More than one-third of millennial (39%) and more than half of Generation X (52%) investors do not work with an advisor, according to the latest Advisor Authority Special Report from Nationwide Advisory Solutions.
Read moreNew Jersey became the latest state to pass a law to better protect senior citizens from financial exploitation.
Three key provisions of the SECURE Act will likely affect the way client’s handle their IRA. These provisions went into effect on Jan. 1 and include 1) eliminating the stretch provision on inherited IRAs, 2) increasing the RMD age from 70½ to 72, and 3) allowing individuals older than 70½ to make contributions to traditional IRAs.
The framework of client trust, like a building, requires a strong foundation. In this case, that foundation is questions. Every question causes an emotional reaction. To remove a negative emotional reaction, preface questioning by explaining the purpose for the questions.
The financial industry could lose up to $1 trillion in the event of major policy shifts that aim to slow climate change, such as levying a carbon tax. Those that move fast will be best placed to capture the growing revenue pool, which today is worth $40 BN globally but is expected to grow to$ US100-150 billion as transition financing and sustainable investing grow.
Almost half of Latin American consumers consider it their responsibility to plan for retirement and do not want to depend on the government or family members, the study finds. Yet 55% of Latin America adults do not work with a financial professional to help them with their households’ financial decisions.
Feb. 20– As required by the Bipartisan Budget Act of 2018, the Internal Revenue Service has created a tax form specifically designed for older Americans in mind. More specifically, Form 1040- SR allows one to report Social Security benefits, distributions from qualified retirement plans, annuities, etc. Similar in style to the old 1040- EZ form that the IRS…
With the average life expectancy reaching nearly 79 years old, 1 Americans are living longer than previous generations. While confident they can manage financially if separated or widowed later in life, many Americans age 40 and older don’ t have a corresponding financial plan in place, according to a new survey conducted by The Harris Poll on behalf of TD…
A California- based giant of global investment management agreed to acquire Baltimore’ s Legg Mason for $4.5 billion, the two companies announced Tuesday morning. Franklin Templeton will pay $50 cash for each share of Legg Mason’ s stock, a $9.28 per share premium over Friday’ s closing price. Legg Mason and its multiple affiliates collectively manage more than…
There is no reason to expect any change in the Beltway distribution of power, said Chip Roame, managing partner of Tiburon Strategic Advisors. Speaking during a regular conference call Thursday, Roame said President Donald J. Trump is on track for another four-year term.
Transamerica’s chief investment officer sees the 2020 market environment as investor-friendly, or what he calls a “Goldilocks” scenario: an economic and market backdrop not too hot or too cold, but just enough for stock and bond investors to generate good returns in the year ahead.
“This event can teach investors the kinds of opportunities we have here,” said James Whitehead, an Atlantic City resident and co-founder of the summit. “I believe that the type of investors that are here can help us drive about $3 billion of investment into Atlantic City to create America's first cyber-triangle.” “Right now, the Opportunity Zones in Atlantic City are…
Although the economy may seem strong, it is not reaching poor communities, where the cycle of debt is pulling generations under poverty, according to a report.
BlackRock, Inc. has made a charitable contribution of 15.6 million shares of PennyMac Financial Services, Inc., with a market value of $589 million, to fund the firm’ s social impact efforts to advance a more inclusive and sustainable economy. The BlackRock Foundation will support our conviction that the transition to a more sustainable economy must be…
I'm sure you have heard the old story about the rich man who died. One friend asked, “How much did he leave?” to which the other friend replied, “All of it.
Your client is about to get a windfall, courtesy of the IRS. What should they do with their tax refund? Splurge on something? Sock it away? Make an additional principal payment (or two) on their mortgage or their student debt?
Clearwater, Fla. – February 12, 2020 ‒ AmeriLife Group, LLC (“AmeriLife”), the national leader in marketing and distributing life, health…
Japan's Nikkei 225 rose 0.7% to finish at 23,861.21. China reported 97 more deaths from the new disease, named COVID-19, pushing the total dead past 1,100, even as the country remained largely closed down to prevent its spread. Investor sentiments in Asia were also cheered somewhat by Wall Street, where modest gains overnight nudged the S&P 500 and Nasdaq to…
Wells Fargo& Company today announced the appointment of several new business leaders and changes designed to create a flatter line of business organizational structure and provide leaders with clear authority, accountability, and responsibility. Mack takes on additional responsibilities for Deposits and a newly established Digital team focused on…
“forgives all student debt and ends the absurdity of sentencing an entire generation to a lifetime of debt for the' crime' of getting a college education.” As of 2017, typical four-year college graduates had accumulated $28,500 in debt over the course of their college careers. Current federal loan repayment programs enable graduates to pay back their loans with…
Through his company, Ronald Leger sold “at least” $3.7 million fractional interests in life settlements to 29 investors, the complaint reads. The Massachusetts Securities Division is in the process of finalizing a fiduciary rule to tighten the rules for all financial advice and sales.
A trend known as “gray divorce,” the increasing rate of divorce for those over 50 years old, along with prolonged life expectancy and rising healthcare costs, are impacting financial planning, specifically estate planning, according to a new survey conducted by TD Wealth.
