Allianz Life’s 2021 Retirement Risk Readiness Study identifies distinct differences among ethnicities regarding retirement risks as well as interest in getting help from a financial professional.
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Americans have trillions in assets and advisors should have plenty of business in the years ahead, according to new projections of consumer wealth.
Nearly nine in 10 plan sponsors and participants (88%), respectively, agree that income in retirement is vital to financial security, according to the Nationwide Retirement Institute’s 2021 In-Plan Lifetime Income survey.
The Securities and Exchange Commission announced that App Annie Inc., a leading alternative data provider for the mobile app industry, and its co-founder and former CEO and Chairman Bertrand Schmitt, have agreed to settle securities fraud charges.
Additional felony charges have been filed against Robert Andrew Lotter, 64, of Newport Beach, Calif., and Charles Albert Major, 72, of Irvine, Calif., who were arrested in November after allegedly defrauding their clients with high-risk investments.
The economy is open — or is it? Pandemic concerns continue, schools are open, but some have reverted back to remote learning. Many employees continue to work from home. No wonder it feels like we are riding an economic seesaw.
The last time revolving credit balances were over $1 trillion was in April 2020, before the COVID-19 pandemic slowed consumer spending.
For decades there have been concerns that foreign investors are buying up farmland in the United States. Our reporting of USDA data shows that in the 40 years or so that records have been kept, foreign investors have bought more than 35 million acres of U.S. farmland worth $62 billion. According to USDA staff, outside investments are on the rise.
Recordkeepers and advisors using iJoin will be able to offer the Allianz Lifetime Income+ Annuity with the Lifetime Income Benefit as a protected accumulation and decumulation option in 401(k)s and other defined contribution plans.
The 2022 MDRT Executive Committee ushers in an integrated approach to supporting the financial services profession, as Randy Scritchfield takes his place as 96th president and Carol Kheng joins as secretary.
According to a new survey from the New York Federal Reserve, 50.1% of respondents expect to keep working past the age of 62. That’s an almost 2% decline from the year before.
In April 2020, as Americans were receiving their first relief checks and many businesses shuttered their doors to the public, the saving rate hit an all-time high of 33.7%. It peaked again in March 2021, as the latest round of relief payments were received. As of June, it was 9.4%.
Robert Maron, 62, generated more than $1 million in profits by trading Illumina securities instruments based on non-public information ahead of the company's financial report in October 2016, according to the SEC. The SEC complaint contends that Martha Patricia Bustos, 33, a former Illumina accountant, tipped close friend Donald Blakstad in advance of…
Crafting your client base can be a daunting task, but simplifying it to a system that’s easy to digest will streamline your search process. The “ABC” system that I use is interlinked, as each component depends on, and thrives off one another.
That's according to a new report from University of Wisconsin-Madison. The report from COWS, formerly the Center on Wisconsin Strategy, indicates Wisconsin still has 114,000 fewer jobs available as of July than it did before the onset of COVID-19. Laura Dresser, the associate director of COWS, said the problems in Wisconsin's job market came about well before…
Column provided by Edward Jones on behalf of financial advisor Shelley York. If you're getting close to retirement, you're probably thinking about the ways your life will soon be changing. Many people don't– in fact, 61% of retirees wish they had done better at planning for the financial aspects of their retirement, according to an Edward Jones/ Age Wave study…
At the height of her power, Elizabeth Holmes wasn’t exactly a girlboss. The founder and former CEO of blood-testing startup Theranos, whose fraud trial begins this week, didn’t place a ton of public emphasis on feminism or building women-centric spaces.
The SEC announced Wednesday that it has filed an action against BitConnect, an online crypto lending platform, its founder Satish Kumbhani, and its top U.S. promoter and his affiliated company, alleging that they defrauded retail investors out of $2 billion.
Shanghai, Tokyo and Hong Kong advanced. Investors are optimistic about stronger U.S. corporate profits and took comments by Federal Reserve chairman Jerome Powell on Friday as assurance interest rates will stay low. On Tuesday, a U.S. business group, the Conference Board, reported consumer confidence fell sharply in August.
If you're getting close to retirement, you're probably thinking about the ways your life will soon be changing. Many people don't in fact, 61% of retirees wish they had done better at planning for the financial aspects of their retirement, according to an Edward Jones/ Age Wave study titled Retirement in the Time of Coronavirus: What a Difference a Year Makes.
