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PLANADVISER.com - Latest News
- Retirement Savings Takes a Back Seat to College Savings for Parents
published on Fri, 22 Sep 2017 09:58:15 GMT
Seventy-three percent of parents agree with the statement, “I’d be willing to delay my retirement to pay for my kids’ college education.”
- Retirement Industry People Moves September 18 to September 22
published on Fri, 22 Sep 2017 08:46:05 GMT
Janus Henderson Investors Hires Global Head of Fixed Income; FS Investments Expands Real Estate Investment Efforts; D&G Joins CAPTRUST; and more.
- University of Pennsylvania Wins Dismissal of Case Against 403b
published on Fri, 22 Sep 2017 10:28:59 GMT
The case had challenged multiple recordkeepers, multiple investment options and the use of retail share class funds.
- Fi360 Enhances Fiduciary Toolkit with Prospecting Feature
published on Fri, 22 Sep 2017 07:48:43 GMT
The new business-development capability allows advisers to illustrate how certain changes could benefit a prospective client’s portfolio.
- Wagner Aims to Fill Void Left by DLP
published on Thu, 21 Sep 2017 10:27:09 GMT
With the determination letter program gone, Wagner Law Group is helping plan sponsors remain compliant with the IRS.
- More Advisers Using Closed-End Funds
published on Thu, 21 Sep 2017 09:38:35 GMT
The top two reasons include the attractive yield and return on investment as well as helping clients generate more income in their portfolios.
- Impax Asset Management to Acquire Pax World Management
published on Thu, 21 Sep 2017 09:02:54 GMT
The partnership will focus on sustainable investing.
- Fewer Singles Saving for Retirement than Married Couples
published on Thu, 21 Sep 2017 09:14:52 GMT
Forty-four percent of single people are saving for retirement, compared to 63% of married people.
- Voya Bringing Framework Retirement Program to 403b Market
published on Thu, 21 Sep 2017 08:28:44 GMT
The program’s open-architecture design offers access to hundreds of best-in-class mutual fund families.
- Gucci Retirement Plan Sued for Charging Excessive Investment Fees
published on Wed, 20 Sep 2017 11:34:22 GMT
A participant accuses the firm of failing to prudently monitor and assess investment options for the plan.
- Employer Offerings and Participant Usage of Company Stock in 401ks Declining
published on Wed, 20 Sep 2017 10:52:49 GMT
At the same time, employees in ESPPs are using company stock to address financial wellness needs.
- ESOP Participants Win Case Over Failed Diversification Implementation
published on Wed, 20 Sep 2017 09:24:42 GMT
A court used plain language of the ESOP plan document to show the plan administrator's failure to implement participants diversification elections was "arbitrary and capricious."
- Future Retirees Have Grim Outlook
published on Wed, 20 Sep 2017 09:17:58 GMT
In addition, more than one-quarter of recent retirees say life is worse because of income and cost of living.
- Mesirow Financial Launches Level Compensation Platform
published on Wed, 20 Sep 2017 08:12:39 GMT
The firm will provide 3(21) and 3(28) services through a tech-focused solution.
- ERISA Suit Targeting Essentia Health Retirement Plans Will Proceed
published on Wed, 20 Sep 2017 06:55:07 GMT
Both parties together filed some 1,000 pages of paperwork, which the court declined to consider in denying the employer's motion to dismiss, in which it argued its plan administration practices fit within established norms.
- Orion Announces Two New Offerings for Advisers
published on Tue, 19 Sep 2017 11:04:30 GMT
The firm has launched a prospect portal and now offers a depository for financial, legal and personal documents.
- Participant in Small Plan Files Excessive Fee Suit Against Voya
published on Tue, 19 Sep 2017 11:17:39 GMT
The lawsuit alleges that Voya charged the plan “an unreasonable asset-based fee of between 0.67% and 1.86% of the net assets invested in the various mutual funds offered as investment options.”
- FutureFuel.io Enhances Student Loan Refinancing Benefit
published on Fri, 22 Sep 2017 09:49:48 GMT
The firm is taking a tech-first and mobile-ready approach toward helping employers roll out student loan refinancing as a benefit option for employees.
