Two
big developments in the realm of retirement planning made waves this week. The ongoing
regulatory headaches plaguing
LPL Financial were again in the news, this time making a direct impact on the company's bottom line.
InvestmentNews highlighted
the industry's top-performing independent firms, as well as how to handle
advising female Millennial clients. Dive in to the stories that were must-reads for advisers this week:
Social Security's COLA adjustment announced; Annuities in 401(k) target date funds approved
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Social Security's cost-of-living adjustment for 2015 was
predicted correctly by our contributing editor
Mary Beth Franklin, as the 1.7% increase in benefits was
officially announced this week. The other big retirement planning development came from the federal government, as the Treasury Department and the IRS both
approved of the use of annuities in target date funds in 401(k) plans. Plenty of news to digest for advisers and retirees alike.
LPL's regulatory costs lead to profit forecast cut
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Not much to smile about for LPL Financial when it comes to the escalating regulatory costs they've faced this year. This week they were
forced to cut their third-quarter earnings forecast by 11 cents a share to cover for the fact that they will need another $18 million to handle settling regulatory matters. LPL shares then dropped 7% in next-day trading, as
market analysts continued to question if the broker-dealer was well-positioned to handle this rise in regulatory costs.
3 ways top-performing advisory firms stand out
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With the launch of our
special report on the 2014 Financial Performance Study of Advisory Firms, the big question for advisers remains: What separates the best firms from the rest of the pack? Matt Sirinides picked out
three major trends at the industry's leading independent firms. The study also highlights the
importance of good relationships with clients, as well as
the need to up adviser productivity for firms looking to sustain growth.
Avoid these 4 mistakes when advising Millennial women
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Working wtith female clients remains a hot topic among advisers, and
Mary Beth Storjohann provided valuable tips on
what to avoid when advising Millennial women. The next generation of women is poised to amass more wealth than their parents, so alienating them as a client group could be crippling for an adviser's business.
