Advisor News
Advisor News RSS Get our newsletter

SEC To Vote June 5 On Regulation Best Interest

Advisor News No comments.
The Securities and Exchange Commission has set a June 5 vote on its Regulation Best Interest rule.

After a contentious comment period and a listening tour, the commissioners have set June 5 to vote on its Regulation Best Interest rule.

Read more

How many hours must tax-paying Americans work to kick in for the cost of a free public college education? Quite a few, if Sen. Bernie Sanders, I-Vt., gets his way. Sanders is running for president with the promise of college education free to all, which carries an estimated $70 billion price tag.

It’s time for our industry to help bridge the gender retirement gap so women have every opportunity to secure their financial futures.

The House Financial Services Committee announced today that a subcommittee hearing will be held on the SEC’s best interest rule on March 14.

Latest Exclusives >

Securities America, a wholly owned subsidiary of Ladenburg Thalmann Financial Services Inc., announced today that it has successfully recruited three advisory practices with client assets totaling approximately $245 million. Miller& Hurt Wealth Advisors, a two-advisor practice in Rockledge, Fla., with total client assets of $110 million; Hill& Associates, a…

–Triad Advisors, LLC, a wholly owned subsidiary of Ladenburg Thalmann Financial Services Inc. and a leading independent advisory and brokerage firm supporting independent hybrid financial advisory practices and registered investment advisory firms, announced that it has successfully recruited Argent Bridge Advisors, a three-advisor firm with $275…

–LPL Financial Holdings Inc., today announced LPL has entered into a definitive purchase agreement to acquire Allen& Company of Florida, Inc., a broker/dealer and registered investment adviser based in Lakeland, Fla. Allen& Company employs approximately 30 advisors and serves approximately $3 billion of client assets. “We are excited that Allen& Company has…

In observance of National Military Appreciation Month, and in support of financial readiness among military families, the National Foundation for Credit Counseling ® has commissioned the second financial survey of military personnel in five years. This survey, sponsored by Wells Fargo and conducted online by The Harris Poll in March and April 2019, shows…
Many seniors are worried about running out of money in retirement. Annuities are one option to prevent that from happening.

Just 23% of people globally are very/extremely confident that their healthcare will be affordable in retirement (31% U.S.). Two in five people globally (41%) feel stressed about their long-term financial plans for retirement at least once per month (51% U.S.).

The U.S. Attorney for the District of Maryland, Robert K. Hur, issued the following news release:. The guilty plea was announced by United States Attorney for the District of Maryland Robert K. Hur; Acting Special Agent in Charge Jennifer L. Moore of the Federal Bureau of Investigation, Baltimore Field Office; and Special Agent in Charge Robert W. Manchak of the Federal…
From left: former U.S. Rep. Luke Messer, former U.S. Rep. Joe Crowley, Alison Weiss of MassMutual

Being a congressman can feel a little like “speed dating,” one former representative said.

Lee Equity Partners, LLC, a growth oriented middle market private equity firm, announced today that it has signed a definitive agreement to acquire a majority ownership interest in K2 Insurance Services, LLC. K2’s experienced senior management team, under the leadership of Bob Kimmel, President and CEO, will continue to lead the company and will retain a…

Shares have opened moderately lower in Asia after a dismal day on Wall Street as investors fled uncertainty over the China-US trade standoff. Shares fell in Shanghai, Tokyo and Hong Kong but rose in Seoul. Asian markets appeared to have already anticipated the deterioration in tensions between Beijing and Washington after China followed up on a pledge to retaliate for a U.S. tariff hike with increases of its own.

–Morningstar, Inc., a leading provider of independent investment research, today published its annual Target-Date Fund Landscape Report. Assets in target-date strategies totaled more than $1.7 trillion at the end of 2018, with $1.1 trillion in mutual funds and approximately $660 billion target-date CITs. “Target-date funds play a central role in the…

The Financial Planning Association issued the following news release:. -New research from the Financial Planning Association, Janus Henderson Investors and Investopedia explores the issue of stress among financial advisors and investors, its causes and what can be done. A study released today by the Financial Planning Association (R), Janus Henderson…

TD Ameritrade April 2019 Investor Movement Index. TD Ameritrade clients were net buyers, but favored less risky assets, such as fixed income products, over equities. “Stocks have been climbing since the beginning of the year into April and earnings season was off to a fairly positive start,” said JJ Kinahan, chief market strategist at TD Ameritrade.“ Yet volatility…

Marie Kondo has inspired countless people to wipe out clutter. Her KonMari organizing method, popularized by her book and Netflix series, lays out how to get more joy from your life and possessions. This approach can extend to your money, too.

We constantly hear from advisors that we should plan our affairs in such a way as to avoid probate. What does the phrase mean and what property is subject to the probate process? What planning is needed to avoid the process?