- DST Systems and Ruane Advisory Named in ERISA Suit
published on Tue, 19 Sep 2017 09:53:22 GMT
Defendants pursued an “exceptionally imprudent investment strategy” with respect to a significant portion of the DST System retirement plan’s assets, plaintiffs claim, resulting in up to $100 million in avoidable losses.
- Lincoln Financial Mobile App Available for Apple Watch
published on Tue, 19 Sep 2017 10:24:22 GMT
Participants in retirement plans served by Lincoln Financial can now get retirement information on the Apple Watch.
- PBGC Asking to Seek More Information From DB Plans on Form 5500
published on Tue, 19 Sep 2017 09:49:13 GMT
The agency says the additional information would help it with projections regarding its insurance programs.
- Tool From MassMutual Assesses DB Plan Health
published on Tue, 19 Sep 2017 09:37:05 GMT
In addition, advisers can use the PensionSmart Analysis tool for prospecting DB plan clients.
- Senator Cardins Tax Counsel Measures Likelihood of Reform
published on Tue, 19 Sep 2017 07:40:01 GMT
Speaking with a recent winner of the Plan Adviser Mega Team of the Year designation, Elizabeth Bell offered a frank, behind-the-scenes look at the ongoing legislative discussions surrounding health care and tax reform.
- The Right Course What Can 403b Plan Sponsors Learn from Litigation
published on Mon, 18 Sep 2017 12:29:34 GMT
A review of fiduciary governance and the liability insurance policy can help 403(b) plan sponsors steer clear of the litigation whirlwind hampering the industry today.
- Plan Sponsors Can Gain from White Label Funds
published on Mon, 18 Sep 2017 11:27:12 GMT
In a new paper, Willis Towers Watson explores some of the advantages white label funds may offer.
- Callan DC Index Shows Strongest Yearly Gains Since 2006
published on Mon, 18 Sep 2017 06:37:27 GMT
The 3% return on the standard equity portfolio measured during the second quarter pushed the decade-old DC plan investing index to a record-breaking year.
- Retirement Industry People Moves September 11 to September 15 2017
published on Fri, 15 Sep 2017 11:04:02 GMT
Wilshire Partners With Vantage to Provide Fiduciary Services; T. Rowe Price Hires Senior DC Strategist; MassMutual Hires Three New Regional Managing Directors; and more.
- Cybersecurity Must Be C-Suite Concern at RIAs Brokers and Managers
published on Fri, 15 Sep 2017 08:56:04 GMT
In conversation with PLANADVISER, cybersecurity attorney and former SEC staffer Marlon Paz suggests it is absolutely essential for advisory firms to have a senior executive “not just appointed but also empowered” as the chief information security risk officer.
- Fixed Income Sees Most of DC Trade Inflow for August
published on Fri, 15 Sep 2017 08:37:52 GMT
Even though trading among 401(k) participants was up slightly this month, most of the inflow traveled to fixed income vehicles.
- Additional Relief Announced by DOL for Hurricane Irma Victims
published on Fri, 15 Sep 2017 08:06:36 GMT
The new relief is in addition to the Form 5500 Annual Return/Report filing relief already provided.
- Forecasting the Future of Your TPA Partnerships
published on Thu, 14 Sep 2017 11:13:14 GMT
Retirement plan advisers work closely with recordkeepers and third-party administrators, and as in the recordkeeping market, there are significant and persistent pressures reshaping the TPA landscape.
- Free Communications Campaign Offered to Retirement Plan Sponsors
published on Thu, 14 Sep 2017 10:39:45 GMT
The campaign aims to engage employees in a discussion about their overall financial decision-making, with an emphasis on their retirement savings decisions.
- Investment Products and Services Launches September 8 to September 14 2017
published on Thu, 14 Sep 2017 09:30:28 GMT
Goldman Sachs Launches new ETF; Betterment Rolls Out Smart Beta Portfolio; and GRP Partners With Envestnet to Launch CIT Suite.
- Financial Wellness Programs Key to Alleviating Workers Stress
published on Thu, 14 Sep 2017 08:51:41 GMT
PwC says there is a great need for financial wellness programs, as 53% feel financially stressed, and that this costs employers with 10,000 workers $3.3 million a year in lost productivity.