Social Security trust funds won't be able to pay full benefits by 2034, one year earlier than previously projected, due to the impacts of the COVID-19 pandemic, the U.S. Treasury Department said Tuesday. In its annual summary of Social Security's reserves, the program's trustees said the Old-Age and Survivors Insurance and the Disability Fund, designed to…
A report from the programs’ trustees released Tuesday moved up by one year the date for the depletion of Social Security’s reserves to 2034.
This Labor Day, some Americans will have extra cash on hand for holiday weekend shopping. Labor Day savings may not be as easy to spot this year, either online or in person. “We have consumers who are believed to have quite a bit of money in their pockets, but the retailers do not have a lot of product,” says Tom Arnold, professor of finance at the University of Richmond’ s…
—Before starting advocacy group the Student Borrower Protection Center, Seth Frotman was the Student Loan Ombudsman at the Consumer Financial Protection Bureau. Frotman spoke to The Associated Press about the Biden administration's decision to extend the student loan repayment moratorium and other issues facing the $1.5 trillion industry.
The Federal Reserve issued a press release at 5 p.m. on a Sunday that month letting everyone know the coronavirus outbreak had disrupted economic activity. At 9 p.m. Saturday, March 21, Mortgage Bankers Association President Robert Broeksmit sent an email to Federal Reserve Chairman Jerome Powell and then-Treasury Secretary Steven Mnuchin warning that the…
If you're getting close to retirement, you're probably thinking about the ways your life will soon be changing. Many people don't– in fact, 61% of retirees wish they had done better at planning for the financial aspects of their retirement, according to an Edward Jones/ Age Wave study titled “Retirement in the Time of Coronavirus: What a Difference a Year Makes.”
Most people I know look forward to retirement someday. They dream about travel, dining out, spending more time with family, etc. These are the things that people plan and save for.
A Brooklyn man is facing federal charges related to an illegal check-cashing scheme that netted him more than $55 million over the past decade. David Motovich, 46, faces charges of bank fraud, identity theft, and witness tampering in relation to the scheme, federal prosecutors at the Eastern District of New York announced Tuesday. “As alleged, the defendant used a…
The Department of Labor’s lifetime income illustration rule requiring pension and retirement plan providers to issue an annual projection for clients goes into effect in September but the department still has not produced a final rule.
A MetLife study using Chamber of Commerce data shows employees are worried about finances but employers are not sharpening their focus on their workers’ financial well-being.
For the average benefit recipient, currently receiving $1,543, that could amount to $94 per month. It’s a few years too late for a serious increase, but certainly better than the 1.3% bump we saw for 2021 and the 1.6% the year before.
The average 401(k) plan balance grew 24% to a record $129,300 in the second quarter from a year earlier, according to a review of 19.8 million accounts by Fidelity Investments.
The U.S. Department of Education under President Joe Biden announced on Thursday that it will cancel another $5.8 billion worth of student loan debt by the end of 2021 for over 323,000 borrowers who have a total and permanent disability. This is the largest student loan forgiveness measure put in place since Biden took office, the Education Department said in a…
It's possible to set yourself up for a well-endowed retirement. I like to ask my class what it takes to be wealthy, and someone always says,“ one million dollars.” I typically respond by saying,“ well, that is true for a lot of people, but one million dollars is easy– I’ m going to show you how to have much more than that! On FEE’ s website, David Veksler has an article: How to Become a…
–The Biden administration announced it will eliminate student loan debt payments for more than 300,000 Americans with severe disabilities, said Allsup, a nationwide provider of Social Security Disability Insurance representation services. “The decision to cancel student loan debt for individuals with disabilities is a significant development and past…
Faegre Drinker attorneys say the Department of Labor has been listening to pleas from advisors and brokers to push back the PTE 2020-02 compliance deadline of Dec. 20, but the department is not showing any indication it will postpone.
WASHINGTON, D.C., August 19, 2021 – Certified Financial Planner Board of Standards, Inc. (CFP Board) announced today that its Board…
Ideally, you want to target your 10 best clients for referrals. Stephen Mathieu shared a few things he has learned about getting referrals during his 35 years in financial services.
Adopting technology can lead to a frictionless advising and sales process that keeps clients engaged and happy.
Tokyo's Nikkei 225 slipped 1.1% to 27,281.17. Hong Kong's Hang Seng was down 2.2% at 25,304.72. Losses were recorded throughout the Asia-Pacific region except in New Zealand and the Philippines.
—Asian stock markets rebounded Wednesday after Wall Street fell on weak retail sales as investors awaited an update from the Federal Reserve on possible plans to reduce U.S. stimulus. Shanghai, Tokyo, Hong Kong and Sydney advanced. Wall Street's benchmark S&P 500 index declined Tuesday from a record high after U.S. retail sales in July were weaker than expected.
