For many advisers and clients, taxes arise as an issue once a year, only to be forgotten until the next year. This cycle is a mistake, writes Rick Plum of Lucia Capital Group. Plum writes that effective tax planning is an ongoing concern and offers four issues that deserve attention….
Life insurance is underused as a charitable-giving mechanism, largely because clients might not understand the option, writes Palmer Williams of Saybrus Partners. Advisers can identify clients who could benefit, ask them meaningful questions and then select the right policy to meet their goals, Williams writes. InsuranceNewsNet online (8/17)
Only 40% of women have life insurance, and their coverage averages $129,800, compared with $187,100 for men, Consumer Affairs says. Insurance policies were in place for only 30% of single parents, 83% of whom were women, the report says. National Underwriter Life & Health (8/17)
The Department of Labor’s proposed fiduciary standard for financial professionals who are compensated for providing retirement savings advice would leave many small-business employees unable to save for retirement, writes Rep. Earl “Buddy” Carter, R-Ga. “By far the scariest consequence of the DOL regulation is how it would curtail access…
Sales of long-term-care insurance policies dropped last year, but those of life combination products have experienced double-digit increases in the past five years, said Catherine Ho, a LIMRA product actuary. “Combination products allow less financially stable people to purchase long-term coverage,” said Samantha Chow of the Aite Group. “It’s a…
Richard Murphy is among those who says the Labor Department’s proposed fiduciary standard may push him out of the advisory business. “It’s a complication that I don’t need,” Murphy said. The industry has been tainted by a few bad actors, he said. InsuranceNewsNet online (8/7)
Changes to rules affecting retirement investing and income are a common annual occurrence. Some that savers might have overlooked include new income and contribution limits for various products and changes to how income affects Social Security benefits, Jason Hall writes. The Motley Fool (8/9)
The amount of time the Securities and Exchange Commission has available to pursue civil damages for fraud would be doubled to 10 years from five under a bill introduced by Sen. Jack Reed, D-R.I. The proposal is in response to a U.S. Supreme Court decision that the current five-year limit…
More advisory practices are bent on helping their clients avoid online fraud, in part by holding more educational events. “Our role is to be trusted advisers, and that’s historically been around financial planning. But now it’s also about helping them protect their financial assets from criminal activity,” said Todd Douds…
The Department of Labor’s Employee Benefits Security Administration will provide a live webcast of the conflict-of-interest Proposal public hearing, scheduled for Aug. 10 to 13. NAIFA President Juli McNeely and her client will testify at 4:15 p.m. Aug. 11. Read more on the NAIFA Blog.
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