‘Way More Expansion’: Advisors Turn Pandemic Into Opportunity

—Asian shares other than those in China advanced Friday, cheered by a modest rally on Wall Street and rising hopes for fresh stimulus for the U.S. economy. Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell have said the government’ s top priority should be to provide affordable loans to small businesses and further support for…

Stocks eked out modest gains Thursday even as volatility continued to be the dominant force in Wall Street's tumultuous September. The market's turbulent run this month comes as investors worry about the upcoming election, the sustainability of the economic recovery and the prospects for Congress to deliver more economic aid for struggling Americans.

–RightCapital, Inc. and Allianz Life Insurance Company of North America today announced their new partnership. “Managing risk within retirement is an important part of a holistic retirement plan,” said Eric Thomes, chief distribution officer for Allianz Life. “At RightCapital, we are committed to enhancing the financial planning experience for advisors and…

The SECURE Act is great news for holistic advisors, many of whom are quickly realizing that the act touches nearly all aspects of their clients’ financial lives. The act creates opportunities for retirement accumulation planning, retirement distribution planning, tax management, charitable giving and estate planning.

It is often strategy that determines whether advisors are successful or whether they underperform, said Chip Roame, managing partner of Tiburon Strategic Advisors. In particular 11 things that an advisor needs to figure out in order to be a success.

Clearwater, Fla. – September 23, 2020 ‒ AmeriLife Group has acquired a majority interest in The Achievement Group. TAG is…

MINNEAPOLIS – Sept. 23, 2020 – As markets settle from initial COVID-19-related health and economic crises, Americans are evaluating the…

Stocks slipped in Japan and Hong Kong but rose in Seoul and Shanghai and jumped more than 2% in Sydney after the government reported retail sales have fared better than expected. Overnight, Wall Street ended a four-day losing streak, though Federal Reserve Chairman Jerome Powell pressed Congress for more aid to support the economy’ s recovery, citing worries…

“I have been busier now than in all 23 years of my practice,” said Mary Alice Fleming, an estate planning attorney with the DeWitt law firm in Minneapolis.“ It’ s been unbelievable.”. “These aren’ t necessarily old people,” said Minneapolis attorney Ivory Umanah. “All of a sudden people are realizing they’ re not getting out of this alive,” said Chris Dahlberg, an attorney in…

Nearly two-thirds (65%) of advisors find that working from home has been just as effective as working from the office, and 86% report that they have been able to host productive virtual meetings with clients. Millennial advisors have been most successful during the transition to remote working, with 90% able to host productive virtual client meetings.

—Asian shares were mostly higher Friday despite some investor attention shifting again to the uncertainties in global economies amid the coronavirus pandemic, as reflected in the overnight fall on Wall Street. Japan's benchmark Nikkei 225 gained 0.2% to finish at 23,360.30. Another slide in technology companies helped pull stocks lower on Wall Street…

“2020 marks the one-hundredth anniversary of women’s right to vote in the U.S. Since then, women have made great strides in educational achievement and career opportunities. It is based on findings from TCRS’ 20th Annual Retirement Survey, which comprises a supplemental survey conducted in June 2020 and a broader survey completed in late 2019..

Asian stock markets tumbled Thursday after the U.S. Federal Reserve indicated its benchmark interest rate will stay close to zero at least through 2023 but announced no additional stimulus plans. Market benchmarks in Shanghai, Tokyo, Seoul and Hong Kong all retreated. On Wednesday, Wall Street's benchmark S&P 500 index closed down 0.5% after the Fed said it…

Columbus, OH —September 14, 2020— As the pandemic’s impact collides with powerful systemic pressures putting more responsibility on individuals to…

–A recent study by T. Rowe Price found retirement savers who were saving at an adequate rate prior to the 2008 Global Financial Crisis, and who continued to save throughout the crisis, saw the best outcomes. “Looking back, the data suggest that market volatility can induce decisions that are often not in retirement savers’ longer term financial best interest,” said…

Between 2010 and 2018, the U.S. life insurance industry distributed nearly $1.5 trillion in claims and benefits to policyholders, an amount equal to 19 percent of all Social Security payments made over that same period, according to a study released today. If Social Security had to finance all the benefits provided by private life insurance, U.S. payroll tax…

KING OF PRUSSIA, PA – September 15, 2020 – According to the 2020 Retirement Income Literacy Survey, four in five…

After virtually no volatility since March, market-watchers got a heavy dose of it with the recent three-day 10% correction in the NASDAQ—one of the fastest corrections ever, and the fastest ever from a record high. Historically, the NASDAQ has tended to rise after fast corrections. What will happen this time?

