The vexing question of how much to raise taxes or cut benefits to preserve Social Security is moving into a perplexing new phase. President Trump’s suggestion of eliminating payroll taxes that fund benefits would end the program entirely if carried out in legislation, according to the Social Security Administration. Earlier this month, Trump deferred payment
Trader Talk
It’s been a great August, up 6% for the S&P 500, the best August since 1986. But then again, it was a great July. And a great June. May was pretty good, too, and April was downright eye-popping. The Summer Rally (S&P 500 Monthly Returns) April: up 12.7% May: up 4.5% June: up 1.8% July:
Two years ago amid rising interest in ESG investing, advisor Rachel Robasciotti launched an investment strategy to help clients make more of a direct impact on racial, gender, economic and climate justice. Now, as protests spark across the nation in response to yet another police shooting of a Black man, the CEO of Robasciotti &
The ongoing economic impact of COVID-19 has resulted in historic unemployment and financial losses to individuals across the United States — with the pain disproportionately born by Black and Hispanic Americans. CFP professionals are in a unique position to help those Americans. But first, our organization must fully realize our vision of building diverse, equitable
Protesters block a courthouse entrance in Los Angeles on Aug. 21, 2020. VALERIE MACON | AFP | Getty Images The rich really are getting richer. We know this, but two Federal Reserve economists have recently examined the evidence and concluded the gap is getting even wider. Federal Reserve Board economists Isabel Cairo and Jae Sim
The SEC is loosening rules on private market access, expanding who can invest in a sector that has been criticized over lack of transparency. Under the new order, SEC or state-registered advisors and certain brokerage license-holders, among other individuals and institutions, can now be considered accredited investors, giving them access to investments that include private
Interest in alternative investments is rising as advisors look for new ways to generate alpha in an era dominated by index investing. BNY Mellon Pershing wants to make access to these products easier with a pair of new integrations that automates document workflows between Pershing’s custodian platform and two prominent alternative investment sponsors: CAIS and
LPL Financial is warning advisory clients that they could be paying higher expenses on their mutual funds, even if there’s no transaction charge. This and other disclosures follow similar ones by wealth managers in response to the SEC’s Regulation Best Interest, which bulked up regulatory requirements. Making sense of new details about fees can be
A former Merrill Lynch team that managed $400 million in client assets is going independent with the help of tru Independence, an open architecture RIA platform, according to the firm. The group, led by Blaine Werner, is known as 44 Wealth Management, representing the 44 years it has been servicing clients. Werner built his 43-year
JPMorgan’s attorney attempted to lay out his case: One of the firm’s former advisors had violated his non-solicitation agreements, moving millions of dollars in client assets to his new employer Ameriprise. If something wasn’t done, irreparable harm would be done. But the judge wasn’t buying it, going so far as to call one of the
As markets continue to experience the repercussions of the coronavirus pandemic, some clients are watching their long-term investments even closer than usual. And while outperformance is still more than attainable from their holdings in mutual funds, there is one caveat: Actively managed returns come at a price. The 20 mutual funds with the biggest 10-year
The Department of Labor wants to adjust the rules regarding ESG in retirement plans. Financial advisors want none of it. Of 46 advisors who gave feedback to the department during its comment period ending July 30, all but two expressed opposition to the proposal. That mirrors widespread criticism leveled against the Labor Department among the
Sanctuary Wealth signed an ex-Merrill Lynch team that managed $530 million in client assets, according to the firm. The Longo Group is Sanctuary’s first partner firm based in New Orleans, and is led by advisor Ted Longo. He built his 34-year career at Merrill Lynch, according to FINRA BrokerCheck records. He also opened Merrill’s office
The Internal Revenue Service has released a draft version of the Form 1040 for tax year 2020 with several significant changes probably in store for next tax season. They include moving the question about virtual currency from the attached Schedule 1 to near the top of the main form, right under the name and address,
When looking across the planning landscape, it may seem the impact of recent legislation is clear. But as an advisor, you can never relax. New laws can send you scrambling to modify existing financial plans or implement different strategies altogether. Only by understanding this legislation — including what it means for your clients now and