The Alliance for Lifetime Income is proud to announce that it will be the sole sponsor of the 2020 Rolling Stones “No Filter” tour. This is the second consecutive year that the Alliance has sponsored the Rolling Stones’ U.S. tour.
Americans are holding off on traditional milestones – such as marriage, having children, and retirement – in favor of better financial security. A new survey found that 61% of Americans agree that traditional life milestones are no longer important.
The Federal Reserve Board on Tuesday announced that it is permanently barring Andrea Vella, a senior executive at Goldman Sachs, from the banking industry for his role in Goldman's financing of a defrauded Malaysian sovereign wealth fund. Goldman arranged bond offerings in 2012 and 2013 for 1 Malaysia Development Berhad, Malaysia's state-owned…
Mennonite investors in Pennsylvania were scammed out of $60 million over a decade, say investigators with the Justice Department and the Securities and Exchange Commission. The elaborate Ponzi scheme relied on the trust of the Mennonite worshippers, investigators say.
American workers close to retirement and those who already have retired agree on one thing: the idea of retirement needs to be redefined. According to survey results from Empower Institute, 83% of pre-retirees said they would rather save more money today so they don’t have to cut back in retirement.
According to a new report, commercial real estate investors, brokers and lenders are expecting a potential surge of activity in the first half of 2020. Report participants noted the intersection of strong market fundamentals, ample investor capital, and the potential for increasing headwinds generated by a slowing economy.
When it comes to dividend stocks, yield isn't everything. If you're an income investor in it for the long haul, you know that steadily rising payouts are a vital factor, too. Here are the current 64 Dividend Aristocrats- including the newest faces that were just added in January 2020.
Work continues on a fiduciary rule proposed by the Massachusetts Securities Division. The department posted 227 comment letters last week, three weeks after the comment deadline. A spokeswoman said all of the comments will be included in the rulemaking process.
–College students often make poor decisions while away at school, but how pervasive is the issue? More worryingly, 18% of college students are not confident they can find medical attention when they need it, and 21% don't know where to get help when they feel depressed. Limited Financial Readiness: Nearly 10% of college students admitted stealing from another…
Paychex, a provider of integrated human capital management solutions for payroll, human resources, retirement and insurance services, issued the following news release:. Paychex, Inc., a leading provider of human resources, payroll, benefits, and insurance solutions, surveyed 500 business owners with 500 employees or less to better understand what issues are…
Principal Financial Group was among financial services firms lobbying for passage of the SECURE Act, but few are better positioned to take advantage of the changes in the law. The company discussed why during a conference call this week to discuss fourth-quarter earnings.
The Super Bowl Indicator suggests stocks rise for the full year when the Super Bowl winner has come from the original National Football League (now the NFC), but when an original American Football League (now the AFC) team has won, stocks have fallen.
One of most significant changes incorporated in the SECURE Act surrounds the transfer of legacy wealth through IRA trusts that benefit non-spouses who inherit IRA accounts. But it is far from the only change in this significant law.
District Judge Richard J. Arcara, according to the U.S. Attorney’s Office. Federal prosecutors said Christopher Dillon, 55, conspired with others between May 2010 and November 2013 to fraudulently obtain more than $5 million in money and property from 27 people who invested in two companies they formed, i2i Capital and i2i Settlement Partners.
Elder financial abuse has been categorized as “a crime of the 21st century,” according to the presenter of a webinar on understanding elder financial exploitation and fraud.
In August 2019, the pair bought a three-bedroom, two-bathroom condo on the Near West Side on a nice, quiet little street dotted with single-family homes. In line with national trends, just over half of homebuyers in the Chicago area are 24 to 39 years old, according to a Realtor.com analysis released last week. The Clever Real Estate report, which took a deeper look at…
A study from Allianz Life finds worries about market volatility are on the wane. But consumers are still worried about the rising cost of living and its impact on retirement income.
Business leaders surveyed by Citizens Commercial Banking are feeling less urgency to engage in mergers and acquisitions, but sellers with standout businesses can still expect a relatively strong year. Survey respondents see companies relying more on organic growth, fewer sellers in the queue and continued discipline among buyers in 2020.
Economists project that a barometer of U.S. consumer confidence rebounded after declining last month. They expect that the Conference Board's consumer confidence index rose to 128.4 this month, reflecting continued economic expansion and a national unemployment rate at historic lows. The officials also signaled that they expected to keep low rates…
The SECURE Act, passed by Congress at the end of 2019, has a big impact on non-spouse IRA beneficiaries, especially those beneficiaries who would inherit large non- Roth IRAs. Under the new regulations, beneficiaries of both traditional and Roth IRAs have 10 years to withdraw the funds. Beneficiaries of Roth IRAs may make tax-free withdrawals for any of the 10…
LAWRENCE, Kansas, Jan. 24– The University of Kansas issued the following news:. Jeff Goldblum's character in “Jurassic Park” famously popularized the concept of chaos theory as it relates to science. But one University of Kansas professor is applying that theory to the economy.
