Wealth Management
Top stories summarized by our editors
7/19/2019

Andrew Chanin, co-founder and CEO of ProcureAM, provides three reasons why advisers should suggest their clients invest in the global space economy. "The 'space revolution' is upon us, and your clients cannot afford to ignore it," he writes.

7/19/2019

A Wall Street Journal editorial has taken issue with elimination of the inherited IRA under the Setting Every Community Up for Retirement Enhancement Act. IRI President and CEO Wayne Chopus, commenting on the piece, says, "Most IRAs will likely be used by the original retirement account owner as income -- exactly how Congress intended when the IRA was established -- not as estate planning tools."

7/19/2019

AmeriLife Group has purchased a majority stake in registered investment advisory Brookstone Capital Management and aims to provide annuity and insurance agents with training and support services by Brookstone. Annuity, life and health premiums for the combined company total $3.5 billion annually, AmeriLife says.

More Summaries:
Brookstone, AmeriLife
7/19/2019

Sen. Cory Booker, D-N.J., has a proposal to improve long-term care that would raise Medicaid's asset cap and income threshold and would be funded by adjusting capital gains, estate and income taxes. Basing such a plan on Medicaid is problematic because the program offers insufficient benefits and might be fiscally unsustainable, tax expert Howard Gleckman writes.

Full Story:
Forbes
7/19/2019

Financial advisors should begin client relationships by making four distinct agreements, writes Richard Vodra of Worldview Two Planning. Among the steps he recommends are establishing the relationship's scope and drafting an investment policy statement.

Full Story:
Advisor Perspectives
7/19/2019

The financial advisory industry is "already playing catch-up" with clients because of its lack of personalization, according to a report from the Money Management Institute. "Modern consumers have come to expect personalized experiences tailored to their needs, preferences and financial objectives," the report says.

More Summaries:
Money Management Institute
7/19/2019

Middle-class families are less optimistic about their financial prospects than they were last fall, citing fear of a recession as a top concern, according to a CUNA Mutual Group survey. The 2008 recession should serve as a "wake-up call to families to start shoring up their finances now," says CUNA Mutual Chief Economist Steve Rick.

Full Story:
Credit Union Times
More Summaries:
CUNA Mutual Group, CUNA
7/19/2019

Employees should be contributing 12% to 15% of their salaries to their 401(k)s, according to Vanguard, while the median contribution among US workers is less than 10%, including employer matches. A worker may want to save even more than 15% depending on stock performance and personal situations, Carla Fried writes.

Full Story:
Money magazine
More Summaries:
Carla Fried, Vanguard
7/18/2019

Fraudsters are drawing on personal information stolen in data breaches to scam consumers over the phone, states a report from call-management company First Orion. The fraudsters pose as representatives of a trusted brand and spoof legitimate company telephone numbers.

7/18/2019

The resignation of Labor Secretary R. Alexander Acosta and the appointment of Patrick Pizzella as acting secretary puts the timeline for a fiduciary rule for retirement advice in doubt. What happens to the rule depends on "how much authority is Pizzella going to feel that he has," lawyer Joshua Lichtenstein says.