Financial advisors aren’t always trained to address their clients’ emotional reactions about finances, while therapists aren’t necessarily equipped to discuss the impact of finances on a person’s well-being. Financial psychology acknowledges the inextricable link between the two. The efforts of Sonya Lutter, one of this year’s judges of the InvestmentNews...
Financial advisors Megan Stirrat and Tenley Hardt have left Merrill Lynch to join LPL Financial, where they have launched a new independent practice, Revel Private Wealth. Stirrat and Hardt, who specialize in helping women in transition and those in the sports and entertainment industry, decided to break away from the...
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...
Longevity risk continues to be a hot topic for advisors, especially as their clients continue to suffer from a lack of “longevity literacy.“ The TIAA Institute and the Global Financial Literacy Excellence Center at the George Washington University School of Business released data last week showing that American adults are overwhelming unaware...
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...
Retirement plans are getting more confusing, but that could be a good thing for financial advisors, according to a Fidelity Investments study released Monday. Fidelity characterized 2023 as a “year of opportunity” for the retirement plan industry in its 14th annual Plan Sponsor Attitudes Study. In other words, the asset...
Tradition has seen generations of American workers look forward to giving up work. But we’re in an age where traditions are often challenged. While many approaching retirement – or already retired – will happily settle into the post-work life they planned, almost half of respondents to a new survey intend...
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...