As changes bring about increased risks, RIAs need to recognize that insurance is a vital component of their risk management strategy.
'A lot of smaller RIAs don’t understand the magnitude of the work necessary to comply by December,' said Brad Campbell, a former assistant Labor secretary.
States such as California, Oregon and Illinois are requiring small businesses to either provide their own 401(k)s or sign up for the state program — and that is a massive opportunity for startup plans.
The insurance broker is buying Freedom Partners, which provides back-office services for financial advisory firms.
The measures would require everyone in the country to receive a portable account at the time they are given a Social Security number.
RPAs with strong wealth management businesses and leadership will command a premium price, among other factors.
With the number of small accounts likely to rise as more states adopt auto-IRA programs, the U.S. could benefit from single-account systems, automatic portability and other reforms, Brookings found.
Required minimum distributions are becoming the de facto default distribution choice for retirees, TIAA data show.
The offering aimed at companies with 100 or fewer employees includes a financial wellness component.
A free meal can help win new clients, but some advisers say the prospecting strategy is dated and projects a bad image.
The service is designed to encourage retirement savings and discourage workers from cashing out 401(k)s when they change jobs.
The research finds that funds in health savings accounts are being used for current expenses, rather than being invested for costs during retirement.
The plan is aimed at small to midsize businesses that have less than $25 million in retirement plan assets
Most employers have tuition-reimbursement budgets, though they hardly spend them. Those budgets instead could go to student loans.
While industry groups argue the programs will take business away from advisers, there are still ways to get involved in the retirement planning process.
A recent report by Natixis speaks to areas that can be addressed to improve U.S. retirement security, and there’s plenty of evidence about what needs to be done.
A J.D. Power study finds that only 43% of users say it’s easy to locate needed information on retirement plan sites.
The court granted a motion to dismiss the claims against the company, although the plaintiffs have 30 days to amend their complaint to address its shortcomings.
The acceleration in the projected depletion of the trust fund is bad, but given that this was the first report to include the effects of the pandemic-induced recession, the news could have been worse.
The year-over-year increase in assets in health savings accounts is 26%, while the number of accounts now totals 31 million, up 6%.