About 1 in 3 people 65 and older in the U.S. enroll in Medicare Advantage, the private insurance alternative to traditional Medicare. But Medicare Advantage can be more expensive if you get sick because copays and other costs can be higher, says Katy Votava, president of Goodcare.com, a health care consultant for financial advisors and consumers.

A look at some of the key business events and economic indicators upcoming this week:. Wall Street expects that FedEx’ s latest quarterly report card will show mixed results. The Federal Reserve delivers its latest interest rate policy update and economic assessment Wednesday.

Sep. 11– A reader wrote early this month asking me about “the paradox of the stock market's stellar performance during our acute economic distress.” By early this week, the stars were falling. Tech stocks dragged the Nasdaq into the 10%- down “correction” territory.

Technology and energy companies led a broad sell-off on Wall Street on Thursday that wiped out nearly all of the market's gains from a strong rally the day before. The S&P 500 lost 1.8% after having been up briefly by 0.8% in the early going. Energy companies fell the most as the price of U.S. crude oil prices dropped 2%.

A recent survey from Savingforcollege.com, the leading source for unbiased information on saving and paying for college, concluded that college savings has not changed drastically since the start of the pandemic and college savers are still on track. 67% have no made changes to their contributions and 15% have increased the amount they are contributing 70%…

With the S&P 500 Index up more than 50% since the March lows and stocks pricing in an optimistic recovery in the economy and corporate profits, we believe stocks may be due for a pullback—and the drop that occurred September 3–4 may be the start of it. Here are some other things to look out for in the weeks ahead.

-John Hancock Retirement, a Manulife Investment Management company, announced today that it's been selected by U.S. Toray Group Companies for its retirement plan services for U.S. employees. Headquartered in Tokyo, Japan, Toray is a leading manufacturer specializing in the production of fibers and textiles, resin, film, carbon fiber and advanced composite…

As the severity of COVID-19 continues to alter America’s workforce, investment advisories across the country have transitioned to the work-from-home model. From Wall Street to Main Street, we have seen a seismic shift in culture to ensure safety among employees and the public.

According to the S&P 500 index, a part of the Dow Jones indices of the U.S. stock market, the index has had an annualized average return of around 10% for the last 80 years. CEO and Chief Strategist Karla Jo Helms will host “Top COVID-19 Summit Quarantined Press Conference–Pivot Series” with presenter Jeffrey Mount, president of Real Intelligence, LLC as he speaks…

Since financial adviser Dean Vagnozzi was charged with fraud in a government lawsuit in July, he has been castigated by regulators for how he steered customers to Par Funding, a Philadelphia lender founded by a twice-convicted felon. With his heavy radio advertising and free steak sales dinners, Vagnozzi, 51, touted alternatives to Wall Street.

In a crisis, long-term planning may lose out to quick and dirty solutions– regardless of the consequences. As the pandemic and its economic fallout continues, more cash-strapped consumers could fall into this trap if the Great Recession is any indicator. A recent report by the Consumer Financial Protection Bureau found that from 2007 through 2010, debt…

Like gauze on a camera lens, a bull market can hide a lot of blemishes in retirement savings plans. If you find yourself stuck with a poor-performing 403 plan, you have a few options, said Scott Dauenhauer, a certified financial planner with Meridian Wealth Management in Murrieta, Calif., and founder of the Teacher's Advocate blog. You might be able to find a low-cost…

Our research suggests that people can respond to persistently low interest rates by delaying Social Security and changing the way they save for retirement. First, low interest rates make it more attractive to delay claiming Social Security, which can be obtained at any age between 62 and 70.. Delaying Social Security involves a trade off: Starting later means…

—When the coronavirus outbreak forced cruise lines to cancel trips to Alaska, it wiped out Midgi Moore’ s tour business, leaving her with thousands of dollars in deposits to refund. So, she withdrew $30,000 from her retirement account— a painful decision for a 56 year old starting to look forward to the day when she can stop working. Owners are trying to keep their…

—Asian shares were mixed Wednesday after another U.S. rally spurred by positive economic data, even while the coronavirus pandemic has regions around the world battling recessions. The U.S. Commerce Department said construction spending in the U.S. edged higher in July, breaking a string of losses due to disruptions caused by the pandemic.

