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March 8, 2013
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Financial and wealth management news for the retirement community

  Top News 
  • Rankings put U.S. at No. 19 in retirement quality
    The cost of health care and the government's diminishing ability to support retirees resulted in a U.S. ranking of 19th on the Natixis Global Retirement Index, which measures quality of life. Norway and Switzerland were among several European nations, as well as Japan, that outranked the U.S. In contrast to many other countries, "in the U.S., we encourage workers to plan, save and invest, and promote policies that help them meet their future needs," says John Hailer of Natixis Global Asset Management. Financial Advisor online (3/7) LinkedInFacebookTwitterEmail this Story
  Industry Update 
  • Poll: Rich Americans underestimate retirement needs
    A new survey shows that affluent investors may be overly optimistic when it comes to predicting their readiness for retirement. The poll from Charles Schwab found that while respondents now earn an average of $115,000, they think they only need about $66,000 in retirement, and most plan to work part time or not at all after they retire. In reality, said a Schwab official, most retirees need their same annual income after they retire unless they dramatically change their lifestyle. (3/7) LinkedInFacebookTwitterEmail this Story
  • Creator of auto-enrollment discusses retirement's future
    Shlomo Benartzi, one of the creators of auto-enrollment for 401(k) plans, says it's too soon to celebrate the uptick in the U.S. savings rate, and that getting younger generations to save for retirement hinges, in part, on making it easy for those without access to a 401(k) to enroll in a retirement plan online. "I think we'll really have to think carefully as an industry and as a society how to really cater to the younger generations with financial products -- the products and how they are being distributed," Benartzi says in this Q-and-A. Reuters (3/7) LinkedInFacebookTwitterEmail this Story
  • Group calls for fees to fund SEC adviser examination
    The North American Securities Administrators Association, which represents U.S. state securities regulators, plans to lobby Congress to approve user fees to fund examination of financial advisers by the Securities and Exchange Commission. NASAA President Heath Abshure says the association will "stay on guard" regarding an effort by the Financial Industry Regulatory Authority to become a self-regulatory organization for advisers. AdvisorOne (3/5) LinkedInFacebookTwitterEmail this Story
  Financial Literacy 
  • Parents, children and estate planning weigh on boomers
    Baby boomers face several pressing financial issues, including the cost of financing their children's education, the cost of caring for aging parents and the need for estate planning, says financial planner Tim Maurer. He recommends that boomers, many of whom have ridden the market through dramatic volatility, move into more conservative investments that can generate retirement income. National Public Radio (3/5) LinkedInFacebookTwitterEmail this Story
  On the Economy 
  • Rise in household debt might point to spending trend
    An annualized 2.5% increase in household debt in the fourth quarter might have ended deleveraging that had been weighing on the economy since 2008. A Federal Reserve report also shows substantial growth in the net worth of households, increasing $1.1 trillion, to $66 trillion. Reuters (3/7) LinkedInFacebookTwitterEmail this Story
  Building Your Practice 
  • 401(k) advisers should be charging more, panelists say
    Retirement plan advisers need to raise their prices and stop competing on cost, according to a panel of executives at broker-dealer firms. The panel was part of the recent American Society of Pension Professionals & Actuaries' 401(k) Summit in Las Vegas. "Advisers should be charging more," said Lisa Kottler, panel member and senior vice president of retirement services at National Financial Partners Corp. "We need to elevate this to the true profession it is." InvestmentNews (free registration) (3/7) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • Survey: Advisers recommend mutual funds most often
    A survey of 300,000 financial professionals by Advisors Perspective found that mutual funds are the most commonly recommended investments, followed by common stocks, exchange-traded funds and variable annuities. Half of the surveyed advisers said they recommend real estate to clients, while 37% recommend fixed annuities, the survey found. National Underwriter Life & Health (3/7) LinkedInFacebookTwitterEmail this Story
Hope is the physician of each misery."
--Irish proverb

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