- Fidelity Launches Program to Help Workers Pay Off Student Debt
published on Thu, 14 Sep 2017 05:58:58 GMT
The program enables employers to make after-tax contributions towards participants’ loans.
- Fidelity AMP Combines Firm Offerings with Digital Advice Solution
published on Wed, 13 Sep 2017 12:34:22 GMT
Advisers can also use the platform to move clients from a fully-automated solution to a more collaborative arrangement as needs evolve.
- Retirement Income Language Barrier Remains a Problem
published on Wed, 13 Sep 2017 11:13:36 GMT
Despite the generally positive perceptions of the benefits of guaranteed lifetime income, only one in four survey respondents age 45 and up plan to purchase an annuity.
- Regulators Provide Relief for Hurricane Irma Victims
published on Wed, 13 Sep 2017 09:23:36 GMT
Loan and hardship rules, in addition to reporting requirements, have been relaxed.
- Participants Trust in Retirement Plan Providers Rises
published on Wed, 13 Sep 2017 08:58:12 GMT
It had sunk to an all-time low in 2016.
- Morningstar Advocates Refining the Definition of Clean Shares
published on Wed, 13 Sep 2017 08:11:31 GMT
Comments submitted to the Department of Labor by experts with Morningstar warn the loose use of the term “clean shares” could jeopardize fiduciary compliance.
- SEC Accuses 403b Plan Advisory Firm of Conflicts-of-Interest
published on Wed, 13 Sep 2017 08:22:57 GMT
Envoy Advisory submitted an offer of settlement which the SEC accepted.
- Inclusion Diversity and the Noble Purpose of Advisers
published on Wed, 13 Sep 2017 06:59:34 GMT
The principal of financial adviser inclusion and diversity at Edward Jones reflects on her job leading the advisory company’s revamped diversity efforts—informed by her own first career as an adviser in the field.
- Children Taking a Toll on Parents Retirement Preparedness
published on Tue, 12 Sep 2017 11:45:24 GMT
To minimize this risk, the CRR suggests parents keep household spending steady over time while sharply cutting back spending on themselves.
- AxiomSL Launches Research Brief Series on Regulatory Challenges
published on Tue, 12 Sep 2017 12:10:56 GMT
Aimed at asset managers and advisers, the first in the “In the Know” brief series covers Dodd-Frank, the Financial Choice Act and more.
- Edward Jones Aims For Half Its Advisers to Be Women
published on Tue, 12 Sep 2017 09:59:12 GMT
The firm hopes its relaunched gender and cultural diversity programs aimed at attracting and retaining people from more walks of life to the advisory industry can help to address a major national challenge.
- Measuring Financial Wellness Program ROI Is Difficult
published on Tue, 12 Sep 2017 09:46:52 GMT
Ernst & Young says the best measure is employee engagement.
- Millennials Missing Out on Growing Retirement Savings
published on Tue, 12 Sep 2017 07:58:10 GMT
Forty-one percent of Millennials are avoiding the stock market and using savings accounts to save for retirement, which LendEDU estimates will cause Millennials to miss out on more than $3.46 million by retirement age.
- Assessing the Impact of Major Investment in Advisory Tech
published on Tue, 12 Sep 2017 06:51:48 GMT
The financial services and retirement advisory industry has collectively invested tens, if not hundreds of millions of dollars in the last decade to boost the use of big data technology; one researcher asks how it’s all paid off.
- Many Advisory Firms Centralizing Portfolio Construction
published on Tue, 12 Sep 2017 07:20:46 GMT
They are finding this results in better performance and reduced litigation risk.
- Reputation Rather than Fees Drives Most IRA-to-IRA Transfers
published on Mon, 11 Sep 2017 12:20:39 GMT
Firms focusing heavily on promoting low-cost products without considering clients' preferences for premium service and a stable, trusted brand may fall behind, according to a study by LIMRA.
- Research and Markets Published In-Depth ERISA Guidance
published on Mon, 11 Sep 2017 10:07:47 GMT
A new publication from Research and Markets offers a highly detailed overview of what it takes to meet the many technical requirements of ERISA.
