Securities and Exchange Commission Chairman Jay Clayton said his agency is drafting a fiduciary rule governing financial professionals, unfazed by an appeals court's decision to strike down the Labor Department's rule. "We're moving forward," he said.
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A bill introduced in the House last year would allow up to $40,150 in student-loan-debt forgiveness per person for those who agree to delay their Social Security benefits. A survey from LendEdu shows 46% of people with student-loan debt would be willing to delay Social Security payments to have all or some of their student debt forgiven.
Growing volatility in the stock market is due to "financial fragility" in markets themselves, not changes in fundamentals, Goldman Sachs economist Charles Himmelberg wrote in a client note. That volatility also could lead to a lack of liquidity when markets are distressed, Himmelberg wrote.
The recent stock market correction was greeted enthusiastically by 19% of millennials, who said they felt excited by it, according to a survey by Bankrate.com. A quarter of millennial investors surveyed said they increased their holdings during the recent downturn.
Funding for cost-sharing reduction payments and a reinsurance program was left out of House spending legislation amid a dispute over language that Republicans say is standard but Democrats say would expand restrictions on abortion. The Senate is considering a vote to add the Affordable Care Act stabilization measures to the spending package, but the effort might not gain enough support.
A US Supreme Court case over whether a Minnesota law that cancels a divorcing couple's life insurance and other non-probate beneficiary designations is constitutional could affect states' abilities to change the effects of certain contracts. Examples cited by justices include retroactively changing the status of adopted children and "slayer statutes" that block a beneficiary who kills an insured person from collecting benefits.
The Securities and Exchange Commission and the Financial Industry Regulatory Authority have issued their 2018 exam priorities, and while many are familiar, there are a few new ones advisors should pay attention to, writes compliance expert Todd Cipperman. Wrap fee programs, cryptocurrencies and thinly traded securities are among the regulators' new priorities.
Benefits advisors should give serious thought to how to climb the client relationship pyramid and move from vendor to trusted advisor, writes Jack Kwicien of Daymark Advisors. He suggests a focus on client's business issues and a consultative approach to client interactions.
The NAIFA will launch the NAIFA Center for Excellence in Long-Term Care to equip agents and advisors with information, designation and educational resources in order to meet consumers' growing needs for advice and solutions in long-term care. Scheduled to launch in mid-2018, the center will be supported and housed on www.NAIFA.org. Learn more here.