Some trade groups are drafting legislation calling for a “best-interest standard” instead of the fiduciary standard that the Labor Department has proposed, according to Steve Saxon, chairman of Groom Law Group, and Barbara Roper, director of investor protection at the Consumer Federation of America. ThinkAdvisor (6/29)
Advisers who ask for referrals must avoid focusing on their need for clients and instead emphasize how they can help friends and loved ones, writes Sandy Schussel. National Underwriter Life & Health (6/30)
A House Appropriations subcommittee voted in favor of a measure prohibiting the Department of Labor from spending money to draft, implement or enforce a rule imposing a fiduciary standard on retirement advisers. The subcommittee passed the measure on a party-line vote. The Hill (6/17)
Consumers’ lack of enthusiasm about long-term-care insurance is driven by cost and a lack of understanding of the products, two University of Pennsylvania researchers write. MarketWatch (6/17)
A University of Pennsylvania study involving about 30 college-educated adults ages 19 through 30 found low levels of knowledge about common health insurance terminology. Half could not explain what a deductible is, 75% could not explain co-insurance, and most did not know how much a health plan costs nor that…
The annuity industry is confronted by a “fiduciary threat” from the Department of Labor, which aims to impose a common fiduciary duty on financial professionals, including those who sell annuities, said annuity expert Jack Marrion. He notes that the National Association of Insurance Commissioners receives relatively few complaints about these…
Many people need advice on money matters, and some may find “financial therapists” are the way to go. They rely on psychology and financial expertise to fill what they see is a rising need. Money magazine (6/17)
Main stage keynoter Bob Davies will help you tap into the highest level of your performance. This interactive presentation will provide actionable ways to reach your health, business and personal goals. Bob reveals how certain aspects of human nature inhibit performance and delivers lessons to help you help yourself and…
A bill in the House Appropriations Committee would prevent the U.S. Labor Department from spending money to write or implement a fiduciary standard for financial professionals who give retirement advice. A subcommittee is expected to approve the legislation and send it to the full committee for action. InvestmentNews (free registration)…
Millennials soon will be the largest generation, and companies will need different financial wellness tools than were used for baby boomers now heading into retirement, writes regulatory attorney Cindy Lapoff. Financial wellness programs should consider that salaries may not be keeping up with the cost of living, that people may…
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