Truist Financial Corp. is selling its stake in Truist Insurance Holdings, a subsidiary of Truist and the fifth largest insurance brokerage in the U.S., for $15.5 billion, the Charlotte-based bank said Tuesday. The sale— expected to close in the second quarter of this year— is to an investor group led by private equity firms Stone Point Capital and Clayton, Dubilier&…
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A financial services career is more than planning
Financial services needs talent in several areas – not just in planning, a pair of Schwab leaders said.
Column: Boosting retirement income with annuities
Fear of the unknown can lead to missed opportunities throughout our lives, including in financial planning.
Credit card debt is clearly causing restless nights after many consumers simply attacked higher prices for gas, groceries, and other goods by pulling out the plastic. A record $1.13 trillion in debt ended up on credit card balances during the fourth quarter of 2023, according to the latest report on household debt from the Federal Reserve Bank of New York.
Digital World Acquisition Corp. announced the approval of the merger between Digital World and Trump Media& Technology Group. We are excited to soon share the news of the Business Combination's approval process with them,” Eric Swider, CEO of Digital World, said in a statement on Wednesday. The SEC said Digital World violated anti-fraud laws in July by not…
Brad Rhodes: Buy guarantees, not promises. Published 12:00 am Sunday, February 18, 2024. The famous investor, Warren Buffett, put it in perspective when he said this about the insurance business.
One of your important sources of retirement income will likely be Social Security— but when should you start taking it? You can start collecting Social Security benefits at 62, but your checks will be considerably bigger if you wait until your full retirement age, which is likely between 66 and 67. However, if you have adequate financial resources to meet your…
While reading a list of business headlines, the following captured my interest: "I am 52 years old planning for retirement. Should I open a Roth IRA or open an index fund or exchange-traded fund? " If you put $5,000 into your traditional IRA, your income for the year contributed is reduced by $5,000 for that tax year.
Wells Fargo& Co. has had another consent order terminated by its federal regulator related to its fraudulent customer account scandal that erupted in September 2016. The bank and the Office of the Comptroller of the Currency confirmed the ending of the consent order in separate statements on Thursday. On Thursday, the Office of the Comptroller of the Currency…
Maya Angelou's name probably doesn't come up too often in the typical conversation on Wall Street, but the celebrated African-American poet nonetheless has some sound advice on relationships that investors perhaps should have heeded these past few weeks. The Federal Reserve has been telling investors for weeks, some would argue months, that betting on…
Roberto Montano, a/k/a Jorge Roberto Montano Midence, a/k/a Roberto Pellegrini, a/k/a Alberto Yardi, 58, pleaded guilty to wire fraud, U.S. Attorney Jane Young announced Tuesday. Chief U.S. District Court Judge Landya B. McCafferty scheduled sentencing for May 30. Montano is a Guatemalan citizen who managed two forestry projects in Guatemala for an investment…
Feb. 13— Like many Medicaid recipients, Brenda Spicuzza of Fairborn had no idea she was racking up debt to the state of Ohio by merely being on Medicaid until she read about estate recovery in the Dayton Daily News. I canceled two doctor appointments today because I don't want to rack up any more charges of what I owe to the state of Ohio. " The Dayton Daily News has…
SEC obtains final judgment against Massachusetts resident in $1.6M securities fraud
On February 8, 2024, the Securities and Exchange Commission obtained final judgments against John Feloni and his company Stock Squirrel, Inc. Among other things, the judgments order payment of over $2 million in disgorgement of ill-gotten gains, prejudgment interest, and civil penalties to be paid variously by the two defendants. The SEC's complaint alleged…
The Decumulation Paradox: Why many retirees underspend
Despite saving for their golden years, many retirees – even affluent ones – tend to underspend. This is termed the “decumulation paradox.”
The S&P 500 Index finished above 5,000 for the first time ever Friday as investors continue to bet on the resilient U.S. economy and the Federal Reserve's plans to start cutting interest rates later this year. "The big driver for the rally is the realization that the U.S. economy is unlikely to falter in the way that the average prognosticator had expected," Yung-Yu…
Financial advisors must navigate ethics and tax implications in planning
Financial advisors must incorporate tax professional guidance in comprehensive financial planning.
As retirement exodus looms, rookie advisor failure rate at 72%, study finds
As 109,093 advisors plan to retire, the rookie-failure rate hovers around 72%, according to “The Cerulli Report—U.S. Advisor Metrics 2023.”
Brad Rhodes: Selecting the right life insurance policy for you. Published 12:00 am Sunday, February 11, 2024. It is essential to carefully consider your life insurance needs before selecting a policy.
How financial advisors can approach the Walmart manager niche
Walmart announced it is raising its managers’ pay significantly. Maybe those managers need financial advice?
A 2023 study by T. Rowe Price found that participation in an employer-sponsored retirement plan was highest for white people at 57.7% but lowest for Black people at 40.5% and Hispanic people at 31.9%. That auto-enrollment provision is well-intentioned, says Yemi Rose, but it needs to be part of a bigger solution. According to the Federal Reserve 2022 Survey of…