- IRS Page Lists 403b Plan Compliance Duties Related to Common Plan Errors
published on Mon, 11 Sep 2017 09:40:39 GMT
It also provides links for resources the IRS provides to help 403(b) plan sponsors stay in compliance.
- Are Saving More and Working Later the Only Options to Improve Retirement Readiness
published on Mon, 11 Sep 2017 07:54:11 GMT
Researchers from State Street Global Advisors suggest policy changes that could improve retirement readiness for younger workers and late savers.
- Participants Prefer Personalized On-Demand Advice
published on Mon, 11 Sep 2017 07:44:32 GMT
When asked how they would like to receive advice, respondents reported preferences for receiving advice as often as they have questions and through channels like email and 1:1 sessions, according to a new study by Betterment.
- Retirement Industry People Moves September 4 to September 8 2017
published on Fri, 08 Sep 2017 10:20:29 GMT
CANNEX Hires Annuity Research Leader; Northern Trust Expands Foundation & Institutional Advisors Team; BPAS Hires External Wholesaler; and more.
- Latest BMO Podcast Emphasizes 403(b) Plans
published on Fri, 08 Sep 2017 10:05:02 GMT
The episode focuses on gearing attention toward the tax-exempt marketplace.
- RiXtrema Launches Plan Monitor to Minimize Fiduciary Risk
published on Thu, 07 Sep 2017 10:36:51 GMT
In an ever-evolving fiduciary landscape, the tool aims to identify in real time issues that may put plan advisers at risk, such as the availability of lower-cost share classes.
- Strategic Beta ETFs Among Fasting Growing Asset Classes
published on Thu, 07 Sep 2017 10:04:26 GMT
An increasingly popular asset class, investors shouldn't pay significantly higher fees for these strategies than market-cap-weighted alternatives, which capture the same performance drivers and can replicate most of their returns.
- DB Plan Sponsors Foresee More Robust PRT Activity
published on Thu, 07 Sep 2017 09:13:27 GMT
Fifteen percent say recommendations from their consultant or independent fiduciary is an important consideration when selecting an annuity provider.
- IDL Investing Concept Makes Certain DB Plans More Desirable
published on Thu, 07 Sep 2017 08:40:23 GMT
For two types of DB plans, investment-driven liabilities (IDL) is almost risk free for plan sponsors, and at the same time, provides more meaningful benefits to participants, John Lowell, with October Three, contends.
- Investment Products and Services Launches for September 1 to September 7 2017
published on Thu, 07 Sep 2017 09:14:24 GMT
Goldman Sachs Launches High Yield Corporate Bond ETF; Sage Advisory Introduces Custom Laddered Strategy; and Franklin Templeton Rolls Out Active Municipal Bond ETFs.
- Americans Underestimate Cost of Living In Retirement
published on Fri, 08 Sep 2017 05:22:06 GMT
A significant number of workers underestimates what they are likely to pay for health care in retirement and many are unaware of Social Security basics, a new survey finds.
- ERISA Lawsuit Against Deutsche Bank Gains Class Certification
published on Thu, 07 Sep 2017 08:01:03 GMT
The text of the decision to grant class certification, while only representing an interim step in this ERISA challenge, offers important insight into what it takes to prove commonality, typicality and numerosity.
- Many Women Say They Cannot Afford to Save for Retirement
published on Thu, 07 Sep 2017 06:46:41 GMT
Forty-four percent of middle-income women say this, compared to 14% of men.
- AssetMark Rolls Out New Retirement Business
published on Thu, 07 Sep 2017 07:16:33 GMT
The new solution aims to help advisers provide smaller plans with a “big plan experience.”
- US Top-Ranked in Global Pension Assets
published on Wed, 06 Sep 2017 10:22:42 GMT
Willis Towers Watson finds North American funds showed the most noticeable annualized growth rate over the last five years.
- Provider Education Resources Enter the 21st Century
published on Wed, 06 Sep 2017 09:24:03 GMT
Of the 36 education topics identified by a recent survey, 50% of the firms cover more than half of the topics, and 33% cover beyond two thirds.
