The large share of U.S. consumers who have an individual retirement account but have balances that make retaining the services of an advisor unrealistic are the focus of a new solution. Morningstar Investment Management and Envestnet plan to launch a managed accounts service that will provide per Learn more about reprints...
We all have regrets. But for people who claimed Social Security early and now wish they hadn’t, there’s a do-over solution that can reverse an early claiming decision and result in larger future benefits. In fact, there are two do-over opportunities. And for some people, there may be a...
A big theme in the retirement savings world next year will be emergency savings accounts. Starting in 2024, a provision of the Secure 2.0 Act kicks in that allows employers to add emergency accounts alongside their 401(k) plans. Those Roth-style accounts will be able to hold as much as $2,500...
Normann Financial has found a new home at Captrust Financial, both companies announced Friday. Sanford, North Carolina-based Normann Financial Group currently manages more than $1.3 billion in assets. Kel Normann started at Interstate Securities in 1986, which merged with Johnson Lane in 1988; that firm became Wachovia Securities, which merged with...
The Biden administration has singled out annuities in the DOL’s proposed fiduciary rule, and the stakes are high for independent insurance agents. In the long-awaited proposal released Tuesday, the Department of Labor explained that financial professionals who make one-time recommendations for rollovers from 401(k) plans to annuities will not get...
It was difficult to reach investor advocates Tuesday morning to get their reaction to the Department of Labor’s latest attempt to protect retirement savers from conflicted financial advice. None of them were available until after a White House event at which President Biden formally introduced what the DOL is calling...
President Biden warned financial advisors Tuesday not to recommend high-fee investment products that line their own pockets rather than help their clients build a nest egg, as he promoted a proposal to raise advice standards for retirement accounts. “Most advisors give their clients good advice at a fair price and...
Creative Planning said Tuesday that it is acquiring Chicago-based Mesirow’s corporate retirement plan team, which oversees more than 350 retirement plans with roughly $13 billion in assets under advisement and management. The announcement comes just a couple of months after Creative Planning struck a deal to acquire Goldman Sachs’ RIA,...
The Biden administration is targeting what it calls “junk fees” as it attempts to strengthen investment advice rules for retirement accounts. The Department of Labor will release a proposal Tuesday designed to curb conflicts of interest around retirement savings recommendations. Called the retirement security rule, it would “close loopholes” and...
Fees associated with health savings accounts are falling but only a fraction of account holders use their HSAs as investment vehicles — and financial advisors can help turn around the latter trend, experts said. Morningstar Inc. Thursday released its annual “landscape study” on HSAs, which shows that through the middle...