After reviewing literature and conducting interviews with stakeholders knowledgeable about climate change and financial markets, the Government Accountability Office has found that federal employees saving for retirement in the government’s Thrift Savings Plan could be exposed to financial risks from climate change.
It has recommended that the Federal Retirement Thrift Investment Board, which oversees the TSP, evaluate its investment offerings in light of those risks. The GAO report says the board didn't indicate whether it agreed or disagreed with the recommendation and said that it subscribes to a strict indexing discipline and efficient market theory.
“Climate change is expected to have widespread economic impacts and pose risks to investments held by retirement plans, including the federal government's TSP,” the GAO said in a release. “As of November 2020, TSP had six million active and retired federal employee participants and nearly $700 billion in assets.”
The GAO said that when it confirms what actions, if any, the agency has taken in response to its recommendation, it will provide updated information.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
