Fred Schneyer
September 23, 2009 — Financial advisers might have significant opportunity helping Americans figure out where their investments are and where they need to go, a Hartford poll suggests. —
Americans in a recent poll were less confident and more conservative about their personal finances than they were a year ago, according to a news release about the Hartford Mutual Funds Findings.
Continue reading “Investors Need Adviser Help to Navigate” »
By Kristen McNamara
Independent financial advisers will benefit from the rule-making that is under way regarding which financial professionals can advise participants in company-sponsored retirement plans — and which ones can’t.
Phyllis Borzi, assistant secretary of Labor of the Employee Benefits Security Administration, said this week the department expects to strike a proposal that would have allowed advisers connected to investment companies to provide retirement advice.
Continue reading “Who Can Advise At Company Retirement Plans” »
Retirement plan fee disclosure regulations from the Department of Labor are preferable to legislation because they allow for a comment period from the industry.
Industry experts are hoping the Department of Labor pre-empts Congress in issuing new regulations mandating increased disclosures for retirement plan fees.
Continue reading “Experts Pin Hopes on Labor Department for Retirement Plan Fee Disclosure Regulations” »
September 16, 2009
Bob Eccles, Wayne Jacobsen
A recent spate of so-called 401(k) fee cases has generated anxiety among employers and 401(k) service providers. While the majority of these cases remain undecided, the early returns are positive for employers and service providers. This Client Alert provides a brief overview of the most significant developments and expected future events in these cases.
Continue reading “Early Returns in 401(k) Fee Cases Favor Defendants” »
By Sara Hansard
September 14, 2009, 4:38 PM EST
The Department of Labor is killing a regulation issued in the last days of the Bush administration that would have allowed advisers affiliated with mutual funds, brokerage firms and other companies that sell investments to provide investment advice to 401(k) participants.
“We believe the final investment advice regulation published in the Jan. 21, Federal Register went too far in permitting investment advice arrangements not specifically contemplated by the statutory exemption,” said Phyllis C. Borzi, assistant secretary of the Employee Benefits Security Administration, a unit of the Labor Department.
Continue reading “Labor Department nixes Bush rule to let brokers advise 401(k) plans” »
Ellie Behling
September 14, 2009 — Forty-one percent of independent investment advisers reported that retired clients are reducing the amount of their retirement distributions, according to a study by Charles Schwab.
Surveyed advisers also reported that clients are considering short-term reduction of expenses (66%) and lowering fundamental expenses, such as changing their primary residence (40%).
Continue reading “Independent Advisers Report More Optimism” »
Fred Schneyer
September 14, 2009 — Some 56% of respondents in a recent survey said their retirement savings losses were among the most significant impacts on their lives from the economic downturn.
An American Express news release about its spending poll also reported that 54% of respondents cited stock market losses, while 74% pointed to the trauma of seeing family and friends affected by the recession as key impacts the recession had on their lives.
Continue reading “Retirement Losses among Worst Effects of Recession” »
Rebecca Moore
September 10, 2009 — A new study shows that most workers do not understand their retirement savings plans as well as other employer-provided benefits.
One in three (34%) Americans polled said they have little or no understanding of their retirement plan and three in four (74%) said they have less than a complete understanding, according to a release of results from The Hartford Financial Services Group, Inc. Employees indicated they had a better understanding of other benefits provided through their employer, such as medical coverage and life insurance.
Continue reading “Workers Turn to Employers, Advisers for Retirement Help” »
PLANADVISER Staff
September 05, 2009 — As the nation turns its attention to the three-day Labor Day weekend, the White House is talking about retirement security.
With 401(k) Day less than a week away (September 11), and the Labor Day weekend upon us, President Obama’s weekly radio address was titled “Labor Day and Fair Rewards for Hard Work.” Along with that address, the President and Treasury Secretary Tim Geithner announced “new steps to make it easier for American families to save for retirement.”
Continue reading “Obama Administration Launches Retirement Savings Initiatives” »
Rebecca Moore
September 10, 2009 — Participants in 401(k) plans continued a cautious move into equity during August, with a total of $203 million shifted from fixed income into equities, according to the Hewitt 401(k) Index.
Hewitt said transfer activities were equity-oriented on 62% of the days during the month, and many equity asset classes realized net inflows during the month. Premixed funds, including target-risk and target-date portfolios, received approximately one-third of the net transfers, with $147 million moving into this asset class.
Continue reading “Participant Equity Allocations Rising, but Slowly” »