapidly retiring baby boomers seek cash flow to supplement retirement income from other sources like Social Security. Many see income-producing assets as a ballast if the aging 10-year-old bull market runs out of steam.
To safely make it through potentially decades of retirement, women need to go the extra mile with their preparations.
No longer a one-day dash for doorbusters, retail watchers now count the five days between Thanksgiving and Cyber Monday as the holiday season’ s curtain raiser. If Christmas creep and increased traffic in your neighborhood touches off your inner grouch, consider that retail is America’ s largest private-sector employer, supporting one in four U.S. jobs.
The holidays are a stressful time for people … and their wallets. In fact, the average consumer will drop $1,048…
Not Richard Nixon and not Bill Clinton, both of whom had been safely re-elected before running into their impeachment buzzsaws. You can be sure that this cash will quickly be deployed into key states that Trump won in 2016 and which will make him or break him a year from now: Wisconsin, Michigan, Pennsylvania and Ohio.
Did you miss the $11 billion pop after the Schwab-TD Ameritrade merger hit the news? Some ETFs are designed to capitalize on M&A.
Variable annuity sales in the third quarter were $21.2 billion, an increase of 1% over the previous quarter. Variable annuities have no floor, and potential for gains/losses that are determined by the performance of the subaccounts that may be invested in an external index, stocks, bonds, commodities, or other investments.
Federal Reserve Chairman Jerome Powell is sketching an optimistic view of the economy but signaling that continued low inflation means higher interest rates won’t likely be necessary anytime soon. Powell says that even with unemployment near a 50- year low of 3.6%, there’s still “plenty of room” for wages to rise and for more Americans to join the workforce.
Asian shares were mixed Tuesday after China said its top trade envoy and other senior officials spoke by phone with U.S. negotiators. Theft of intellectual property has been a big sticking point in the U.S.- China trade war.
Pass the turkey… and do you have enough life insurance? New research released from Lincoln Financial Group shows that while 93% of Americans believe it is important to set a plan for their family and their own financial future, 47% of them– nearly half of the entire country– struggle to discuss finances with their loved ones. And sometimes, we just need a little help…
U.S. stocks continue to forge ahead. Source: Federal Reserve Bank of St Louis. We note also that the U.S./ Mexico/ Canada trade deal is still waiting to be taken up by the House of Representatives.
In this week’s Rewirement Tip, Jamie Hopkins discusses Qualified Charitable Distributions or QCDs.
Americans are taking proactive steps to keep holiday spending in check and be financially ready for next year, according to an Experian national consumer survey. A majority of those surveyed say they’ re motivated to improve their finances this holiday season, with 66 percent paying for gifts in cash and 62 percent planning to pay off debt.
In case you missed this week’s financial news headlines …
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.
Paul Ashworth, chief U.S. economist at Capital Economics, said the minutes, along with recent comments by Powell and other officials,“ confirm that the Fed is now firmly on the sidelines.”. Ryan Sweet, an analyst with Economy.com, said it’ s clear that the Fed is in a“ wait-and-see mode, and unless there are signs that the economy or inflation are deviating from their…
The Dow turned in a triple-digit loss today, dragged lower by reignited U.S.- China trade tensions. On top of that, Chinese officials are unhappy after the U.S. Senate passed measures supporting Hong Kong protesters. This sinking Chinese stock saw heightened options activity today. Nordstrom options popped ahead of earnings tomorrow. Plus, an E* TRADE bear signal;…
The Cincinnati retailer posted earnings of $2 million, or a penny per share. Removing one-time charges, per share earns were 7 cents, better than the penny Wall Street expected, according to a survey by Zacks Investment Research. Revenue declined to $5.17 billion from $5.4 billion, which is short of expectations.
Netflix, $9 per month; Disney+, $7 – but what about for financial planning needs? Subscription models have made streaming more affordable than cable; it can do the same for financial planning.
–A major research study from BNY Mellon Investment Management, one of the largest asset managers in the world with $1.9 trillion in AUM as of September 30, 2019 1, revealed millennials have a greater level of understanding over their older cohorts regarding the role fixed income plays in retirement planning and how the asset class responds to market cycles.
Major stock indexes ended a wobbly day of trading on Wall Street mostly lower Tuesday, as losses in energy companies and department store operators edged out gains elsewhere in the market. Energy sector stocks took the heaviest losses as the price of U.S. crude oil dropped 3.2%. “It’ s almost a carbon copy of yesterday,” Jeff Zipper, managing director at U.S. Bank…
Here are five common money mistakes planners see from their clients and what they do to right them.