Florida Attorney General Ashley Moody issued the following news release:. The Florida Department of Law Enforcement and Office of Financial Regulation conducted the criminal investigation that led to the arrest of Cavallo. I also want to thank the Florida Department of Law Enforcement and the Office of Financial Regulation for their tireless…

–LPL Financial Holdings Inc. today announced results for its first quarter ended March 31, 2019, reporting net income of $155 million, or $1.79 per share. This compares with $94 million, or $1.01 per share, in the first quarter of 2018 and $120 million, or $1.36 per share, in the prior quarter. “We continue to focus on providing differentiated capabilities to help our…

One of the more brazen billion-dollar financial frauds in history, complete with celebrity names and fancy cars, quietly snaked its way into hundreds of retirement nest eggs across Michigan. The Michigan investors handed over more than $14 million, according to state regulators.

Lyft went public March 29, and the stock almost immediately went into a steep decline as investors belatedly noticed that the company hadn’t made any money yet and didn’t have any clear plans to do so. On April 11, Uber filed the prospectus for its own initial public offering. The company said it commands more than 50 percent of the ride-hailing market.

–LPL Financial LLC, a leading retail investment advisory firm and independent broker-dealer, today announced that the investment program offered at Bay Federal Credit Union has joined LPL Financial’ s broker-dealer and corporate registered investment advisor platforms. “We are excited about this new partnership with LPL Financial,” said Carrie Birkhofer,…

The use of 401 loans reached a nine-year low of 22.5% in 2018, and continued a steady six-year decline of nearly 10%, according to T. Rowe Price’s annual participant data benchmarking report, Reference Point. The report also found that the percentage of participants who took a hardship withdrawal fell for the ninth consecutive year.
Women face greater challenges when it comes to retirement.

While 7 out of 10 women say they feel confident in their financial knowledge, research shows that 66% of women have never consulted a financial advisor, a new survey finds. One reason for the gap between women’s confidence and ability to plan for their financial future is that they prioritize immediate family needs, putting retirement savings on the backburner.

–Morningstar, Inc., a leading provider of independent investment research, today published its annual fee study, which evaluates trends in the cost of U.S. open-end mutual funds and exchange-traded funds. The study found that across U.S. funds, the asset-weighted expense ratio dropped to 0.48% in 2018, compared to 0.51% in 2017. “As awareness grows around the…

People without college degrees see their incomes peak in their 40s on average, while college-educated people peak in their 50s. So don’t assume your pay will keep rising as you plan for retirement.
Many seniors are not prepared for the cost of retirement.

Fifty-nine percent of those polled by AARP said it was only “somewhat likely” to “not at all likely” that the combination of their savings, investments and Social Security benefits would be sufficient to cover their financial needs throughout retirement. Only 41% of all respondents said their retirement assets are “very” or “extremely” likely to pay for their needs through retirement.

A Raleigh man is accused of defrauding a Durham woman of $246,000 through mail and wire fraud, the U.S. Attorney’s Office said Tuesday. Furman Alexander Ford was a financial advisor for New York Life, a release said, and helped the woman set up a charitable trust with New York Life.

Securities America, a wholly owned subsidiary of Ladenburg Thalmann Financial Services Inc., announced today that it has successfully recruited a group of six advisors with over $200 million in total client assets. The Rochester, New York- based group, which includes Meliora Wealth Management and Allied Financial Partners, is affiliating with Securities…

WASHINGTON- The financial condition of the government’s bedrock retirement programs for middle- and working-class Americans remains shaky, with Medicare pointed toward insolvency by 2026, according to a report Monday by the government’s overseers of Medicare and Social Security. Social Security would become insolvent in 2035, one year later than…
A college student finds a creative outdoor campus spot to do classwork.
Exclusive

How many hours must tax-paying Americans work to kick in for the cost of a free public college education? Quite a few, if Sen. Bernie Sanders, I-Vt., gets his way. Sanders is running for president with the promise of college education free to all, which carries an estimated $70 billion price tag.

Parents are often more than happy to offer financial advice to their kids. They like to feel needed and want to make sure you’re on solid financial ground. “It’s never too soon to have this conversation,” says Greg Young, owner of Ahead Full Wealth Management LLC in Rhode Island.

The Securities and Exchange Commission has obtained a preliminary injunction and a continued asset freeze in an alleged investment fraud targeting members of the Jewish community, primarily in the Los Angeles, CA region. The order, entered on April 10, 2019 by the Honorable Percy Anderson of the U.S. District Court for the Central District of California,…

If your tax refund this year was disappointing, you may be able to do something about it: Contribute more to a retirement fund. And few of us do these days: Only about 1 in 10 taxpayers is expected to itemize now that Congress has nearly doubled the standard deduction, tax experts say. In addition to increasing standard deductions, the tax law enacted in December 2017…

April 18– Apr. 18– BEVERLY– An investment adviser who recently moved his offices to Beverly has been hit with a complaint by state regulators, charging he hid his own interest and failed to disclose other relevant information to investors in proposed cannabis startups. Frederick “Rick” McDonald Jr. of Manchester, the chief executive of US Advisory Group Inc., was…
Making a special effort to listen can improve the relationship for both advisor and client.

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. What can we learn as advisors?

