Practice

More than one in four, 28%, of wealthy Americans with at least $500,000 in investable assets and annual incomes of $150,000 or more have or plan to cut back on charitable giving due to the economic climate.

WASHINGTON — Where to put a proposed new consumer protection division appears to have become a game of musical chairs.

When people are afraid, they cut back on discretionary expenses, which is how most people view estate-planning services, one expert said.

The new hires bring an expertise in fixed income, including corporate bonds and mortgage-backed securities.

Advisors believe many Americans could need double or triple their savings targets.

Bruce Ferris, senior vice president of sales and distribution for Prudential Annuities, he has heard all the objections from wholesalers and advisers concerning variable annuities.

On Wednesday's split 3-2 vote along party lines, the Securities and Exchange Commission approved new restrictions on short sales that aim to improve investor confidence in the markets.

Fidelity Investments expects its retirement assets to continue to increase this year as both employers and employees become more engaged with 401(k) plans.

Vice President Joe Biden unveiled the Middle Class Task Force's new report on the middle class Friday, in which he outlined plans to offer automatic Individual Retirement Accounts to most Americans, provided clarification for giving advice to plan participants, and offered a proposal to allow plans to provide guaranteed retirement income products.

WASHINGTON — Regulators were picked apart Friday by members of two House committees, who blamed them for a dramatic drop in lending and urged them to ease up on bankers.