Advisor News

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Surge in early retirements exposes inequalities among baby boomers
RETIREMENT PLANNING JUN 04, 2021
Surge in early retirements exposes inequalities among baby boomers

Older Black workers without a college degree are more likely to be forced to exit the labor market prematurely, a study shows.

By Bloomberg
SEC fines robo-adviser Emperor Investments for false disclosures
FINTECH JUN 04, 2021
SEC fines robo-adviser Emperor Investments for false disclosures

SEC slapped Emperor Investments with a $25,000 fine. The charges mark the third enforcement action brought by the SEC against digital advisers.

By Nicole Casperson
OneDigital acquires Fiduciary Plan Advisors
RETIREMENT PLANNING JUN 03, 2021
OneDigital acquires Fiduciary Plan Advisors

The deal adds $6 billion in retirement plan assets under advisement among 200,000 participants to OneDigital’s book. It follows seven other purchases the Atlanta-based company has made so far this year.

By Emile Hallez
House Republicans warn SEC against climate disclosure requirements
REGULATION AND LEGISLATION JUN 03, 2021
House Republicans warn SEC against climate disclosure requirements

GOP members of House Financial Services Committee question whether climate risk meets the materiality standard.

By Mark Schoeff Jr.
Congress' inaction on Social Security could cost clients 2 months’ pay
RETIREMENT PLANNING JUN 03, 2021
Congress' inaction on Social Security could cost clients 2 months’ pay

The estimate of lost income, due to planning mistakes alone, is separate from actual cuts to benefits, according to a recent academic paper.

By Emile Hallez
Hub acquires Massachusetts RIA
RETIREMENT PLANNING JUN 03, 2021
Hub acquires Massachusetts RIA

Epstein Financial is based in East Longmeadow and manages 70 retirement plans with $400 million in assets.

By InvestmentNews
LPL Financial taps SmartAsset for investor prospecting
FINTECH JUN 03, 2021
LPL Financial taps SmartAsset for investor prospecting

SmartAsset, with a reach of more than 100 million consumers, matches qualified investors who are searching for financial advice.

By Nicole Casperson
Fund managers in world's greenest market struggle with ESG rules
RIA NEWS JUN 02, 2021
Fund managers in world's greenest market struggle with ESG rules

Europe’s new Sustainable Finance Disclosure Regulation requires the industry to label how green an investment product is so that end investors know what they’re buying. But the requirements have yet to be finalized, leaving plenty of room for questions.

By Bloomberg
The future, as elite retirement plan advisers see it
RETIREMENT PLANNING JUN 02, 2021
The future, as elite retirement plan advisers see it

The Retirement Research Center recently surveyed elite RPAs, half of whom had more than $300 million in DC assets under advisement.

By Fred Barstein
Team managing $221 million joins Woodbury from Raymond James
INDEPENDENT BROKER DEALERS JUN 02, 2021
Team managing $221 million joins Woodbury from Raymond James

The trio of advisers operates as Compass Wealth Solutions and is based in Portland, Indiana.

By InvestmentNews
If rates stay low, expect retirement security to take a hit
RETIREMENT PLANNING JUN 02, 2021
If rates stay low, expect retirement security to take a hit

Some of the factors that have led to the current low-interest-rate environment could remain in play for years, according to an analysis of existing research recently published by the Society of Actuaries.

By Emile Hallez
Advisers blast Biden's retroactive capital gains proposal
REGULATION AND LEGISLATION JUN 02, 2021
Advisers blast Biden's retroactive capital gains proposal

The effective date for the capital gains tax hike would be April 28, 2021, when the American Families plan was introduced, according to the Treasury Department’s Greenbook, a compendium of revenue proposals for fiscal 2022 that was released with the administration's $6 trillion budget proposal in May.

By Mark Schoeff Jr.
T. Rowe Price introduces plan tool for retirement income
RETIREMENT PLANNING JUN 02, 2021
T. Rowe Price introduces plan tool for retirement income

The goal is to help plan sponsors assess the possibilities more strategically

By InvestmentNews
Patrick Murphy steps down as CEO of John Hancock Retirement
RETIREMENT PLANNING JUN 02, 2021
Patrick Murphy steps down as CEO of John Hancock Retirement

Sue Reibel, who joined Hancock’s parent firm in 1994, will be named chief executive of the firm and was most recently the global head of Manulife Investment Management retirement.

By Emile Hallez
SEC charges former Massachusetts adviser with fraud
INDEPENDENT BROKER DEALERS JUN 02, 2021
SEC charges former Massachusetts adviser with fraud

James Couture was discharged by LPL in June 2020 and barred by Finra last October.

By InvestmentNews
Trio managing $10.5 billion moves to UBS
PRACTICE MANAGEMENT JUN 02, 2021
Trio managing $10.5 billion moves to UBS

The six-person team is leaving J.P. Morgan Private Bank in San Francisco.

By InvestmentNews
Senators propose penalty-free emergency 401(k) taps
RETIREMENT PLANNING JUN 01, 2021
Senators propose penalty-free emergency 401(k) taps

Once-a-year withdrawals from retirement plans or IRAs would have to be paid back before additional borrowing could occur.

By InvestmentNews
DOL is pursuing fewer cases — but much bigger payouts
RETIREMENT PLANNING JUN 01, 2021
DOL is pursuing fewer cases — but much bigger payouts

Last year, the Department of Labor closed less than a third of the number of cases it did in 2014, but total recoveries were six times higher.

By Emile Hallez
Finra used 2020 fines to bolster market surveillance, exams, enforcement
REGULATION AND LEGISLATION JUN 01, 2021
Finra used 2020 fines to bolster market surveillance, exams, enforcement

Last year, Finra allocated $73.8 million of fine and reserve monies to fund capital initiatives and $16.4 million to pay for investor education and firm compliance.

By Mark Schoeff Jr.
More advisers are planning to use crypto: FPA
FINTECH JUN 01, 2021
More advisers are planning to use crypto: FPA

More than a quarter of advisers indicated that they plan to increase their use or recommendation of cryptocurrencies over the next 12 months.

By Nicole Casperson