Money Management Executive Latest News

The Hartford has launched a new marketing campaign,” Two for Tomorrow,” advising Americans to take the 2% reduction in Social Security payroll taxes and use the money to boost their retirement savings.

Remember the Y2K scare?

Used to be you picked the transfer agent who had the most efficient system for maintain records of shareholder accounts, calculating and disbursing dividends, mailing shareholder statements and sending out tax notices.

While middle America struggles to save for retirement, one would expect wealthy people to be in far a better position to save.

So the results are in: The Securities and Exchange Commission announced last week, after six months of study, that brokers should be held to the same fiduciary standard as advisers because investors assume their brokers are acting in their best interests anyway.

BlackRock has hired Nancy Everett as managing director, head of U.S. fiduciary management solutions, a new position. She was previously chief executive officer of Promark Global Advisors, previously known as General Motors Asset Management.

Investors established a new record for withdrawals from municipal bond mutual funds in the week ended Jan. 19 as headline risk continued to chase people from state and local government debt funds.

Investors in tax-exempt debt should be cautious about heeding recent reports about the possibility of widespread bankruptcy and default in the municipal market, and stop running away from solid, safe investments because of distorted opinions in the media. That was the advice from top portfolio managers and traders at DWS Investments. Phil Condon, head of muni portfolio management. and Ashton Goodfield, head of trading, recognized the financial hurdles faced by local governments, but stressed that because of the fundamental changes in the municipal landscape, the muni market should not be considered as "homogenous" as it once was. But for analysts to "sensationalize the stress that municipalities are under" sends the wrong message to investors.

The sudden collapse of major custodians such as Lehman Brothers not to mention a series of Ponzi schemes and last May's Flash Crash have dramatically shifted the due diligence priorities of mutual funds and other institutional investors as they scout for sub-advisers.

From big-ticket spending to long-term planning for their futures, American investors are taking a more conservative approach to handling their money, according to industry professionals.