- Ascension Agrees to Settle Acquired Entitys Church Plan Suit
published on Wed, 06 Sep 2017 10:31:46 GMT
Similar to the settlement agreement regarding the Ascension plan, the agreement includes provisions that mimic the provisions of ERISA.
- Roth Tax Treatment Remains a Mystery for Many
published on Wed, 06 Sep 2017 07:20:08 GMT
Survey data covering some 1,000 plan participants shows Roth savings features remain poorly understood and underutilized.
- 401k Portfolio Allocations Changed Dramatically Over 20 Years
published on Tue, 05 Sep 2017 10:07:28 GMT
In addition, Alight Solutions finds participant trading in 401(k) plans has slowed down from 1997 to 2017.
- Closed DB Plan Nondiscrimination Relief Extended Further
published on Tue, 05 Sep 2017 09:12:04 GMT
The IRS and the Treasury Department expect that the final regulations regarding closed DB plans will not be published in time for plan sponsors to make plan design decisions based on the final regulations before expiration of previous relief provided.
- Older Workers' Retirement Security at Risk
published on Tue, 19 Sep 2017 11:05:42 GMT
Income from retirement accounts would replace a median 14% of pre-retirement income for workers between the ages of 55 and 65, a new study suggests.
- Retirement Industry People Moves August 28 to September 1 2017
published on Fri, 01 Sep 2017 07:25:17 GMT
Pershing Names New COO; T. Rowe Price Hires Director of Responsible Investing; and Allianz Names U.S. Investment Strategist.
- PBGC Offers Substantial Detail on Hurricane Harvey Relief
published on Fri, 01 Sep 2017 07:17:47 GMT
The disaster relief announcement provides significant leeway relating to PBGC deadlines and penalties for impacted employers and sponsors, both for single and for multiemployer plans.
- Hurricane Harvey Victims Get Relief from Regulators
published on Thu, 31 Aug 2017 10:42:49 GMT
The relief includes relaxed rules for hardships and loans and relaxed deadlines for filings and disclosures.
- DC Participant Activity Stayed Steady in Q1 2017
published on Thu, 31 Aug 2017 10:06:41 GMT
A new study by the ICI finds that few DC plan participants stopped contributing to their plans in Q1 2017, and the rate of asset-allocation changes remained low.
- DC Plans Account for 28 Percent of the Nation’s 26 Trillion in Retirement Assets
published on Thu, 31 Aug 2017 07:17:41 GMT
The Investment Company Institute has issued a report, “Ten Important Facts About 401(k) Plans.”
- Gig Economy Leaves Some Workers Financially Vulnerable
published on Wed, 30 Aug 2017 09:18:38 GMT
A survey from Prudential Financial finds workers in a gig job cite a lack of benefits as the biggest disadvantage.
- Millennials Want Investments That Change Theirs and Others Lives
published on Wed, 30 Aug 2017 08:48:31 GMT
A survey from Capital Group also found 80% of Millennials believe all employers should be expected to provide a retirement savings option.
- Indication of Second DOL Fiduciary Rule and BICE Delay Emerges
published on Wed, 30 Aug 2017 07:45:25 GMT
The Department of Labor and the White House have seemingly agreed to extend the applicability date of the full fiduciary rule and its accompanying exemptions by another year.
- JP Morgan Retirement Link Sales Head Dissects Advisory Industry Progress
published on Wed, 30 Aug 2017 06:55:06 GMT
Charlie Cote, head of Retirement Link Sales at J.P. Morgan Asset Management, reflects on two decades of working with defined contribution retirement plan investors.
- A Decade After PPA and the QDIA Debate Continues
published on Tue, 29 Aug 2017 07:46:37 GMT
The transition period, from five years before retirement to five years after, is the most critical phase of lifecycle investing—and potentially the most difficult to manage with a standard TDF glide path.
- Retirees with Dementia in Need of Financial Assistance
published on Tue, 29 Aug 2017 08:01:59 GMT
A study by the CRR finds that while there are several sources of financial assistance for those suffering from cognitive impairment, some of these are underutilized.
- Retirement Industry People Moves August 21 to August 25
published on Fri, 25 Aug 2017 11:12:56 GMT
Cetera Expands Retirement Business; Mercer Expands Leadership in Detroit Office; OneAmerica Names West Coast Relationship Executive.
