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Sandwich Generation Feeling Squeezed

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Saving for retirement said hindered by helping family. Just under half of U.S. investors have children and at least one living parent, placing them in what is commonly called a sandwich generation, according to the Wells Fargo/ Gallup Investor and Retirement Optimism Index. Thirty-two percent of surveyed investors reported providing financial help to a child…

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Breakaway advisors are an endorsement of the independent distribution channel, an industry expert said.

A new report finds that third-quarter annuity sales totaled $51.3 billion, an 8.2 percent decline. What does it mean for the future of the industry?

Rising longevity and health costs cry out for more Medigap coverage.

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According to Sherman Carl Vaughn Jr., the firm he created with Merrill Robertson Jr., a former football player at the University of Virginia, operated on lies that often led to the emptied retirement accounts of investors- accounts that were targeted, says Vaughn, because that was where the money was. Alleged victims appearing Wednesday included Robertson’s…

MassMutual’s college savings calculator estimates that a family with a 5- year old child entering kindergarten today can expect to pay a hefty amount when their child enters college in 2030, with averages for these youngsters looking like:. Private 4- year college: $368,739 Public 4- year out-of-state college: $287,466 Public 4- year in-state college:…

An expected major board shakeup at Wells Fargo& Co. was announced Tuesday, with Chairman Stephen Sanger and two other members retiring on Dec. 31. The transition of Vice Chairwoman Betty Duke to chairwoman Jan. 1 represents the bank’s latest attempt at recovering from multiple customer-account scandals. She served a stint on the Federal Reserve board of…

Aug. 16– A Huntersville man was sentenced to four years and two months in prison on Tuesday for ripping off investors. He pleaded guilty in U.S. District Court in Charlotte in March to wire fraud. Winecoff told his victims he was the principal of Winecoff Financial Consulting Group, according to court documents.

National Planning Holdings ®, Inc. today announced the sale of its independent broker-dealer network, consisting of INVEST Financial Corporation ®, Investment Centers of America, Inc., National Planning Corporation ® and SII Investments, Inc. ®, to LPL Financial LLC, the nation’ s largest independent broker-dealer. NPH is an affiliate of Jackson National…

Sherman Carl Vaughn, 46, of Blackstone pleaded guilty last September to related charges from his role in the investment scheme that cost more than 60 investors over $9 million. Robertson, a 1998 graduate of Chesterfield’s L.C. Bird High School, played linebacker for U.Va. from 1999 to 2002 and once tried out for the Philadelphia Eagles. Lies that the defendant,…

Conducted by CFO Research in cooperation with Prudential Financial, Inc., the research reveals that the subset of executives who have shifted pension risk to an insurer had three primary concerns about costs and volatility— concerns that drove their consideration of various options for transferring pension risk. Persistent asset-related volatility,…

A top Federal Reserve official suggested Monday that the Fed will likely announce next month that it will begin paring its bond portfolio— a step that could lead to slightly higher rates on mortgages and other loans.

After deleveraging in the aftermath of the last U.S. recession, Americans have once again taken on record debt loads that risk holding back the world’ s largest economy. Household debt outstanding— everything from mortgages to credit cards to car loans— reached $12.7 trillion in the first quarter, surpassing the previous peak in 2008 before the effects of the…

On Aug. 4, Wells Fargo announced a $108 million settlement involving refinanced loans affecting the federal Veterans Administration. The plaintiffs accused Wells Fargo of charging “impermissible” closing or origination fees to borrowers under a U.S. Department of Veteran Affairs’ loan guaranty program, and then making false statements to the VA concerning…

By a News Reporter-Staff News Editor at Investment Weekly News– Three firms-American Funds, Empower Retirement and Voya-are giving Fidelity Investments and Vanguard a run for their money in the 401 market. These and other findings are from Retirement Planscape ®, an annual Cogent Reports™ study by Market Strategies International. “While the other firms are…

“Following the transition, the funds will offer investors pure exposure to discrete segments of the U.S. Treasury market and provide them the flexibility to tailor their bond portfolios to reflect their risk and return objectives,” said Greg Davis, Vanguard’s chief investment officer. Following the transition, advisors, institutions, and individual…

The Acting U.S. Attorney for the Eastern District of New York, Bridget M. Rohde, issued the following news release:. Erb entered his guilty plea before United States Magistrate Judge Anne Y. Shields at the federal courthouse in Central Islip, New York. The sentencing was announced by Bridget M. Rohde, Acting United States Attorney for the Eastern District of New York,…

The Insured Retirement Institute issued the following news release:. The Insured Retirement Institute submitted a response to the Department of Labor’s Request for Information showing the harmful effects already occurring under the partial implementation of the fiduciary rule. Through IRI’s latest comment letter, the Department of Labor was presented…

A few states are trying to help their workers plug the retirement savings gap, but they’re getting pushback from Congress and President Donald Trump’s administration. The Treasury spent $70 million to launch and run the program, so the cost-benefit ratio wasn’t good. MyRA invested in ultra-safe Treasury bonds, charged no fees and was available by payroll…

“We’ve had a pretty good run for the last half year,” said Lars Kuehn, an associate professor of finance for Carnegie Mellon University’s Tepper School of Business. Volatility, a measure of swings in stock prices, is the lowest it’s been since at least 1972, the Associated Press reported. That probably won’t last, particularly if Washington continues to stall on…

Beware the “kiddie tax,” which applies to unearned income (including distributions from traditional IRAs).

