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Broker fiduciary rule officially in limbo InvestmentNews Share    
Nearly a year after the Securities and Exchange Commission delivered a report to Congress recommending a regulation that would impose a universal fiduciary duty for retail investment advice, the agency has yet to propose a rule — and the road to that point soon may lengthen further. In a letter to Congress, the SEC said that it will gather information for an economic analysis of the impact of a standard-of-care regulation. More
Tax season starts Journal of Accountancy Share
Jan. 17 marked the start of tax season, as the IRS opened up its system to accept e-filed individual tax returns. Unlike last year, when the start of tax season was delayed for some taxpayers by last-minute tax law changes, this year the IRS will be accepting all individual returns when it opens up its e-filing system. More Breaking down the unattainable life insurance consumer Bank Investment Consultant Share
In 2011, staggering numbers revealed a massive life insurance sales gap. In a new report, called "The Elusive Life Insurance Purchaser," Aite Group attempts to demystify the life industry's enigmatic consumers. To do this, Aite conducted an online survey. More Individual, capital gains rates unchanged for 2012; AMT patch, some credits, deductions gone The Associated Press via The Washington Post Share
As Americans receive their first paychecks of the new year, there are some tax provisions they can count on. Individual tax rates will be the same for 2012 as they were in 2011, as will the 15 percent maximum tax rate on capital gains. But several deductions, credits and other provisions that existed for 2011 will no longer be in place. More
Planners prepare for more audits for high net worth clients Financial Planning Share
Planners have taken note of the fact that clients with incomes of $1 million or more were twice as likely to be audited by the IRS in 2011 than they were in 2009. Several say they are taking steps in anticipation of still greater vigilance on the part of the agency. Some of the increase in the percentage in audits is due to a drop in the number of taxpayers with $1 million or more in income to declare, a change likely due to the downturn in the economy. But many advisors are taking steps now for more potential audits. More Recovery at risk as Americans raid savings Reuters Share
More than four years after the United States fell into recession, many Americans have resorted to raiding their savings to get them through the stop-start economic recovery. In an ominous sign for America's economic growth prospects, workers are paring back contributions to college funds and growing numbers are borrowing from their retirement accounts. Some policymakers worry that a recent spike in credit card usage could mean that people, many of whom are struggling on incomes that have lagged inflation, are taking out new debt just to meet the costs of day-to-day living. More The difference an advisor can make Planadviser.com Share
A study for the Retirement Advisor Council found partnering with a professional retirement plan advisor offers benefits for plan sponsors. However, only 25 percent of 401(k) and 403(b) plan sponsors, with 100 or more employees and plan assets between $5 million and $500 million, partner with a professional retirement plan advisor. Half of respondents who use a professional retirement plan advisor say it is a necessity to retain the advisors' services for their plans. Forty-four percent say retaining the services is very beneficial to their plans. More
Attorneys general urge Supreme Court to rule individual mandate legal IFAwebnews.com Share
Attorneys general from 11 states and Washington, D.C., have filed court papers in the federal health reform law case, arguing that the individual mandate forcing all Americans to buy health insurance, starting in 2014, is constitutional. The filing is one of many filed with the U.S. Supreme Court in advance of oral arguments scheduled for March in the controversial case of health reform. More
Compliance outsourcing gains favor with RIAs RegisteredRep. Share
Financial advisor Rick Bloom is better equipped than most to handle an SEC audit. Both a lawyer and a CPA, Bloom runs Bloom Asset Management in Farmington Hills, Mich., a registered investment advisor with $830 million in assets under management. When the regulators stopped by for a review of his operation this year, Bloom made time in his schedule to accommodate their needs, a process that took about a week. Handling such work internally is not something he plans to do again the next time they come knocking, he says; he's now talking with companies that can manage his compliance responsibilities. More Want to communicate better? Tell a story InvestmentNews Share
Explaining bond interest or talking about an apple tree that bears fruit: Which approach to shedding light on yield is more illuminating for clients and prospects? If you chose the apple version because it is easier to understand and less likely to make clients' eyes glaze over when discussing matters financial, then you understand why more advisors are turning to storytelling to explain financial concepts and enhance their marketing. More
FSP launches LinkedIn Group Society of FSP Share
The Society of FSP now hosts a LinkedIn Group where financial service professionals can share knowledge, ask questions and network with other professionals. With over 15,000 members and 160 local chapters nationwide, FSP's LinkedIn Group is a great way to expand your knowledge base and networking resources. Society membership is encouraged but not required to participate. Log in to LinkedIn today and get engaged. |
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