Results for "Greg Iacurci"

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Deutsche Bank settles 401(k) self-dealing lawsuit for $21.9 million

August 15, 2018

Deutsche Bank has reached a $21.9 million settlement in a lawsuit alleging the investment bank enriched itself at the expense of its employees by loading its company 401(k) plan with proprietary funds. Deutsche's settlement, which still needs...

DOL fiduciary rule death leaves 401(k) advisers in legal 'grey area' with rollovers

August 9, 2018

It's no secret that the broad financial industry despised the Department of Labor fiduciary rule. The regulation, which lived a short while before dying in court, upended the status quo with respect to retirement savers, cracking down on brokers'...

Genworth raises long-term-care insurance costs an average 58%

August 9, 2018

Genworth Financial Inc. received approval from state regulators this year to raise costs an average 58% on some long-term-care insurance policies, affecting tens of millions of dollars' worth of annual insurance premiums the company receives...

IRS provides guidance on pass-through taxes, targets loophole

August 8, 2018

The Internal Revenue Service provided some long-awaited answers for business owners hoping to dodge the limits on a juicy new tax break. The IRS's proposed regulations make it clear that the agency considers a planning technique known as "crack...

Citigroup reaches $6.9 million settlement in 401(k) lawsuit

August 6, 2018

Citigroup Inc. has reached a $6.9 million settlement with plaintiffs in a more than decade old lawsuit alleging the financial services firm stuffed its retirement plan with expensive in-house investments, thereby enriching the company at the...

401(k) robo Guideline tries to woo advisers with new service

August 6, 2018

Guideline Inc., one of several upstart companies trying to woo small 401(k) plans by pitching their relatively low costs and technology, has launched a product that targets retirement plan advisers. Guideline, founded roughly a year and a half...

American Funds offering TDFs in collective investment trusts

August 3, 2018

Capital Group, the asset manager behind the American Funds investment brand, is planning to offer its target-date mutual funds in a collective-investment-trust-fund vehicle later this year, in a move to seize on the growing popularity of CITs...

Fidelity's zero-cost funds raise issues for 401(k) advisers

August 2, 2018

Fidelity Investments is making 401(k) advisers' lives a little more complicated. The Boston-based behemoth dropped some eye-popping news Wednesday: as of Friday, it will begin offering two index mutual funds with a price tag of 0.00%. Yes, funds...

Indexing capital gains for inflation would be tax windfall for clients

July 31, 2018

A proposal being floated by Treasury Department officials to index capital gains to inflation would, if enacted, bestow a significant tax windfall on many clients of financial advisers. Treasury Secretary Steven Mnuchin has indicated he is considering...

A new tax break for impact investing has arrived

July 30, 2018

Financial advisers have a new way to deliver impact investing to wealthy clients — one that comes with substantial tax benefits — courtesy of a fledgling federal tax law. The law created a way to invest in "qualified opportunity zones,"...

LPL not selling Worksite Financial Solutions 401(k) platform

July 27, 2018

LPL Financial will not sell its Worksite Financial Solutions 401(k) platform, a decision that follows an expression of interest to buy the program by Global Retirement Partners, the largest retirement-focused advisory firm in LPL's network....

61 is the 'magic' age when it comes to retirement

July 26, 2018

Retiring earlier than expected can derail an individual's retirement income plan in several ways — by reducing the time horizon for saving and investing, speeding the point at which portfolio withdrawals begin and potentially reducing Social...

FPA tries to move on from messy divorce with New York chapter

July 25, 2018

The Financial Planning Association is trying to put a messy divorce with its New York chapter in the rearview mirror and has carved out a niche within its organization to continue serving New York-area financial planners amid a transition to...

Annuity rule likely won't include a fiduciary standard, NAIC says

July 24, 2018

The National Association of Insurance Commissioners indicated it would not impose a fiduciary standard on insurers and insurance producers as part of its overhaul of annuity sales rules, according to draft language of the group's model regulation...

Fidelity, Empower to keep fiduciary services for 401(k) plan participants

July 23, 2018

Fidelity Investments and Empower Retirement, two of the largest record keepers of defined-contribution plans, will continue to provide fiduciary advice to 401(k) participants via their call centers, even though the Department of Labor's fiduciary...

401(k) advisory firms with custom TDFs offer pain, solace to asset managers

July 20, 2018

Target-date funds built by firms with large networks of 401(k) plan advisers are beginning to gather significant assets, posing a direct threat to some asset managers trying to distribute their own products. Consider Retirement Plan Advisory...

Fidelity backs away from being 'point in time' fiduciary for 401(k) plans

July 18, 2018

Fidelity Investments will no longer serve as a fiduciary when it helps employers select investments for their 401(k) plans, moving away from a policy the firm adopted last year in response to the Department of Labor's fiduciary rule. Fidelity,...

Fidelity adds more financial planning to its 401(k) managed accounts

July 17, 2018

Fidelity Investments, the largest record keeper of defined-contribution plans, has upgraded its managed account service to encompass more holistic financial planning and advice for 401(k) investors. Observers say the move signals a trend that's...

Genstar Capital buys majority stake in Cetera Financial Group

July 17, 2018

Cetera Financial Group, a network of six independent broker-dealers with about 8,000 brokers and advisers, said Tuesday evening that private-equity firm Genstar Capital will buy a majority equity stake in the company. Cetera's holding company,...

Push to require Roth 401(k) savings over traditional plans may re-emerge

June 26, 2018

Retirement plan advisers who thought Washington had ditched the idea of requiring Roth 401(k) savings instead of traditional 401(k)s should think again. Those who closely follow retirement policy say senior legislators on Capitol Hill are again...

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