Trillions of dollars will be handed from one generation to the next in coming decades, but research shows clients rarely take precautions to ensure wealth does not erode afterward. Joe Rokowski, president and CEO of MassMutual Trust, lists 10 steps advisers can take to help clients effectively transfer wealth. WealthManagement.com…
Many financial-services organizations have submitted comments calling to postpone the effective date of the Labor Department's fiduciary rule for longer than 60 days, which the agency has proposed. Some groups are seeking a 180-day delay. BenefitsPro.com (3/24), Financial Times (tiered subscription model) (3/26)
Sponsors of retirement plans, including 401(k) accounts, have expressed concern that the increased regulations imposed by the Labor Department's fiduciary rule may cause them to face lawsuits from participants or have their processes rejected by the Labor Department or the IRS. As a result, they are increasingly looking for advisers…
The Labor Department's fiduciary rule has prompted changes that are likely to last, even if the proposed rule never takes effect, Fitch Ratings says. The changes that will likely persist include greater sales of fixed-indexed annuities, shifts in compensation structures, and enhanced record-keeping and compliance efforts, Fitch says. The Hill…
Advisers should "start small" when discussing long-term-care insurance options with clients to avoid overwhelming them with the cost of comprehensive coverage, said Roberta Eckert of Nationwide's Retirement Institute. Eckert recommended beginning with a discussion of insuring the basics, such as home health care, and leaving a discussion of nursing home…
Declining stock returns and bond yields combined with greater longevity will likely lead to costlier retirements, according to research published in the Journal of Financial Planning. Financial advisers need to take such factors into account and adjust client portfolios accordingly, the study authors write. BenefitsPro.com (3/10)
With implementation of the US Labor Department's fiduciary rule scheduled April 10, the agency has made public an enforcement memorandum to clarify what financial firms should do while the rule is under review for possible postponement. InvestmentNews (tiered subscription model) (3/10), ThinkAdvisor (free registration) (3/10), Pensions & Investments (free access…
Advisers should not delay estate planning for clients even though President Donald Trump could try to overhaul the tax code, Martin Shenkman writes. Valuable strategies in the current environment include having flexibility in trust structures, forming a trust in states with favorable laws, using a trust protector and establishing a…
The US Labor Department has proposed postponing implementation of its fiduciary rule from April to June. The department said that if the rule goes into effect in April but is later repealed by the Trump administration, making that many regulatory changes "could unnecessarily disrupt the marketplace, producing frictional costs that…
St. Louis Federal Reserve Bank President James Bullard said he "wouldn't see any reason to be especially aggressive" with interest-rate increases given his forecast of 2% annual growth and inflation. However, his New York counterpart, William Dudley, has said that the case for a rate increase is becoming more compelling….
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