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4 myths that can hinder young advisors

Young advisors can have their careers stunted by bad advice, writes Allan Boomer of Momentum Advisors. He offers four myths that young advisors often encounter, including that they should work with young clients and that they must develop a niche. Financial Planning online

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Economists unsure whether recession can be averted

Analysts project US GDP growth of 1.7% next year, prompting economists to discuss the long-held belief that a recession is inevitable when growth falls below 2%. Some economists suggest the economy could limp along at 1% to 1.5% growth without slipping into a recession. BNN Bloomberg (Canada)

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Advisors weigh in on variable annuities exchanges

Financial professionals offer their opinions on when recommending a 1035 exchange of one variable annuity for another is a good idea. “It’s important to consider the annuity within the context of the person’s financial plan and risk tolerance rather than to think of it as a standalone asset,” says Cody…

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Will other states follow N.Y.’s lead on annuity rules?

Annuity and life insurance agents are waiting to see whether New York state’s approval of tough rules for these products will lead to the adoption of similar measures in other states. A number of financial professionals weigh in on the chances, with one saying that “New York, because of its…

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Advisor: Help clients plan for being a caregiver or care receiver

Financial advisors should help clients prepare for the possibility of being either a caregiver or care receiver, writes financial planner Bryan Kuderna. IRAs and cash value life insurance can offer liquidity for those who retire early to become caregivers, while long-term-care insurance or setting aside money for a stipend to…

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Survey shows why consumers may shy away from annuities

A survey by the Alliance for Lifetime Income reveals potential impediments to consumers purchasing annuities, including fear, apathy and a lack of money. Members of the Insured Retirement Institute and the National Association of Insurance and Financial Advisors held conferences last week to discuss the retirement savings gap. ThinkAdvisor

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Passive equity funds overtake active counterparts

Assets in US index-based equity mutual funds and exchange-traded funds exceeded assets in active stock funds for the first time in August, after years of growth for passive investment. The shift represents a milestone for the financial industry. Bloomberg

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3 major retirement bills await action by the Senate

The lives of millions of Americans in retirement could be shaped by three major pieces of legislation awaiting action in the Senate, the Setting Every Community Up for Retirement Enhancement Act, the Rehabilitation for Multiemployer Pensions Act and the Retirement Security and Savings Act. It isn’t clear whether any of…

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Group appeals decision upholding N.Y. best-interest standard

The Independent Insurance Agents & Brokers of New York is appealing a decision by acting Albany County Supreme Court Justice Henry Zwack that upholds a state best-interest standard for the sale of annuities and life insurance. Some major insurers have stopped selling annuities in New York as a result of…

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Encourage clients to communicate estate plans before death

Clients should communicate with their families about their estate plans to avoid the “big reveal” after they die, writes Brad Wheeler of AssetMark Trust Co. He suggests encouraging clients to sit down with family members and explain decisions or do so in a written document. WealthManagement

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