When planning to meet a prospective client, lightly research his or her background and form an idea of what you hope to accomplish. Other steps for success include concentrating on learning about the client and following up the meeting with a thank-you note.
How RIAs can take advantage of industry disruption While the digital revolution is disrupting many industries, many RIAs have been challenged to keep up with the pace of change and shifting consumer demands. Read our interview with Oak Street Funding's Rick Dennen to find out how to best position your business.
Purchasing an annuity for retirees or offering lump-sum distributions can reduce the pension risk of companies thinking about terminating their defined-benefit retirement plan, says Larry Sherer, managing consultant at Findley. These risk-transfer actions can also decrease a funding gap, he says.
The recently announced OneFPA Network streamlines the operational duties of running individual chapters of the Financial Planning Association, writes George Fernandez, president of the FPA of Greater Kansas City. OneFPA Network's pillars focus on participatory governance; accounting and finance; technology; and staffing.
Clients with high net worth prefer their financial advisers to be outstanding, according to a joint study by the Financial Planning Association and SEI. "While technology and investment performance contribute to overall client satisfaction, our research shows that fostering trust and personalizing the investor experience can help advisers consistently meet, or exceed, clients' expectations," said John Anderson of SEI's Independent Advisor Solutions.
Advisers can get around the fiduciary duty that requires them to put clients' interests above their own if exceptions are written into client agreements, Securities and Exchange Commission Chairman Jay Clayton told the US Senate banking committee. "This is something that we want people to understand," he said.
Congress has before it legislation providing a safe harbor for annuities offered in workplace retirement plans that gives plan sponsors more protection against lawsuits than the current law. Professors Robert Bloink and William Byrnes debate the pros and cons of the proposal.
The Internal Revenue Service has issued guidance outlining how to determine the amount of parking expense that is nondeductible under Sec. 274(a)(4) when employers provide parking for employees. The notice also describes how tax-exempt organizations increase unrelated business taxable income in those circumstances.
The number of enforcement actions the Securities and Exchange Commission brought against public companies and their subsidiaries shot up in the second half of fiscal 2018, according to a report from the New York University Pollack Center for Law & Business and Cornerstone Research. The SEC filed 55 cases in that period, compared with 71 for the year, the report said.
John Hancock's annual Financial Stress Survey found that 69% of more than 1,350 retirement plan participants were stressed about their finances, with more than 75% saying a lack of retirement savings was the leading reason. The survey report said the stress could lead to behaviors that cost employers about $2,000 in excess labor costs per employee.
Machine trading is only going to grow over time, says Scott Kerson, head of systematic strategies at Gresham Investment Management. "The more commoditized the activity, the more likely it'll be taken over by machines," Kerson says.
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