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Fidelity, Jerry Schlichter trade barbs over Abigail Johnson testimony in 401(k) lawsuit

August 28, 2019

Fidelity Investments and plaintiff's attorney Jerome Schlichter are engaged in a war of words over the potential for Fidelity chairman and CEO Abigail Johnson to appear and testify at an upcoming trial around 401(k) mismanagement.​ The lawsuit...

Hybrid robo looking to offer financial wellness to retirement plan sponsors

August 28, 2019

Financial advisers promote services like "comprehensive financial planning" and "financial wellness" to differentiate themselves from digital advice startups and justify their fees, but now at least one robo-adviser is looking to do the same....

Helping clients crack the code on Social Security

August 27, 2019

Deciding when to retire is very personal and depends on a number of factors, including a clearly defined vision for how and where time and financial resources will be spent, health and health-care insurance options, family longevity, and penalty-free...

Robo-advisers are dead. Long live digital advisers

August 27, 2019

"Humans solve human problems." So says Steve Wilbourne, CEO of Questis, a financial wellness fintech provider. Mr. Wilbourne, a former adviser, realized that technology alone will not solve the financial problems of the 90 million defined-contribution...

When to buy Medigap insurance

August 26, 2019

I have often written about the importance of clients enrolling in Medicare at the right time to ensure that they are not stuck paying delayed enrollment penalties for the rest of their lives. What may be less obvious, but equally important,...

AI, blockchain should be high priority for record keepers ​

August 26, 2019

The 401(k) system is one of slowest segments of the financial services industry to embrace modern digital technology. While there are technology vendors working on digitizing part of retirement plan advisers' workflow, many record keepers still...

DOL readies proposal for more digital 401(k) disclosures

August 21, 2019

The Department of Labor is close to proposing a rule that would boost digital delivery of employees' 401(k) statements, a prospect that has drawn excitement from the retirement plan industry but concerns investor advocates worried that a shift...

Charles Schwab lawsuit win has big implications for all 401(k) plans

August 21, 2019

Charles Schwab Corp. has won its appeal of a 401(k) lawsuit that could have broad implications for all 401(k) sponsors by reducing the number of employee class action lawsuits. The firm was challenging a 2018 ruling in California district court...

Social Security rules for nonworking spouses

August 19, 2019

Financial advisers often ask me how to maximize Social Security benefits based on the ages and relative retirement benefits of each spouse in a dual-income couple, which is a typical client profile today. But for much of Social Security's 84-year...

5 reasons to keep some funds in traditional IRAs, even for Roth IRA lovers

August 19, 2019

Should clients convert all of their individual retirement accounts to Roth IRAs? The long-term benefits of tax-free accumulation and no lifetime required minimum distributions make a persuasive case to go all in on the Roth IRA. However, even...

GE plunges as Madoff accuser slams its accounting

August 15, 2019

General Electric Co. fell the most in nearly four years after a prominent expert working with a short seller accused the company of an "accounting fraud" masking tens of billions of dollars in liabilities. The company called the claims "meritless."...

We've got Americans back to work. Now let's help them retire.

August 14, 2019

The Tax Cuts and Jobs Act has unleashed historic economic growth for millions of Americans. Now is the time for Congress to act to consolidate these economic gains by securing retirement benefits for current and future retirees. According to...

The SECURE Act could mean big changes for advisers

August 13, 2019

While it's not surprising that the Setting Every Community Up for Retirement Enhancement (SECURE) Act is tangled in a political decision-making web, it's reassuring that the conversation about helping Americans save for retirement is still on...

Cross-selling gaining prominence in retirement-plan lawsuits

August 12, 2019

Cross-selling by record keepers has become a hot-button issue in retirement-plan lawsuits, raising broader awareness and questions around how service providers can use participant data. Consider Johns Hopkins University, which agreed last week...

Walgreens hit with $300 million 401(k) lawsuit over target-date funds

August 12, 2019

Walgreen Co. has been hit with a lawsuit alleging its "imprudent" decision to keep certain target-date funds in its 401(k) plan caused employees to lose $300 million in cumulative retirement savings. The lawsuit, brought by 12 current and former...

Clients worry about future Social Security cuts

August 12, 2019

A new survey underscores how important Social Security benefits are to older clients and shows many advisory clients fear that their lifestyles could be seriously curtailed if benefits were cut in the future as a result of the program's long-term...

Texas 403(b) law causes adviser concern over investor protection

August 8, 2019

A Texas law taking effect next month is causing concern among some retirement plan advisers who are worried that the legislature has weakened investor protection for public schoolteachers in the state. The law — HB 2820, sponsored by Rep....

Plan sponsors, record keepers struggling to measure success of financial wellness programs

August 8, 2019

Record-keepers and retirement plan sponsors are struggling to measure the success of new financial wellness programs, according to a new report from research and consulting firm Cerulli Associates. Financial wellness programs go beyond traditional...

Fidelity dogged again by 401(k) quid-pro-quo allegations

August 7, 2019

Fidelity Investments has again been accused of engaging in a quid-pro-quo type relationship with a 401(k) plan sponsor, which allegedly cost employee retirement savers millions of dollars in return for bigger profits. The latest episode involves...

7 retirement side gigs to help retirees make up the income gap

August 7, 2019

Many people these days are embracing the gig economy to earn extra - or needed - income beyond what they've planned for in retirement. Here are some creative suggestions for advisers to recommend to retired clients who are running low on cash...

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