U.S. Treasury Secretary Janet Yellen said that cryptocurrency assets are a “very risky” choice to include in the retirement plans of average savers, and that it would be reasonable for Congress to address the danger.
“It’s not something that I would recommend to most people who are saving for their retirement,” Yellen said Thursday in Washington at an event organized by the New York Times. “To me it’s very risky investment.”
Yellen was responding to a question about an announcement from Boston-based Fidelity Investments in April that it would add a crypto option to workplace retirement plans it manages. The Labor Department has signaled its opposition.
Yellen said it would be reasonable for Congress to regulate what assets could be included in tax-favored retirement vehicles, like 401(k) plans.
“I’m not saying I recommend it, but that to my mind would be a reasonable thing,” she said of congressional action.
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