Nearly half (49%) of respondents say their monthly spending has decreased over the course of the last year. Among that group, more than half (53%) say they are spending less because they are worried about the current economic situation and another 26% are spending less because they say their monthly income has decreased.

Pennsylvania financial adviser Dean Vagnozzi warned that a federal judge’s freeze on his bank accounts — ordered in response to the U.S. Securities and Exchange Commission’s lawsuit — threatens to halt the payment of premiums for life-settlement policies packaged as investments for hundreds of his customers.

Frankfurt and Tokyo advanced while London opened lower and Hong Kong declined. U.S. stocks benefited from Federal Reserve chairman Jerome Powell’ s announcement of a strategy change that could keep interest rates low. In early trading, the FTSE 100 in London lost 0.6% to 5,963.57 while Frankfurt's DAX gained 0.7% to 13,122.16.

Although about 13% of the U.S. population is Black, only about 5% of the advisor population is. A result of this disparity is that a large percentage of this demographic does not have access to the financial guidance they need to close whatever financial gaps they have, build wealth and achieve financial security.

Aug. 25– The coronavirus is deadly, and it's far from over. That may have you thinking about the unthinkable, which raises the question: Do you have a legal, written will? It's important, says Elizabeth R. Carter, professor at the LSU Law Center.

Benchmarks in Shanghai, Tokyo, Hong Kong and South Korea advanced. Global markets have recovered most of this year’ s losses despite rising infection numbers in the United States, Brazil and some other countries. The Shanghai Composite Index rose 02.% to 3,386.86 and the Nikkei 225 in Tokyo added 0.2% to 22,971.98.

As an attorney and wealth manager, I have reviewed hundreds of estate plans, and I have noticed that the plans often need to be updated to reflect the true intentions of the client. On several occasions I have met with clients who are very concerned about making sure that their assets remain in their bloodline and not to a son-in-law or daughter-in-law.

Many advisors, new and seasoned, are looking for a mentor to help guide them into the next step of their career. No matter how much success you’ve achieved, there is always potential to reach the next level in your expertise.

At the end of July, the American Association of Individual Investors announced a four-year low in the Investor Sentiment Survey. This marks a jump in optimism when compared with the end-of-July survey, which ranked among the 40 lowest readings ever recorded by the AAII Sentiment Survey. “Bullish sentiment has been below average since mid-March when the…

—Apple is the first U.S. company to boast a market value of $2 trillion, just two years after it became the first to reach $1 trillion. Apple shares have gained nearly 60% this year as the company overcame the shutdown of factories in China that produce the iPhone and the closure of its retail sales amid the coronavirus pandemic. Saudi Aramco reached a market value of…

Only one in five of the 143 largest statewide public retirement systems in the U.S. are resilient, a new analysis published by the bipartisan nonprofit Equable Institute shows. And five states California, Illinois, New Jersey, Pennsylvania and Texas account for more than 50 percent of unfunded liabilities.

In a two-parent household, both parents must be involved in order for the school-at-home experience to be a success, said Brian and Kelly Haney. Brian Haney founded The Haney Company, a Maryland financial services firm. The biggest mistake many parents make is trying to replicate the classroom setting at home, Kelly said.

Benchmarks fell in Hong Kong, Tokyo and Seoul but rose in Sydney and Shanghai. Investors say it’ s crucial that the support comes, particularly after $600 in weekly unemployment benefits and other stimulus from the U.S. government expired. “The markets are in‘ show me the money' mode, perhaps erring on the side of caution, not holding their breath for an imminent deal in…

The Securities and Exchange Commission today announced that Caroline A. Crenshaw and Hester M. Peirce have been sworn into office as SEC commissioners.

Behavioral economist Dan Ariely and his colleagues at Duke University's Center for Advanced Hindsight have a pact. Every week, the group of 50 people picks one small business in Durham, North Carolina, and each person spends $100 there. A one-time $5,000 infusion wouldn't make a difference to Amazon, Costco or any other large retailer, but it could be enough to…

Interest rates recently hit all-time lows as the Federal Reserve made cuts to mitigate the financial impacts of COVID-19. If you're a homeowner with a monthly mortgage payment, you might be wondering if now is a good time to refinance. While a lower interest rate may yield a more affordable monthly payment, there are other factors to consider.

California's public employee pension dilemma boils down to this: The California Public Employees Retirement System has scarcely two-thirds of the money it needs to pay benefits that state and local governments have promised their workers. Were the earnings assumption dropped to a more realistic level, the system's “unfunded liability”– essentially a…