TD Bank, a financial services company, issued the following news release on Jan. 23:. The death of retail has been greatly exaggerated as evidenced by TD Bank's Retail Experience Index- a biannual survey that tracks consumers' purchasing habits, focusing on big-ticket items of $500 or more. “Retailers should take notice, as millennial purchasing habits are driving…
Some finance pros are suggesting that clients consider protecting some of the gains they earned during the market surge of the past year by moving them into a safer product – an insurance product.
“Faye is an NSSA advisor and Social Security expert dedicated to helping others,” said Kiner. “Not only does she help her clients plan and invest to secure their financial futures, she coaches them how to maximize Social Security income. She also provides Social Security training and planning for CPAs and financial advisors and educates the public at large on…
ZURICH, Germany, Jan. 22– Credit Suisse, a financial services provider, issued the following news release on Jan. 21:. The Credit Suisse Research Institute has published a study calling for an urgent rethink on retirement provisions in the face of aging societies. Rising life expectancies and falling fertility rates have led to aging populations becoming a…
Jan. 22– Stocks have already hit record highs in 2020 and the nation's strong economy presents a variety of investment opportunities for middle-class Americans looking to grow wealth, pay off debt, or invest for the future, according to Massachusetts financial planners. They recommend the following tips for maintaining your financial health this year.
Banks led a slide in U.S. stocks Tuesday as a virus outbreak in China rattled global markets, prompting investors to shift assets into bonds and defensive sector companies. The selling in U.S. stocks followed losses in Asian and European markets as investors worried that the new coronavirus spreading in the world's second-largest economy could hurt tourism…
After marrying into a family of doctors and founding a physician-focused financial practice, I had the opportunity to work day in and day out with dedicated, selfless caregivers. Witnessing their generosity, I was posed with a nagging question: Am I taking more than I am giving?
The Securities and Exchange Commission, SEC has said it will soon unveil rules for electronic offering of shares, stressing that it will help solve the problems of unclaimed dividend in the country. The Acting Director General, SEC, Ms. In a statement made available to Vanguard, the SEC boss said: “We believe that electronic offerings will help solve the problems of…
A 2018 study by Transamerica Center for Retirement Studies found 73% wish they'd put aside more money on a consistent basis, and half felt they waited too long to get serious about retirement saving. Hoping to learn from others' mistakes, I asked advisers with the Financial Planning Association and the Alliance of Comprehensive Planners to share their clients'…
New Jersey became the latest state to pass a law to better protect senior citizens from financial exploitation.
–According to research findings released today by ValueSelling Associates, Inc., the creator of the ValueSelling Framework ®, a proven formula for accelerating sales results, making a long-term investment in sales coaching pays off. “Great sales leaders know there is a cause and effect relationship between developing their teams and achieving their…
–The world's business leaders are increasingly embracing a new form of capitalism, moving from one focused primarily on shareholder value to one focused on serving the broader world, as the Fourth Industrial Revolution rewrites the role of business in society. The survey of more than 2,000 C-suite executives across 19 countries affirms recent statements…
Many companies are offering a lump-sum option to employees who have a vested defined-benefit pension. Companies make this kind of offer for their own benefit, of course, but taking the lump sum can be in the employee's benefit as well. There are advantages and disadvantages with each option.
Mother Jones, a liberal news website, reports that it has copies of internal memorandums circulated by Barclays, a powerful London-based bank and financial services firm. In one such memo, the bank warns that a Warren presidency “would directly impact corporate earnings.”
When the US places financial sanctions on one country, it de facto sanctions many other countries as well— including many of its allies. In recent years, the US has been most active in imposing new sanctions on Russia and Iran, with many consequences for US allies who are still open to doing business with both of those countries. In November 2018, for example, US…
The trading, prosecutors said, enabled Cameron Collins and friends to dodge $800,000 in losses. Collins, one of President Donald Trump's earliest supporters, had represented western New York since his election to the 27th Congressional District of New York in 2012.. They noted that he learned that Innate Immunotherapeutics Ltd., whose board he sat on, had…
While the majority of Americans age 40 and over claim to have a well-defined retirement strategy, almost the same number would give themselves a‘ C’ grade or lower on their retirement savings, according to a new survey conducted by The Harris Poll on behalf of TD Ameritrade.
A survey by the Insured Retirement Institute (IRI) finds that millennials’ expectations are not well aligned with the retirement planning steps they have taken thus far. Although nearly eight in ten millennials say that they have saved some money for retirement, nearly half – 46 percent – have saved less than $10,000.
Advisors want to have the freedom and flexibility to provide the best possible client experience as true fiduciaries and differentiate themselves in order to compete for more wallet share. With overall wealth increasing in the U.S., there will be continued demand for the services that independent advisors deliver.
Allianz Life, a provider of retirement solutions, including fixed and variable annuities and life insurance for individuals, issued the following news release:. According to the latest Allianz Quarterly Market Perceptions Study from Allianz Life Insurance Company of North America, worries about an impending market crash or recession are at their lowest…
