Ongoing lack of clarity and delays to the Trump administration's tax reform plans are presenting difficulties for financial advisors, particularly when planning Roth conversions. Ed Slott, a certified public accountant, outlines strategies to help advisors achieve a successful outcome for their clients.
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The Financial Service Institute has applauded the Financial Industry Regulatory Authority's plan to create deeper engagement with industry stakeholders, adding that it is uniquely placed to assist with FINRA's efforts. "As one of the only trade associations that have individual financial advisor members, FSI can play a key role in facilitating outreach between FINRA and financial advisors, whose perspective comes from direct interactions with investors and who are directly impacted by FINRA rules and regulations," wrote FSI President and CEO Dale Brown.
A recent survey reveals that public-sector employees are poorly prepared for retirement because they have relatively low levels of financial knowledge, with only 17% of respondents saying they were very confident they would have enough to fund themselves during retirement. The survey's authors urge public-sector employers to encourage their workers to seek qualified financial advice.
Humans will prevail against machines in the battle for financial advisory business, DoubleLine Capital CEO Jeffrey Gundlach says. He cites the danger of robo-advisors' one-size-fits-all solution: "Everybody gets the same portfolio, which means everybody owns the same stock, which means when they all decide to get out, you cause a crash."
L. Paul Hood Jr., director of planned giving at the University of Toledo Foundation, asserts that successful estate planning needs to be a holistic process that achieves the client's goals but also reflects their personal values. He offers a list of tips, accumulated over the course of his career, that can help planners meet those dual challenges.
An estimated one in three working Americans are independent contractors or freelancers, which can make it difficult for them to save effectively for retirement. Financial planner Kristen Euretig offers suggestions for people without access to an employer-sponsored retirement plan.
A survey by the New York Life Center for Retirement Income shows respondents have a distinct lack of knowledge of retirement finance, with 74% failing the quiz. The respondents, Americans between age 60 and 75 with $100,000 worth of assets excluding property, achieved poor scores on quiz questions about 401(k) plans, long-term care, life expectancy and annuities.
Join us at FSI Forum: Thriving in a Post-DOL Fiduciary World from Sept. 11 to 13 in Atlanta. At FSI Forum, we'll explore ways to leverage the changes and uncertainty in the current climate to thrive and grow your business. You will also hear from thought leaders and industry experts, as well as collaborate with your peers in thoughtful discussions about the future landscape of the financial advice industry. FSI Forum is open to FSI members only. Register now!
I can't give you a surefire formula for success, but I can give you a formula for failure: Try to please everybody all the time.
Herbert Bayard Swope, journalist
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