Money Management Executive Latest News

America has yet to witness the tremendous societal transformation retiring Boomers will have, as the oldest is a mere 64 and the youngest, 46. But we are beginning to see signs of the tsunami-sized impact this army of 77 million will have on the workplace, the economy, healthcare and even the arts and entertainment.

Royal Bank of Canada’s wealth management division reported net income of $213 million for the first quarter ended Jan. 31, up 72% from the $91 million from a year earlier, partly due to higher fee-based client assets and some accounting adjustments.

In the face of the shrinking asset management landscape and soaring distribution costs, not to mention the home-office centralization of brokerage firms’ investment choices, fund companies need highly accomplished national accounts teams, according to a new kasina report, “Excellence in Distribution: National Accounts.”

Several years ago, Ameriprise Financial aired a commercial starring Dennis Hopper that targeted its financial planning services at Baby Boomers.

America has yet to witness the tremendous societal transformation retiring Boomers will have, as the oldest is a mere 64 and the youngest, 46. But we are beginning to see signs of the tsunami-sized impact this 77 million-strong army will have on the workplace, the economy, healthcare and even the arts and entertainment.

To attract assets and customers, Bank of America Merrill Lynch has introduced a tool to help employers score how well employees are doing at saving for retirement.

A troubling 72% of workers age 60 or older are putting off retirement because they say they don’t have enough funds, according to a survey of 700 people that Harris Interactive conducted on behalf of CareerBuilder.

The Securities and Exchange Commission is expanding its New York office staff of 360 people by 33, or nearly 9%, in an effort to better regulate hedge funds and brokerages. The SEC will hire 18 additional people in enforcement and 15 in examinations.

Wealthy investors will continue to be careful with their money, Schwab found in a survey of 1,100 independent advisers with more than $252 billion in assets under management, the latest installment in its semi-annual Independent Advisor Outlook Study.

American Beacon Advisors has launched the American Beacon Global Real Estate Fund, which aims to deliver high total return through a combination of current income and capital appreciation and which will be sub-advised by CB Richard Ellis Global Real Estate Securities.