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Financial Planners Concerned about Watered-Down Fiduciary Standards

The Obama Administration is interested in reform that would remove some of the conflicts of interest that exist in the world of financial advice. Financial planners, however, are concerned that these regulatory proposals which are intended to impose fiduciary obligations on all types of financial advisors may result in overall standards that are less stringent than what currently exists. Current fiduciary standards apply to an advisory account and largely impact registered investment advisors (...
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Fiduciary
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Fiduciary
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TIPRA and Roth IRA Conversions

The Tax Increase Prevention and Reconciliation Act of 2005 ("TIPRA") will allow for the conversion of a traditional IRA into a Roth IRA regardless of income . This is meaningful information for many people who in the past had been prevented from converting to a Roth IRA because of income limits. In a very worthwhile article, MarketWatch columnist Robert Powell provides answers to twelve frequently asked questions surrounding Roth IRA conversions. Source: MarketWatch Full Story
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Prudential Earnings Exceed Estimates -- Annuity Business is Strong

Prudential Financial announced quarterly earnings that exceeded analyst estimates. Second quarter net income for the company was $163 million. Prudential's individual annuity business posted strong results. Individual annuity gross sales increased 21 percent to $3.4 billion for the quarter. Adjusted operating earnings in the individual annuity business were $432 million. Source: Bloomberg Full Story
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Prudential

Forty Three Percent of Retirees Consider Returning to Work

Forty three percent of retirees consider returning to work after they first retire. The primary factors in this consideration are: Changes in personal finances (42 percent) Increase in health expenses (29 percent) A realization of longevity risk (22 percent) The poll was conducted by the Longevity Alliance and Harris Interactive. Source: U.S. News & World Report Full Story
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More People are Turning to Accountants as Financial Advisors

The Wall Street Journal reports that more people are turning to accountants for the type of advice typically provided by financial planners and investment advisors. Accountants are justifiably seen as sources of prudent, objective and professional financial advice. These "boring" qualities are in higher demand in the wake of the financial crisis and market meltdown. The American Institute of CPAs reported a 25% increase in of CPAs with Personal Finance Specialist credentials in the past five...
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Financial Advice
Financial Crisis
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Financial Advice
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Bond Investors Facing Risk and Uncertainty

A recent Wall Street Journal article discusses the range of issues that bond or fixed income investors face in the current environment. The issue is critical for most retirees and near-retirees as they would typically migrate towards the income producing and low volatility aspects of bonds with a portion of their assets. The current environment is tricky, however, since the future path of interest rates and inflation is so uncertain. Some of the key risks that fixed income investors currently...
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Inflation Risk
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Inflation Risk
Inflation
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Bond
Interest Rate Risk
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States Providing Leadership with Universal Individual Retirement Accounts

The Street reports that several states are working on initiatives that would provide broader access to retirement savings vehicles. Universal Voluntary Retirement Accounts would serve as inexpensive IRAs that are combined with a state's existing retirement system. One fundamental objective would involve increasing participation rates among parts of the population that have limited access to retirement plans: "According to the EOI, two out of three low-wage workers and one in four high-wage...
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Individual Retirement Account
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Pros and Cons of Surrendering an Annuity

The Indy Star has published a good article on the pros and cons of surrendering an annuity . Some high level considerations include: Fees and expenses Taxes due on capital gains Loss of death benefit Loss of tax deferred gains Source: Indy Star Full Story
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Growth Seen in Life Settlement Market

The life settlement market is benefiting from the fallout of the financial crisis. The supply side of the settlement industry is affected by consumers who have suffered through the crisis. Many are looking to raise cash through the sale of assets such as life insurance policies. Wall Street is pumping the demand side of the securitization market as investors seek alternative assets that are not correlated to the broader equity and fixed income markets. Source: Reuters Full Story
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Barry Kaye and Associates Accused of Fraud in Life Settlements Case

The prominent insurance firm Barry Kaye and Associates is accused of fraud in a case involving life settlements. The suit against the Boca Raton Florida firm alleges breach of contract, unjust enrichment, negligence, fraud and violation of Ohio's securities laws. Source: Investment News Full Story
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