The retirement plan world is breathing a sigh of relief after the IRS Friday announced a two-year delay on requiring high-income workers who make 401(k) catch-up contributions to do so in Roth accounts. For months, plan sponsors had worried about a provision of the SECURE 2.0 Act slated to go...
Goldman Sachs Group Inc.’s foray into the retail-focused wealth management business was short, lasting only four years, On Monday, the bank said it was dumping its registered investment advisor business to refocus on the super-rich. The shift in strategy shows how tough change can be for an institution like...
After a week of speculation, Goldman Sachs Group Inc. said Monday morning it was selling its registered investment advisor business, Personal Financial Management, to Creative Planning, a leading RIA with $245 billion in client assets. Terms of the transaction were not released on Monday. The transaction is expected to...
Raymond James announced Monday that it added a San Ramon, California-based team of financial advisors that oversaw more than $2.6 billion in client assets at Securian Financial Services. Summit Financial Advisors is affiliating with Raymond James Financial Services, the firm’s independent advisor channel. Summit, which has 16 advisors and 23 staff...
Money is one of the most worried-about things, especially with squeezed household finances, and the dream for most people is to be financially free. But most Americans are not achieving it. Just 1 in 10 respondents to a new survey said that they are living financially free as they see...
Investors are more likely to trust financial planning advice generated by artificial intelligence than the myriad of opinions on social media. A recent survey by the CFP Board found that 71% of respondents said they have little or no trust in advice the find on social media platforms but are...
Hedge funds’ bullish bets in emerging-market equity futures have risen to the highest since the gauge’s pandemic low three years ago, signaling budding optimism for the asset class. Net long leveraged fund positions on futures linked to the MSCI Emerging Markets Index have been positive every week since the start...
Wholesalers may find it harder to gain the attention of financial advisors as the market becomes increasingly competitive. For an intermediary or asset manager, the stakes are high, with advisors indicating that those in their top three relationships account for more than 44% of their overall assets. This has increased...
The Federal Reserve Bank of Kansas City’s annual gathering in Jackson Hole, Wyoming gets underway with a dinner on Thursday evening. Here’s what to expect from the two-day conference featuring central bankers from around the world: Federal Reserve Chair Jerome Powell leads the speaker line-up with a keynote speech on...
An abstract interest-rate metric is dominating discussions across trading desks ahead of the Jackson Hole symposium, with investors wondering if Federal Reserve Chair Jerome Powell will weigh in, and bracing for further declines in US Treasuries if he does. Fidelity International, Jupiter Asset Management and hedge fund Blue Edge...