If you are planning to retire sometime in the next several years, then you should stress test your plans— living arrangements, retirement portfolio and income and anticipated leisure pursuits— because retirement is like your first days in kindergarten, full of surprises. In our 40 s and 50 s, as the pressures of college tuition, aging parents perhaps approaching…
A college student finds a creative outdoor campus spot to do classwork.

Nearly 10 percent of those polled carry more than $50,000 in student loan debt, and 37% more than $15,000. That is not surprising when you consider the total amount of student loan debt in America is in excess of $1.5 trillion and impacts 45 million people. The downside is 36% say they cannot save for retirement.

A former East Millinocket woman, who became the largest single lottery winner in U.S. history in 2013, is suing her son for allegedly mismanaging her $278 million Powerball jackpot. An attorney for 90- year-old Gloria C. Mackenzie, who now lives in Florida, said in a 40- page lawsuit that her son and caretaker, Scott Mackenzie, and his investment…

April 12– Apr. 12– Three businessmen who built a real-estate empire on the backs of investors from South Florida to Southern California were arrested Thursday on charges of orchestrating a $1.3 billion Ponzi scheme that swindled thousands, authorities said. Retired doctors, teachers and at least one high-profile investor– ABC News anchor George…
Should Americans be worrying about debt and taxes?

More than half of Americans say they’ d earn a“ C” or lower when it comes to financial literacy, according to a new survey conducted by Harris Poll on behalf of Prudential Financial, Inc.. “Our industry needs to drive home the importance of financial education, and lead the way in providing it, to help clear a path toward financial wellness,” said Caroline Feeney, head of…

April 10– Local mutual fund giant Vanguard will launch an extremely low-cost commodities mutual fund, but the minimum investment is $50,000. Vanguard’ s new mutual fund– filed with the SEC under the name Vanguard Commodity Strategy Fund– is expected to charge 0.20 percent annually, a bargain-basement price compared with PIMCO’ s Commodity Real Return Strategy…

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…

Janney Montgomery Scott LLC, a leading full-service wealth management, capital markets, and asset management firm, added 14 Financial Advisors to its Private Client Group in the first quarter of 2019. “Janney had another successful quarter recruiting leading Financial Advisors with experience and expertise in all aspects of wealth management,” said Jerry…
Many seniors are worried about running out of money in retirement. Annuities are one option to prevent that from happening.

Just one-third (31 percent) of middle-income baby boomers feel well prepared for retirement. That makes this year’s National Retirement Planning Week, which began April 8, the perfect time for agents everywhere to reassess their approach to retirement planning with their clients.

–As April 15 th approaches, and the reality of the most dramatic tax reform package in nearly three decades becomes clear, the Registered Investment Advisors and fee-based advisors who say that the majority of their clients will benefit from tax reform have declined 10 percentage points— to 69 percent in 2019 from 79 percent in 2018. But as our latest Advisor…

–As it continues to expand the reach of its Advice-Centric Experience ®, Cetera ® has entered into a definitive agreement to purchase select assets of Foresters Financial’s U.S. broker dealer and advisory business. The business will operate as a distinct division of Cetera, with a separate and distinct management team led by Sean Casey, reporting to LeAnn…
Mobile technology can help agents track info and be better protected.

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.”

Moreover, three out of four advisors said fear is the primary current motivator for their clients, a 74% increase since October 2018. “While market volatility and politics can be distractions, leading advisors find time to help clients understand their personal tax situations and implement smart tax-management solutions for their portfolios,” said John…
A sound financial plan can leave retirees with the money to live out their bucket list.

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.

Are you ready to retire? According to a recent Gallup poll, nearly half of all non-retired Americans are concerned they will not be financially comfortable when they retire. Understanding where you are, where you need to be and how to bridge the gap is critical for living the retirement you envision.

While the Department of Labor fiduciary rule is gone, tossed out by a federal appeals court one year ago, the compliance spotlight it shone on commission annuity sales remains. If the industry doesn’t figure out how to effectively provide distribution of annuities via advisory channels, “sales are just going to fall off a cliff,” one executive says.

April 05– Apr. 5– A former Springfield financial adviser who was found guilty of stealing more than $150,000 from a 99- year-old Jerome woman was sentenced to 7 1/ 2 years in prison Thursday in Sangamon County Circuit Court by Associate Judge Rudolph Braud. Vaughn Henry, 67, who founded Henry and Associates in 1977, faced up to 15 years in prison on counts of theft…

–For most families, caring for mom or dad as they age is not a family effort. According to new data from Northwestern Mutual’s latest C.A.R.E. “Families are fundamentally changing in ways that impact how they’re able to care for aging parents,” says Dave Simbro, senior vice president, risk products, Northwestern Mutual.

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…

To help clients navigate the sometimes-confusing required minimum distribution process while also enhancing their financial legacy, Allianz Life Insurance Company of North America today announced the launch of its Legacy by Design℠ fixed index annuity solution. Legacy by Design is a combination of two FIAs that work together to systematically and…