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Both spouses don't always need to delay Social Security until 70

October 3, 2017

It seems that 70 may be the new 66 when it comes to claiming Social Security benefits. Several financial advisers have asked me about the wisdom of having both spouses delay claiming benefits until age 70. Although that would certainly maximize...

The importance of managing clients' 'life risks'

October 3, 2017

The following is an excerpt from a new research study, “The planning gap”, which was co-developed by InvestmentNews Research and Nationwide. The research is based on survey responses from 1,741 individual investors, as well as a companion...

Stay up on Medicare enrollment with annual reviews

October 2, 2017

The last quarter of the year is a busy time for financial advisers. It's a time to review investment portfolios with clients to identify possible tax-loss harvesting opportunities and to encourage working-age clients to maximize their annual...

DOL fiduciary rule: Challenges for RIAs under the BICE

September 29, 2017

On Aug. 31, the Department of Labor proposed to extend the applicability date for the full best-interest contract exemption to July 1, 2019. In all likelihood, that proposal will be finalized before the end of the year. With that in mind, what...

Tax reform anomaly could diminish some companies' need for 401(k) plan

September 28, 2017

The Republican tax-reform framework released Wednesday has led to concern within some retirement industry circles that plan creation and maintenance — and plan advisers' businesses — would be negatively impacted by its policy details. The...

General Electric 401(k) participants sue over poor-performing GE Asset Management funds

September 28, 2017

Three participants in General Electric Co.'s 401(k) plan filed a lawsuit against the company, alleging it violated the Employee Retirement Income Security Act of 1974 by breaching its fiduciary duties. The lawsuit, filed in U.S. District Court...

Private equity firms see hidden value in 401(k) record keeping

September 28, 2017

Sometimes when enough people say the same thing, it becomes the conventional wisdom. That doesn't necessarily make it true. Most 401(k) industry experts claim there isn't money to be made in the record-keeping business. But some heady private...

Seniors scramble to beat reverse mortgage deadline

September 26, 2017

I received a frantic phone call from a reverse mortgage lender in California last week. He said he was worried about the large number of senior homeowners who were scrambling to qualify for a reverse mortgage before new, more restrictive lender...

Judge dismisses lawsuit by Wells Fargo 401(k) participants

September 26, 2017

A U.S. District Court judge in Minneapolis dismissed a lawsuit by participants in Wells Fargo's 401(k) plan, saying the plaintiffs failed to demonstrate that plan executives breached their fiduciary duties under the Employee Retirement Income...

401(k) lawsuit attacks excessive advisory fees paid to UBS

September 26, 2017

A company sponsoring a $157 million 401(k) plan has been sued for allowing unreasonably high fees to be charged for plan services, including advisory services provided by UBS. The lawsuit in question alleges the 401(k) plan sponsor, Novitex...

Dividing retirement assets when divorcing abroad

September 25, 2017

The millions of Americans who live and work outside of the United States face unique and challenging planning issues due in large part to their native land's unique tax policies on citizenship-based tax residency and the many special tax and...

Jerry Schlichter's fee lawsuits have left an indelible mark on the 401(k) industry

September 23, 2017

At first glance, Sept. 11, 2006, may not stand out as a remarkable date in American history. But to retirement wonks, it is: That's the day a personal injury lawyer from St. Louis filed a flurry of lawsuits against major corporations, alleging...

University of Pennsylvania wins retirement plan suit

September 22, 2017

A lawsuit challening the fees and investments options offered in the retirement plan sponsored by The University of Pennsylvania has been dismissed by the U.S. District Court for the Eastern District of Pennsylvania, according to Bloomberg BNA....

Demand for Social Security advice growing

September 21, 2017

Less than 20% of older Americans work with a financial adviser who provides guidance on when to claim Social Security benefits. Despite the low incidence of this type of holistic financial advice, it marks an improvement from recent years, according...

How plan advisers can ease stress about retirement readiness

September 19, 2017

According to a recent retirement confidence study conducted by the Employee Benefit Research Institute, American workers are stressed about their inability to retire, but few are doing anything about it. For retirement plan advisers, this is...

Social Security COLA could get wiped out by Medicare costs

September 15, 2017

Consider this perverse scenario. Next year, typical retirees could see their expected Social Security cost-of-living adjustment for 2018 virtually wiped out by a big jump in Medicare premiums, but premiums for many higher-income clients could...

Retirement benefits for military families

September 14, 2017

Veterans Day is coming in November, and there are retirement benefits for current military members who could use financial help. Financial advisers should pass this information on to clients and friends who might benefit from one of these retirement...

Retirement plan advisers need to start marketing to providers

September 13, 2017

Defined-contribution-plan plan advisers are relying more and more on providers, especially asset managers, to help them with marketing and practice management. But resources are shrinking as margins get thinner, with more assets moving into...

Fiduciary liability defenses for advisers under ERISA

September 12, 2017

If an investment adviser makes a recommendation to a retirement plan sponsor or investment manager, who then follows that recommendation and later challenges it as a breach of fiduciary duty, there are several types of defenses available to...

Retirement-income theories confront reality

September 12, 2017

I spent part of my post-Labor Day week at the beach catching up on my professional reading. I knocked off eight issues of the Journal of Financial Planning and scored eight hours of continuing education credits by taking the online quizzes available...

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