US District Judge Barbara Lynn has denied a motion seeking an injunction to prohibit the Labor Department from enforcing its fiduciary rule while opponents appeal a ruling that upholds the legality of the rule. Lynn said plaintiffs had failed to satisfy any legal test to justify an injunction pending appeal.
About 6 in 10 US workers have saved for retirement, and 3 in 10 are stressed about such savings, according to the 27th annual Retirement Confidence Survey. About 4 in 10 respondents have tried to determine how much savings they will need to retire.
The Labor Department in late 2016 allowed TIAA to offer employer-sponsored retirement plans the option of delayed-liquidity fixed annuities as a non-qualified default investment alternative in target-date funds. Such annuities can produce guaranteed lifetime income as well as long-term appreciation and capital preservation, says Timothy Walsh of TIAA.
Noted economic advisers Mohamed El-Erian and Nouriel Roubini have expressed concerns that investors may be overestimating the potential for continued stock rises, even as they are being buoyed by record-breaking exchange-traded fund inflows and traditional volatility signals appear calm. El-Erian contends that the market is being led by sentiment, which is not a true reflection of fundamental values, while Roubini has cast doubts on the Trump administration's ability to achieve its stated stimulus objectives.
Later this week, Republican lawmakers will debate the Small Business Health Fairness Act, which would permit the creation of national association health plans for trade groups, business associations and similar groups to offer coverage to small employers. The idea is to give buyers greater bargaining power and access to lower rates for their members, and the measure also paves the way for sidestepping Affordable Care Act small-group requirements and would lift most state regulation of such plans.
Sen. Elizabeth Warren, D-Mass., has issued an indictment of potential conflicts of interest in the delivery of retirement advice, with particular regard to incentives. Although most of the companies listed in the report have provided no official response, some industry stakeholders say Warren's criticisms are overblown and that there are ways to structure incentives to ensure advisers act in their clients' best interest.
The Republican-backed American Health Care Act is receiving criticism over its proposed cut of $880 billion from Medicaid. A trade group and some Republican governors are among those expressing concerns.
A recent survey showed that 79% of respondents ages 30-39 said they would be willing to pay for financial advice, and 73% of those under 30 expressed a similar willingness. Nicole Miller, founder of Advisor Forward Marketing & Consulting, offers four key strategies for winning their confidence and business.
Dougherty receives NAIFA-Greater Washington Legacy Award
NAIFA-National President Paul Dougherty was honored by NAIFA-Greater Washington and the Greater Washington Foundation of Insurance and Financial Advisors as the 2017 Legacy Award recipient. Read more on the Advisor Today Blog.