| Financial and wealth management news for the retirement community |  |
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- Tips for clients who can't afford the Roth conversion tax
Several options are available for a client who converted a traditional IRA to a Roth and now can't afford the first half of the tax that is due, writes certified public accountant Ed Slott. They can borrow from a bank or family member, or take money from the Roth IRA, Slott writes. Other options include seeking more time from the Internal Revenue Service to undo the conversion or asking for a payment plan. InvestmentNews (free registration)
(3/18)     
- Annuity-fraud conviction could have "chilling effect" in industry
An annuity-fraud case in California is making agents more cautious as they sell indexed annuities to the elderly, even though the products are in higher demand, industry experts say. The conviction of an insurance agent who sold an annuity to a woman who allegedly had dementia "will definitely have a chilling effect," said Larry Rybka, CEO of ValMark Securities. The Wall Street Journal
(3/18)
| Financial Literacy | | |
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- Benefits of banking are touted as part of financial-literacy effort
Teaching people how the financial system and their own budgets work is an important step to reversing poverty, according to speakers at the Poverty Forum in Baton Rouge, La. Speakers said many people don't understand enough about bank accounts, interest and loans to avoid becoming victims of high fees or fraud. People who avoid bank accounts out of distrust can pay an average of $800 a year in check-cashing fees, said the Rev. Robin McCullough-Bade, director of the Interfaith Federation. The Advocate (Baton Rouge, La.)
(3/19)
| On the Economy | | |
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- Fuel prices pushed cost of living higher last month
The consumer price index increased by the highest amount in 10 months in February, fueled by gas prices, the U.S. Labor Department said. The 6% increase in gas prices accounted for most of the increase in the cost of living. The CPI rose 0.4% last month. MarketWatch
(3/16)
| Building Your Practice | | |
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- Online tools aim to help analyze annuities
Two new tools aim to help advisers show clients whether an annuity is a good fit for their retirement plan. Fiserv's Retirement Illustrator and Fiducioso Advisors' Income Discovery can show how an annuity might perform in different market scenarios and how various strategies compare with one another. InvestmentNews (free registration)
(3/18)
- Why your marketing pitch could be out of focus
For some planners, offering fewer services might be better for business, Michael Kitces says. Firms that offer comprehensive planning can find it more difficult to get referrals than those that offer niche services. That's because niche firms have an identifiable value proposition that is easy to explain to others, Kitces says. "Doing everything for everyone means nobody refers you to anyone." AdvisorOne
(3/16)
- Advisers face more client concern over fees
Advisers say more customers are asking them to justify advisory fees in light of the increasing number of online investment tools. Some advisers think they might have to cut their prices as a result, while others are lowering costs by outsourcing technology and other back-office operations. InvestmentNews (free registration)
(3/18)
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