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

Mass affluent investors, those with $100,000 to $1 million in investable assets, are pessimistic about investing, a survey of 596 individual investors and 610 financial advisers by MFS Investment Management found.

Global investors have tempered their optimism about the U.S. and world economies and plan to put less of their money in commodities and more into cash, a quarterly poll of 1,263 investors, analysts and traders who are Bloomberg subscribers found.

Edward Jones has added UMA Models to its advisory platform for its 12,000 advisers, Edward Jones Advisory Solutions.

Because seniors are living longer, they are more concerned than ever about inflation, interest rates and rising healthcare costs, a survey by the Society of Actuaries found.

Morningstar has added 10 alternative investment categories to its classification system, eight of which cover exchange-traded funds and two the broad universe of funds.

Unless automatic enrollment in 401(k)s and other defined contribution plans becomes universal and savings deferral rates increase substantially, people are going to have significant shortfalls in their retirement nest eggs.

BNY Mellon has hired Mitchell Harris as president of its investment management division.

Securities and Exchange Commission, money market fund, money fund

Many fund managers still exist who prefer to handle middle- and back-office work with in-house staff.