Top advisors ask Matt Harris for advice. And he’s telling them he sees two clear stock market trends — which steer where he thinks investors should be.
–With many people in the U.S. getting a jump start on purchasing gifts for the winter holidays, Union Bank, a leading West Coast bank, revealed findings of a new survey to understand how people are spending their hard-earned cash this holiday season, including:. Spend to Impress The recent Union Bank Holiday Spending survey revealed that although two out of three…
—President Donald Trump summoned Federal Reserve Chairman Jerome Powell to the White House on Monday to discuss the economy and interest rates— issues on which Trump has repeatedly attacked the Fed. The Fed said in a statement that Powell’ s message to Trump during their meeting was similar to the one he expressed in congressional testimony last week, when he…
An estimated 88% of total U.S. public market assets are affiliated with a Principles for Responsible Investment (PRI) signatory, however only 4.5% of signatory assets are described in their official product documents (e.g., prospectuses) as taking ESG considerations into account to inform investment decisions, a Cerulli study found.
Preparing an estate plan is like getting a physical. We know responsible adults have it done but choosing to do it yourself is just not appealing. We may decide with the information available on the internet, we simply can self-diagnose any problems that arise.
The future belongs to agents and advisors who broaden their solution set and partner effectively. To deliver holistic planning support in a cost-effective way, however, you need a partner that can supplement your existing knowledge and capabilities. Ideally, your partner will bring to the table:
As CEO of Sowell Management, a registered investment adviser in North Little Rock, he embraces a legal obligation to put clients’ financial interests first. “If I tell you you need to sell Procter& Gamble, I get paid when the trade is made, and if I suggest that you buy Hewlett Packard in its place, I get paid for that too. Financial services companies have been inching…
Source: ISS Analytics; Note: 2019 is year-to-date figure; Chart: Axios Visuals Louder calls from big investors and other Wall Street heavyweights have helped push the percentage of women joining boards to a record high. For instance, proxy advisers — who wield a lot of influence in how shareholders vote on issues — say they plan to take board diversity more seriously. Driving…
The average American spends more than 85 hours per month watching TV. The same person will likely spend about 265 hours sleeping and 228 hours working. Know how much time they’ll spend working on their finances?
In this week’s Rewirement Tip, Jamie Hopkins discusses social media as a tool for advisory firms.
More than half of the world’s wealthiest investors are hedging for a sharp drop in financial markets before the end of next year, says UBS.
Changes are to the Social Security Administration pension program are an annual event and 2020 is no different. Some changes are due to formulas, while others are part of the legislative framework underpinning Social Security. Here are six changes announced by the SSA last month:
In case you missed this week’s financial news headlines …
James Barr Haines, senior vice president and deputy general counsel of Fidelity Investments, Boston, Massachusetts, has issued a public comment on the Employee Benefits Security Administration’s proposed rule entitled “Open MEPs and Other Issues Under Section 3 of the Employee Retirement Income Security Act”. The comment was written and posted on Oct. 29,…
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.
Studies show Americans are anxious about running out of money in retirement, but few have made an effort to determine their income needs.
Trump’s own 2020 election stakes mean there’s a good chance of a phase-one China trade deal, but there’s growing reason to worry that it won’t happen.
November 14, 2019– Fidelity Investments ®, the market leading workplace benefits company and one of the largest and most diversified financial companies in the industry, today released its quarterly analysis of retirement savings trends, including account balances, contributions and savings behaviors, across more than 30 million retirement accounts.
The CFP Board Center for Financial Planning launched more than three years ago with the goal of ensuring every American has access to competent and ethical financial planning advice. But in order for this goal to become reality, the profession needs to be more diverse and sustainable. Blacks and Latinos represent only 3.7J% of all CFP professionals.
Fed chief Powell tells Congress federal debt is on ‘unsustainable path,’ limiting ability to support economy in a downturn
US Student Debt Report: 6% of Borrowers Owe More Than $100,000. A new report from the public policy nonprofit Brookings Institution clarifies where all of that $1.5 trillion student debt comes and goes. Six percent of borrowers owe more than $100,000 in debt, with 2% owing more than $200,000, “the report by Brookings’ Kadija Yilla and David Wessel found.
Stocks on Wall Street closed with modest gains Tuesday after an early rally lost momentum toward the end of the day. “There was some excitement on breaking 3,100, that perhaps we could continue higher on the S&P,” said JJ Kinahan, chief market strategist at TD Ameritrade. President Donald Trump gave an update Tuesday afternoon on trade negotiations with China,…
