Trading activity in 401(k) retirement plan accounts was “remarkably light” in the second quarter, according to data compiled by workplace tech provider Alight Solutions.
Net trades for the quarter amounted to 0.16% of balances, the lowest quarterly figure in the almost 25 years that the company has been tracking the figures through a proprietary index. From the first quarter of 1998 through this year’s first quarter, quarterly net trading activity averaged 0.88% of balances.
There was only one day of above-normal activity during the second quarter, the company said in a release. On 37 days, net trading dollars moving to equities, and on 26 days the flow favored fixed income.
Meanwhile, DPL Financial Partners adds two annuity executives and Prime Capital Financial hires a Mid-Atlantic retirement plan consultant
Andrew Komarow pleaded guilty Thursday in federal court in Hartford to defrauding three financial services companies of close to $3.3 million.
Elsewhere, Cetera picks up a $210 million Connecticut team from MML, while Wells Fargo FiNet adds a San Diego family practice from LPL
Celebrity endorsements, $500M in claimed assets, and a state regulator stepping in.
“We needed to become a more agile and efficient organization,” said American Express CEO Stephen Squeri.
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