Chris Eberly of the Novarica insurance IT consultancy has expressed an optimistic outlook on the future of the annuities business, claiming advisors and agents can look forward to simpler structures, faster delivery to market, more fee-based products and fewer riders and income guarantees. The days of "complex, tough-to-understand annuity products" are coming to an end, he said.
Morningstar executive Aron Szapiro says data auditing could be the key to enforcing the fiduciary rule's controversial best-interest contract exemption. He outlines a scenario in which a neutral third party would compile data on clients' portfolios, scoring them on factors such as quality and cost of investments, asset allocations and the extent of personalized advice given, then provide an automated decision on whether they are constructed in the clients' best interest.
As life expectancy increases dramatically, the role of financial advisors in longevity planning grows more crucial, writes Kimberly Foss of Empyrion Wealth Management. She lists factors for advisors to consider as they seek to add value to the planning process.
Lawyer Alan Foxman offered clarification on the Financial Industry Regulatory Authority's definition of what constitutes an expert witness following a complaint that a witness called to speak at a recent FINRA hearing did not have relevant qualifications to comment on the case. Foxman notes the decision rests with the hearing officer and adds that if the complainant is not satisfied, the person may want to discuss appeal options with an attorney.
Author and wealth planner Chris White acknowledges the difficulties of advising risk-averse clients, which he refers to as "Protectors," as their attitudes can make them reluctant to make investments or portfolio adjustments and likely to withdraw hastily at any suggestion of market turbulence. White offers six suggestions for helping them overcome their concerns and make sound financial decisions.
Nearly all women in households with more than $4 million in investable assets are either sole or joint decision-makers regarding household banking, and 84% are at least somewhat responsible for the family's investments, an RBC Wealth Management survey finds. The survey also indicates that women in this classification -- which has been described as one of the world's largest emerging markets -- are more likely than men to seek financial advice and to be content with a general grasp of financial scenarios without needing to know details.
Retirement should be a time that opens up new possibilities, but many fail to take full advantage, writes Dave Hughes. He recommends nine ways to get more out of these years, beginning with a mindset that is open to adventure.
A new report from Caring.com ranked states based on 13 factors, including affordability, health care and overall quality of life, to determine their attractiveness to retirees. Utah was deemed the best all-round state for retirees, followed by Iowa and South Carolina, while West Virginia was at the bottom of the rankings.
If President Donald Trump cuts some subsidies under the Affordable Care Act, premiums will increase 20% in 2018 and the federal budget deficit will climb by $194 billion during the next 10 years, according to the Congressional Budget Office. Trump has made "no final decisions," a White House spokesman says.
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