Practice

In the May issue of Financial Planning magazine, I discussed how client perceptions may have changed over the past three years. I use the term Client 2.0 to describe this more-cautious and aware buyer, and offered thoughts on how you can better connect using an evolved Client Communications 2.0 plan. I spoke with several smart, accomplished advisors and industry consultants such as Ed Jacobson, Steve Saenz, Carol Anderson and Amy Mullen to hear their comments.…

While Congress, the SEC and individual states continue to work out the precise definition of a fiduciary and precisely what his or her requirements will be going forward, RIAs and other financial services professionals still need to take it upon themselves to implement best practices that will ensure they'll be in compliance whenever these new regulations are finalized.

FINRA has launched FINRA Disciplinary Actions Online, a searchable system that will give the public access to disciplinary actions for firms and registered representatives. It also adds another layer of transparency into the brokerage and financial advisory industry, on a firm and individual level.

Information on the original cost basis of stocks purchased by investors can now be transferred automatically in roughly 97% of cases.

Nearly 150 hand-picked and already highly successful Bank of America Merrill Lynch financial advisers next month will embark on what amounts to defined contribution retirement training boot camp at The Retirement Advisor University (TRAU) in pursuit of a Certified 401(k) Professional designation to further their DC expertise and differentiate themselves from other practitioners.

A perfect storm of eroding Social Security trust funds, high unemployment and a flood of Baby Boomers all hitting retirement age at the same time will put enormous strain on Social Security for the next two decades, forcing retirees and their advisers to come up with alternative retirement income plans and strategies to make ends meet.

While a religious group was predicting the imminent Apocalypse last week, a set of financial services industry representatives were warning of the possible end to their own world.

A Financial Industry Regulatory Authority (FINRA) arbitration panel awarded $1.7 million to a Texas man and the estate of his deceased wife, after finding that a former independent contractor at Raymond James Financial Services improperly managed their portfolio using life insurance and variable annuities.

More workers are delaying retirement, according to The Conference Board.

The firm should have been more on the ball, from a supervisory standpoint, the claimants’ attorney said.