“The late' 50 s to early' 60 s is the perfect time to increase your savings, build out your stake in safe money products, and re-evaluate your portfolio.” Many investors, especially those within ten years of retirement, look for guidance as they near the spend-down stages of their lives. Conventional financial advisors tend to focus on wealth accumulation rather than…
The portfolio consists of 149 high-quality distribution buildings strategically located across 12 major industrial U.S. markets, including the Inland Empire, Dallas, Atlanta, Phoenix, Chicago, Houston, Tampa, Orlando, San Diego and the Baltimore Washington corridor. Following the completion of the sale of the portfolio, KKR will continue to own over 20 million…
Investing in cryptocurrency can be as easy as a few taps on your phone, and with crypto all over the news and coming up in conversations with friends, it’ s tempting to dive right in. However, depending on your financial situation and appetite for investing risk, crypto might not be an appropriate investment for you right now— or ever. “I am the biggest crypto hippie you’…
The tech platform NYDIG is extending inroads into insurance with MassMutual and insurance-focused hires.
Authorities say Martin Ruiz misappropriated more than $8 million of client funds, transferring those funds through a series of entities Ruiz also controlled, and spent the vast majority of the funds on personal expenses.
Japan's benchmark Nikkei 225 sagged 1.7% to 27,502.21 in afternoon trading, while Australia's S&P/ASX 200 slipped 0.5% to 7,591.70. Japan, Thailand and Malaysia are among nations reporting several record daily new cases recently and vaccination rollouts in many countries have been unsteady or outpaced by virus surges. “Asia remains the epicenter of the…
Do you think you may be ready to retire and want to apply for Social Security benefits? Most importantly, you should study your future financial needs and obligations, and estimate your future Social Security benefit. The easiest way to estimate your future Social Security benefits is with a personal my Social Security account.
Finance is the lifeblood of businesses and people; simply put, it is a study of money management and how it affects business and our personal lives. In other words, how to save and spend wisely. Many of the students in my finance courses are initially apprehensive about the course itself.
Asian shares fell Thursday as caution set in among investors after banks and industrial companies helped lift stocks mostly higher on Wall Street. Japan's benchmark Nikkei 225 edged down 0.2% in afternoon trading to 28,024.44. Hong Kong's Hang Seng declined 0.5% to 26,531.74, while the Shanghai Composite fell 0.3% to 3,523.91.
Retirement plan participants are worried about running out of money, losing income or not being able to afford medical expenses, according to an American Century survey.
Today I offer a reasoned rant about the high costs of our federal government's Zero Interest Rate Policy. If you wonder what that policy is, just think about the amount of interest you now receive on your money in the bank and have for more than a decade. First, I must mention a great quote of President Truman.
MINNEAPOLIS – Aug. 10, 2021 – After the disproportionate economic and career impacts that the COVID-19 pandemic dealt women, an…
The data shows Americans saved more of their money during the pandemic, largely because they could not spend it. But studies are showing that Americans might be changing their identity from consumers to savers.
WASHINGTON- U.S employers added 943,000 jobs in July and drove the unemployment rate down to 5.4% in another sign the economy is bouncing back with surprising vigor from COVID-19. “That is a definite downside risk,'' said Rubeela Farooqi, chief U.S. economist at High Frequency Economics.” The Labor Department collected its data for the report in mid-July before the…
As part of TCRS’ 21st Annual Retirement Survey of Workers, one of the largest and longest-running surveys of its kind, the new study examines the retirement outlook of Generation Z, Millennials, Generation X, and Baby Boomers. “Workers are weathering a public health crisis and contending with fears about the virus and vaccinations, concerns for family and friends,…
The incentive recognizes crew who have taken the time to protect themselves, each other, and our communities by being vaccinated, “said spokesman Charles Kurtz. The Malvern- based investment giant follows companies such as Kroger, Walmart and JBS and cities in New York, Louisiana and California, which offered bonuses, prizes and even scholarships to vaccine…
WASHINGTON, D.C. – A bill to lower barriers to innovative retirement income products by requiring the Securities and Exchange Commission…
San Francisco, CA – July 27th, 2021 – RetireOne and Protective Life Corporation announced the results of the “2021 RIA Protected…
—Asian stocks rose Thursday after the Federal Reserve kept its accommodative monetary policies and signaled that the U.S. economic recovery was on track. Tokyo's Nikkei 225 gained 0.7% to 27,782.42, while the Kospi in South Korea advanced 0.2% to 3,242.65. The Hang Seng in Hong Kong jumped 2.9% to 26,222.72.
