| Financial and wealth management news for the retirement community |  |
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| Industry Update | | |
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- States, insurance companies partner for long-term care
Aging baby boomers soon will face the high costs of long-term care, but few Americans have long-term-care insurance. The burden for those who cannot afford care falls to states, which pay for Medicaid. Many states are partnering with insurance companies in plans that allow seniors with long-term-care insurance to qualify for Medicaid without losing their assets if their costs exceed insurance coverage. The idea is to get more people to purchase insurance. Medill Reports (Northwestern University)
(2/14)     
- SEC to seek comments, weigh fiduciary standard, Walter says
The Securities and Exchange Commission will seek public comments as it gives "serious consideration" to implementing a uniform fiduciary standard for broker-dealers and investment advisers, SEC Chairwoman Elisse Walter told the Senate banking committee. The agency is drafting the request to gather data, Walter said. "The request aims to seek information from commenters -- including retail investors, as well as industry participants -- that will be helpful to us as we continue to analyze the various components of the market for retail financial advice," she said. AdvisorOne
(2/14)
| Financial Literacy | | |
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- How to multiply the benefits of a tax refund
Retirement investors can use tax refunds to increase their IRAs and get even more tax breaks, experts say. Other tax-advantaged strategies include using the money for home improvements that qualify for tax credits from the Energy Department, and replacing a mortgage escrow account that pays for property taxes and insurance. "The goal is not just to save it, but to make your refund pay you back," TD Ameritrade's Carrie Braxdale says. CNBC
(2/13)
| Building Your Practice | | |
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- Financial advisers add career counseling to their client services
Some financial advisers are extending their professional advice to include management of clients' careers, which they say can affect the makeup of an investment portfolio. Many clients in their 50s and 60s are dissatisfied with their jobs and retirement plans, and clients in less-stable occupations may require a more conservative portfolio, advisers say. "For a lot of people, their career is the most valuable asset they have," says Gary Silverman of Personal Money Planning. The Wall Street Journal
(2/14)
| Financial Products | | |
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- More advisers favor life insurance for college savings
Life insurance with a cash balance that can be withdrawn for college expenses is becoming increasingly popular with financial advisers who are helping parents prepare to pay for higher education. A survey by Financial Research found that in 2012, 29% of advisers recommended life insurance for college savings, compared with 23% in 2011 and 21% in 2009. InvestmentNews (free registration)
(2/14)
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