- Academic Paper Finds Treasuries Outperform Many Equity Investments
published on Thu, 24 Aug 2017 11:10:08 GMT
A researcher from Arizona State University describes some surprising research findings that show many long-term equity investments fail to outperform short-term Treasuries.
- Actively Managed Funds Fail to Beat Benchmarks
published on Wed, 23 Aug 2017 07:49:46 GMT
Morningstar reports that among active U.S. stock funds, the worst performers were small blend funds, of which only 32% beat their benchmarks in the past year.
- Adviser Sold Fund Data Shows Strong Sales at Independent BDs
published on Wed, 23 Aug 2017 06:48:17 GMT
Intermediary-sold fund distribution data from Strategic Insight shows taxable bond strategies led mutual fund demand during the second quarter of 2017.
- Firms Carrying CAPTRUST Brand Reunite After 20 Years
published on Tue, 22 Aug 2017 08:35:13 GMT
Two decades ago the firms that were part of the same North Carolina holding company parted ways; now industry pressures and opportunities of scale have brought them together again.
- Benefits and Challenges in Centralized Investment Decisions
published on Thu, 24 Aug 2017 09:20:36 GMT
Greater use of centralized portfolio management means advisers are under pressure to prove their value in other ways, such as offering financial wellness programs.
- Retirement Industry People Moves August 14 to August 18 2017
published on Fri, 18 Aug 2017 07:45:27 GMT
Student Loan Genius Names New CEO; Cammack Retirement Hires Consultant; Mercer Advisors to Acquire Blue Moon Wealth Advisory; and more.
- LPL Acquisition Underscores Need for Scale and Flexibility
published on Wed, 16 Aug 2017 10:05:06 GMT
At a time when broker/dealer margins are being tightly squeezed, the company estimates the transaction can generate $75 million to $100 million of “EBITDA accretion.”
- Many Asset Managers and Broker Dealers Do Not Trust Compliance Programs
published on Tue, 15 Aug 2017 09:28:40 GMT
In addition, many are not confident in their firm’s cybersecurity.
- Millennials Most Interested in Sustainable Investing
published on Fri, 11 Aug 2017 09:18:45 GMT
Almost all Millennial investors in a study indicated they want sustainable investment options in their 401(k)s.
- Retirement Industry People Moves August 7 to August 11
published on Mon, 21 Aug 2017 05:35:57 GMT
Veirphy Analytics Names Chief Growth Officer; Newfleet Brings on Head of Institutional Business Development; Lincoln Financial Group Hires Retirement Planning Leader; and more.
- DC Participants Mostly Stay Put in Investments in July
published on Thu, 10 Aug 2017 11:28:47 GMT
When they did trade, most inflows went to non-U.S. equities, according to Alight Solutions.
- False Sense of Security Surrounds Active Fixed-Income Allocations
published on Wed, 09 Aug 2017 10:37:08 GMT
Experts with Charles Schwab warn that a decade of generally stable credit markets has some investors feeling a false sense of security about “stretching for yield” within near retirees' target-date funds.
- Vanguard Partners With Newport Group on 403b Recordkeeping
published on Tue, 08 Aug 2017 11:33:32 GMT
For plan sponsors, benefits include improved recordkeeping and reporting, online plan management capabilities and enhanced client support, Vanguard says.
- Average Age of Advisers Ticks Down
published on Thu, 14 Sep 2017 07:09:22 GMT
But, as the ranks of advisers nearing retirement grows, there is a need for formal succession plans, TD Ameritrade says.
- Corporate Funds Post Highest Returns Among Institutional Investors in Q2 2017
published on Tue, 08 Aug 2017 06:51:03 GMT
Corporate funds saw a quarterly gain of 3.13%, compared to a median return of 2.88% for all plan types, according to the Wilshire TUCS.
- Retirement Industry People Moves for July 31 to August 4
published on Fri, 04 Aug 2017 10:03:28 GMT
Marsh & McLennan Agency Expands Leadership; Zenith American Solutions Acquires Insurance Programmers; Hirtle Callaghan Hires Head of Client Engagement; and more.