Aug. 01– The company that Chauncey Waddell and Cameron Reed founded 80 years ago is taking the men’s names off its mutual funds. Both brands are managed by Waddell& Reed Financial Inc.. CEO Philip J. Sanders said the mergers reflect in part the greater name recognition of the Ivy Funds in the market.

_ LPL Financial Holdings Inc. on Thursday reported second-quarter earnings of $68.4 million. Four analysts surveyed by Zacks expected $1.05 billion. LPL Financial shares have climbed 28 percent since the beginning of the year.

–LPL Financial Holdings Inc. today announced results for its second quarter ended June 30, 2017, reporting net income of $68 million, or $0.74 per share. This compares with $48 million, or $0.53 per share, in the second quarter of 2016 and $48 million, or $0.52 per share, in the prior quarter. “We remain focused on our strategic priorities of growing our core business…

_ Legg Mason Inc. on Wednesday reported fiscal first-quarter profit of $50.9 million. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share. Three analysts surveyed by Zacks expected $779.2 million.

July 26– Ameriprise Financial Inc.’ s second-quarter profit jumped 17 percent, pushed upward by investor clients eager to ride the rising stock market and the company’s efforts to control expenses. The Minneapolis- based financial advisory firm said Tuesday it earned $393 million, or $2.50 a share, in the April-to-June period. Fee-based inflows amounted to…

July 17– Longtime Pennsylvania resident Ted Benna invented the 401 plan more than 35 years ago. Just last week, incoming Securities and Exchange Commission Chairman Walter J. Clayton referred to typical investors as “Mr. and Ms. 401,” a nod to the fact that the bulk of Americans sock away savings in corporate 401 investment plans, as opposed to having traditional…

His remarks are not out of tune with previous comments under both President Barack Obama and President Donald Trump, when he’s argued that U.S. government policymakers spend too much time arguing rather than improving the economy. The U.S. economy has been expanding at less than 2 percent a year since the Great Recession, which is below the typical growth after…

The Social Security and Medicare trust funds will not be able to pay all debts inside of 20 years unless Congress acts, an annual report by the Treasury Department predicted. It means that by 2034, the program will have enough revenue to cover only 77 percent of promised Social Security and Medicare benefits. In the period from 2018-2027, Social Security will…

This new finding comes from T. Rowe Price’s 2016 update of Reference Point, an annual benchmarking report of employer-sponsored retirement plans based on T. Rowe Price’s full-service recordkeeping client data. Reference Point is one component of T. Rowe Price’s comprehensive digital toolkit aimed at helping plan sponsor clients and their advisors manage…

TIAA, a leading financial services provider, announced today the successful completion of its acquisition of EverBank Financial Corp and its wholly owned subsidiary EverBank. “For nearly a century, TIAA has helped to provide financial well-being for millions of customers,” said Roger W. Ferguson, Jr., president and chief executive officer of TIAA.“ Our strategic…

—Workers are more likely to be saving for retirement, at least among those eligible for a workplace plan, and lower-income employees have made some of the biggest gains in recent years. Those are two of the encouraging trends borne out of numbers from Vanguard, which looks each year at how participants are behaving in 401 plans and similar retirement accounts for…

Lincoln Financial Group announced today findings from its 2017 Lincoln Retirement Power ® Participant Study, which showed that while individuals are more confident and optimistic about retirement savings, the majority of participants acknowledge they are not saving as much as they think they need to in order to be on track with their retirement savings…

—Buoyed by higher stock prices, Americans’ household net worth rose 1.4 percent to $94.8 trillion in the first three months of this year, a trend that could support future spending. U.S. stock and mutual fund portfolios jumped $1.3 trillion in value in the January-March quarter, the Federal Reserve said Thursday. But in the nearly eight years since the recession…

Vanguard Group did just that, posting a help-wanted listing on its website Monday for a marketing lawyer whose responsibilities include reviewing “competitors’ campaigns for possible violations” and to “advise the business on whether to raise matters” with the Financial Industry Regulatory Authority, which oversees U.S. investment companies and can fine…

June 07– City Controller Alan Butkovitz asked City Council on Wednesday to create a plan to help Philadelphia workers in small businesses save for retirement at their jobs. Butkovitz, who lost his bid for reelection in May and will leave office by next January, wants City Council to run a feasibility study, set up the plan, and figure out important elements, such as…

—The Supreme Court on Monday made it tougher for the government to recover ill-gotten gains from people convicted of securities fraud, ruling that such recoveries are subject to a five-year statute of limitations. The justices overturned a lower court decision that ordered venture capitalist Charles Kokesh to pay the Securities and Exchange Commission…

BOSTON— The 2017 MFS Heritage Planning Survey results reflect a major financial planning dilemma for women, who need to save more than men because they live longer, but find it hard to do because they leave work to care for their families. According to recent Bureau of Labor statistics, 70.5 percent of women with children under the age of 18 participate in the…

This new tool will assist Mutual’ s Engagement Specialists in creating a personalized experience utilizing techniques from financial psychology theory to help increase plan participation and motivate people to save for retirement. Mutual of Omaha is a full-service, multi-line organization providing insurance, banking and financial products for…

Fidelity Investments ®, one of the largest and most diversified global asset management firms with more than $2.2 trillion in managed assets 1, today announced the launch of Fidelity Municipal Income 2025 Fund– an addition to Fidelity’ s Defined Maturity Funds lineup that seeks to bridge the gap between individual bonds and bond funds. “With aging…