The Financial Industry Regulatory Authority Inc. Tuesday fined LPL Financial $3 million for falling down on its oversight of two financial advisors who pocketed $2.4 million from 13 clients, mostly senior citizens. The two advisors, who are not named in the Finra settlement, from May 2018 to August 2020...
A recent study conducted by BlackRock, the global money manager with $9.4 trillion in assets, has revealed a concerning trend among participants in U.S. retirement plans. Over the past two years, there has been a significant increase in pessimism regarding their ability to save for retirement. Economic anxiety is...
European stocks were muted on Tuesday as traders geared up for earnings from some of the world’s biggest corporations and key central bank rate decisions this week. The Stoxx Europe 600 index was little changed at the open. Basic resources shares surged, with miners Anglo American and Rio Tinto gaining...
In a move that has significant implications for tax practitioners, the Internal Revenue Service declared Monday, in a drastic shift in its longstanding policy, that it will stop making unexpected home and business visits. The IRS has traditionally used these surprise visits as a strategy to recover unpaid taxes...
UBS Group will pay a total of about $387 million in fines related to misconduct by Credit Suisse Group in its dealings with Archegos Capital Management. In a consent order with the Federal Reserve, UBS agreed to pay $268.5 million for “unsafe and unsound counterparty credit-risk management practices” at Credit...
Stop contributing to your IRAs and 401(k)s? That has to be a typographical error. After all, traditional retirement planning has always preached maximizing contributions to tax-deferred individual retirement accounts and 401(k)s to build retirement savings. Why should you stop building those accounts and deferring the tax bill? It’s because adding to...
Sorry, social media, financial advisors are still tops when it comes to trusted advice. According to Northwestern Mutual’s 2023 Planning & Progress Study released Monday, Americans rely on financial advisors as their most trusted source of financial advice, outpacing spouses, family members, business news, friends and yes, social media. Despite spending...
Financial regrets are commonplace, with almost three-quarters of Americans admitting in a recent poll that they have at least one. With inflation and interest rates forcing millions across the U.S. to consider the state of their finances, the survey from Bankrate.com discovered that not saving enough for retirement is the...
Remote work is a post-Covid fact of life. So it’s not surprising that the brokerage industry wants the Securities and Exchange Commission to speed up its review of proposals presented by the Financial Industry Regulatory Authority Inc. that would allow firms to permanently conduct remote supervision of their registered...
Who says we all can’t get along? Surely not the folks in statehouses enacting auto-IRA programs. Three new auto-IRA programs were passed this year by state legislatures in Minnesota, Nevada, and Vermont, plus one new multiple-employer plan in Missouri. Tally it all up and, as of mid-June, a total of 19 states had...