The call came in early March: “Can you meet with me, Kimberly? It’s really important.” Given that the governor of our state had just issued an executive order that closed all non-essential businesses — immediately — due to the coronavirus, the answer was, of course, no. (At that point, I was still not completely certain
The world’s biggest ETF tracking oil is facing U.S. regulatory action after it took a series of extreme steps to survive the historic crude selloff earlier this year. The SEC has issued the United States Oil Fund ETF (USO) with a Wells notice about the intended measures, according to a filing on Wednesday. The fund
Some of the biggest money managers are vexed by the same paradox troubling everyone else: U.S. stocks are near an all-time high, but the world still seems to be falling apart. Any number of looming threats could bring the historic rally in U.S. equities to a screeching halt, top hedge fund and mutual fund managers
Merrill Lynch revealed its internal diversity statistics for the first time, setting the firm apart from an industry in which disclosure of such data is limited. In recent years, wirehouses and RIAs, CEOs and advisors, trade groups and planning associations have repeatedly made calls and efforts to improve diversity within the profession. Demands for change
With the launch of a new digital offering, Charles Schwab is encouraging clients to start building financial plans — on their own. Schwab’s free tool will generate customized financial plans for clients in as little as 15 minutes, according to the company. The offering has no minimum asset requirement. “We know that not enough people
A multitrillion-dollar beast is prowling Wall Street, making huge market moves that few can see coming — and it’s getting bigger. Known as model portfolio investing, it’s a booming corner of money management in which the likes of BlackRock, Vanguard and Charles Schwab bundle funds into ready-made strategies. It has been around for years, but
Wells Fargo has started its long-awaited job cuts, breaking with some of its top U.S. competitors that have resisted workforce reductions amid the coronavirus pandemic. The San Francisco-based lender, under growing pressure to lower costs, quietly ended a moratorium on terminations in recent weeks as it prepares to make deeper cuts in the months and
This year’s election will be particularly consequential for advisors and their clients. Financial regulation — fiduciary rules in particular — could rebound in 2021. Tax rates will likely change, again. Social Security’s fate is up in the air. It’s a lot to take into account, even before considering other matters up for grabs, such as
The FPA’s fall conference scheduled for next month will be virtual, a sign of how the coronavirus pandemic is still disrupting wealth management months since the outbreak started. The association, which has more than 20,000 members, hasn’t made a decision regarding in-person events in 2021. “At this time, we do not know our plans for
UBS is overhauling the legal structure at its key wealth management unit in a move that will cut costs and free up billions of dollars for lending in higher-growth markets. The project — known as Rigi after a famous Swiss peak — will see the bank transfer large customer deposits out of its Swiss entity
On June 1, as millions around the country protested the killings of George Floyd, Breonna Taylor and Ahmaud Arbery, Betterment CEO Jon Stein sent a letter to customers, pledging that the firm would “not stand for the unequal treatment of people of color in our company” and would “will advocate for our Black colleagues, friends,
At a time when advisors and clients alike are working from home, many advisors feel that their firms’ wealth management tools aren’t up to the task. What’s more, technology headaches are prompting some advisors to consider a career move lest they lose business. Those insights are among the findings of a new report from fintech
The IRS and the Treasury Department plan to send interest payments averaging $18 to approximately 13.9 million individual taxpayers who filed their 2019 federal income tax returns on time and are receiving tax refunds. The interest payments will go out to individual taxpayers who filed a 2019 return by this year’s July 15 deadline and
When entrepreneurial clients approach advisors for help with company decisions like finding the best 401(k) plan for employees, they’re met with shrugs, blank stares or referrals to other experts. Betterment’s new offering for advisors is designed to solve that problem. The firm is bringing 401(k) functionality from its Betterment for Business platform over to its
Stocks completed the fastest-ever return to a record after a drop of at least 20%, surpassing February highs for the first time since the coronavirus pandemic upended financial markets. The dollar fell to the lowest in more than two years, while Treasurys advanced. The S&P 500 eked out a gain, capping a 52% rally from
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