An engineering conglomerate owned by Berkshire Hathaway just won an initial victory in a lawsuit brought against the company over its 401(k) plan. The company, Marmon Holdings, was sued last year in a proposed class action filed by law firm Capozzi Adler, which has brought numerous excessive-fee cases against 401(k)...
Half the states in the country suing the DOL won’t get the agency to budge on its new rule that allows retirement plan fiduciaries to consider ESG factors. Last Thursday, coincidentally during Climate Week NYC, U.S. District Court Judge Matthew Kacsmaryk granted summary judgment to the Department of Labor, finding...
A group of financial advisors with $260 million in client assets and a specialty in retirement programs for schools, universities and hospitals, known as 403(b) plans, has jumped from Valic Financial Advisors Inc. to LPL Financial. The diverse practice is headquartered in Albuquerque, New Mexico, and led by financial advisor...
Planning for retirement can be a complicated problem. After all, there are a lot of decisions to consider — from life expectancy and how early you want to start planning to how much to put away to save and how much to spend in retirement. According to the Department of Labor,...
In a move set to bolster its foothold in the West, NFP announced the acquisition of Divergent Wealth Advisors, based in South Jordan, Utah. The strategic acquisition expands NFP’s offerings in wealth management and retirement planning. Divergent Wealth Advisors, an independent registered investment advisor, boasts over $675 million in assets...
TIAA has overhauled the senior leadership of its wealth management business. The New York City-based financial services firm has added six new leaders, all coming from other firms. Four of them will join the wealth distribution team, while the other two will be a part of the wealth chief operating...
For many people, work is simply a means to afford to live, but for others it provides a purpose, a social network, a framework for everyday life – and that’s hard to give up for good. With longer life expectancy, the idea of retiring at 65 or earlier may be...
A new entrant to the world of 401(k) lawsuits is trying what appears to be a novel tactic: Contacting plan sponsors out of the blue and implying that they should settle. That’s before the hint of any lawsuit or request for information about the plan that would lead to a...
Carlyle Group is providing a cash infusion to acquisition-hungry Captrust Financial Advisors, the latest sign that private equity is still very much interested in registered investment advisors and that deals in the space may still be ramping up. Funds managed by Carlyle are making “a minority growth investment” in the...
Retirement savers are in better shape than last year. But they had better beware the worsening “financial vortex” that could suck them in. According to the 2023 Retirement Survey and Insights Report released Tuesday by Goldman Sachs Asset Management, more U.S. workers have increased their savings over the last year,...