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A new way to look at retirement income planning

April 22, 2019

Retirement income is a major concern among upcoming retirees, with 46% of Americans predicting they won't have enough money once they leave the workforce. Compounding these fears, 10,000 baby boomers retire every day. This translates to the...

Grown children may be hazardous to your wealth

April 18, 2019

Baby boomers redefined parenthood over the past few decades, often serving as friend and confident — as well as banker — to their now adult children. Many continue to subsidize their offspring's living expenses well into early adulthood,...

401(k) advisers are battling on multiple fronts

April 15, 2019

Advisers specializing in the retirement-plan business are engaged in battle on multiple fronts — and none of the conflicts have easy answers. Fifteen years ago, when a majority of retail 401(k) plans were sold direct — not through intermediaries...

The cost of putting off enrolling in a Medicare drug plan

April 15, 2019

I heard from a financial adviser in Florida recently who asked if there was anything her clients, a married couple ages 69 and 70, could do to avoid paying a delayed enrollment penalty for their new Medicare Part D prescription drug plan. "They...

Creativity matters when planning for lone retirees

April 12, 2019

When a client is an older woman, who has never married and has no children, or close relationships with other natural heirs to leave her considerable wealth to, extraordinary planning steps and creative thinking are needed. Multiple professionals...

Rising rich boost stature, growth of family offices

April 12, 2019

In Rhona Vogel's line of work, family comes first. As CEO and founder of Vogel Consulting, a wealth management firm based in Brookville, Wisc., she manages the personal fortunes and increasingly complex financial lives of about two dozen wealthy...

Fidelity wants to own the workplace — and beyond

April 12, 2019

Fidelity Investments is taking control of the workplace. Need a retirement plan for employees? Fidelity has that. Want to offer a student loan benefit? Roger that. How about payroll services? You got it. Health savings accounts, charitable giving...

Principal-Wells Fargo retirement deal hints at fee compression

April 11, 2019

The blockbuster deal inked by Principal Financial Group and Wells Fargo & Co. earlier this week provides a glimpse into the economics prevailing in the defined-contribution-plan record-keeping business. Specifically, the deal's $1.2 billion...

After losing billions in assets, giant hybrid RIA set to open broker-dealer

April 11, 2019

On the verge of opening a new broker-dealer, William Hamm over the past year has seen billions of dollars in assets and hundreds of reps and advisers walk out the door of his firm, Independent Financial Partners, a hybrid RIA. A year ago, InvestmentNews​...

401(k) lawsuit over Vanguard fees ends with $23.7 million settlement

April 10, 2019

Health insurer Anthem Inc., sued by employees who claimed its 401(k) retirement plan had excessive fees even though its provider was the Vanguard Group, has settled the case for $23.7 million. The lawsuit was originally filed in December 2015...

Employers can assure retirement for $2.64 an hour

April 10, 2019

Hedge fund titan Ray Dalio published a sobering essay last Friday about the state of capitalism in the U.S. He observed, correctly in my view, that "the ability to make money, save it, and put it into capital (i.e., capitalism) is an effective...

Principal to buy Wells Fargo retirement unit for $1.2 billion

April 9, 2019

Principal Financial Group Inc. agreed to buy Wells Fargo & Co.'s retirement plan services unit for $1.2 billion as the bank streamlines operations in the wake of scandals. The business, which has $827 billion in assets under administration,...

5 things clients learned about Roth conversions this tax season

April 9, 2019

This tax season was the first under the new tax law, the Tax Cuts and Jobs Act. Roth conversions were one of many areas where the actual impact of the changes was seen firsthand as 2018 tax returns were prepared. Here are five items that surprised...

Congress, states poised to upend retirement policy

April 8, 2019

Congressional and state politicians are poised to re-engineer the country's retirement system in ways that could have drastic effects on plan advisers and their clients by requiring employers to offer a workplace retirement plan or by instituting...

Another 401(k) plan sues Fidelity over 'kickbacks'

April 8, 2019

A participant in the Publicis 401(k) retirement plan has filed a class-action lawsuit against Fidelity Investments, charging that the record keeper received kickbacks from other fund companies whose funds are offered in the program. The suit,...

401(k) advisers may be this type of fiduciary — and not know it

April 8, 2019

Retirement plan advisers often act as investment fiduciaries for 401(k) clients, helping plan sponsors select and monitor funds to offer their employees. However, such actors also have fiduciary responsibility concerning the digital operation...

College costs can sink parents, too

April 6, 2019

Beth Greulich, financial adviser at Abacus Wealth Partners, has seen parents' joy at having their child accepted to Brown University or the University of Southern California quickly turn to anxiety. "Our child is in ecstasy, but where is the...

Kestra loses $11 billion retirement group to LPL

April 4, 2019

Strategic Retirement Partners, an advisory firm with $11 billion in retirement plan assets, has joined GRP Financial, the largest retirement-plan-focused hybrid RIA that uses LPL Financial as its broker-dealer. Strategic Retirement Partners,...

Marsh & McLennan acquires Centurion, a $16 billion retirement group

April 3, 2019

Centurion Group, an advisory firm overseeing $16 billion in retirement plan assets and 400,000 plan participants, is being acquired by Marsh & McClennan Agency, a subsidiary of the national insurance brokerage Marsh. The deal, terms of which...

Fidelity says retirees can expect to spend $285,000 on health care

April 2, 2019

A 65-year old couple retiring this year can expect to spend $285,000 on health care and medical expenses throughout retirement, according to an annual health care study done by Fidelity. For individuals, the estimate is $150,000 for women and...

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