A good way to find prospects who would be interested in your services is to create a survey, writes Mike Patton. This "could help advisors understand what clients value most and open the doors of communications on this ever-important subject," he writes.
An emergency message from the Social Security Administration offered guidance on a recent change to spousal benefits rules. But it has yet to address its recent rule changes to the once popular file-and-suspend strategy.
Many baby boomers are also business owners facing the reality of impending retirement and the need to exit their business. Unfortunately, many have put off retirement planning until now, writes Allan Hirsch.
Advisors are contemplating the use of reverse mortgages and other tools to help defray the cost of health care in retirement. "It is clear that there is a critical nexus between financial advising, tax planning and health care planning that is more and more important," writes Katy Votava.
If the Labor Department's fiduciary rule proposal is adopted, as expected, issuers might be prompted to change from paying variable annuity sellers upfront commissions to a model that calls for ongoing fees paid by the consumer.
Market turmoil provides advisors a chance to exert more control over clients' 401(k) accounts, writes Ric Lager, president of Lager & Co. "The best single way to improve the company 401(k) retirement plan experience for your best clients is to urge them to take advantage of the self-directed brokerage option," he writes.
People in certain demographic groups are more prone to becoming disabled than others, and financial advisers should pay attention and consider directing clients toward disability insurance when appropriate, according to Stuart Heckman, assistant professor at Kansas State University. A paper by Heckman, "Financial Catastrophe Due to Disability: Which Households Are Most at Risk," recently won FPA's Best Applied Research Award.
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