The Financial Industry Regulatory Authority says it has been getting a lot of questions about its new plan allowing self-reporting of potential violations of rules regarding 529 plan recommendations. Chris Kelly, FINRA's senior vice president of sales practice enforcement, told a panel at the agency's annual conference that self-reporting will not necessarily lead to an enforcement action.
Those not mentally prepared for retirement may suddenly find themselves adrift when they no longer have work to do. And that, experts say, can lead to a series of health problems that in turn threaten financial well-being.
The University of Pittsburgh found its employee demographics covered five generations, so it adjusted its retirement benefits communications to be relevant to each group. Implementing messaging for each generation and their stage in the savings life cycle, along with embracing automatic enrollment, was associated with a more than 14% increase in overall retirement plan contributions and a 54% increase in sessions with financial consultants.
The Securities and Exchange Commission has again delayed a decision on whether to approve the Bitwise Bitcoin exchange-traded fund and allow it to trade on NYSE Arca. The SEC has asked for public comment on 14 questions about the ETF request.
Claims that consumers are harmed by market concentration in index funds are unjustified, Barry Ritholtz writes. Index funds remain an important low-cost tool for Americans to invest their money, having saved investors about $1 trillion in fees.
Joni Tibbetts, a Principal Financial Group vice president, spoke at a Senate Finance Committee hearing in favor of a provision of the updated Retirement Enhancement and Savings Act that provides a safe harbor for retirement plan sponsors when they select annuity providers. She said the safe harbor "establishes realistic options to follow when selecting an annuity provider."
The relationship between inflation and labor, as well as other resource markets, has broken down and could be problematic if the Federal Reserve cannot bring inflation closer to a 2% target, said Fed Governor Lael Brainard. Eventually, Americans could lose faith that inflation will ever meet the target, she said.
Working less, carving out specific time to be unavailable to clients and delegating work you don't particularly like are ways advisors have found to combat burnout. "Burnout often happens when people repeat things that they don't enjoy," wealth manager Matthew Gaffey says.
Advisors strapped for time should focus their social media energy on LinkedIn, building their brand, posting about relevant topics and sending personal notes to people they'd like to connect with, consultant Beverly Flaxington writes. She also discusses how to deal with a colleague whose performance is not up to snuff.
Giving bad news to clients is unpleasant but necessary, writes Carolyn McClanahan of Life Planning Partners. She recommends the SPIKES protocol, which was developed for doctors, and stands for setting, perception, invite, knowledge, emotions and summarize.
Ethics for Insurance and Financial Professionals: Questions for Consideration and Discussion
Register for the May 29 NAIFA webinar featuring Robin Mueller. He will present this interactive discussion on ethics with a specific focus on ethics within the community of insurance and financial advisors. The webinar will start at 2 p.m. Eastern. Register here.