Banking

While many institutions are taking protective steps, others want to stay open to promote public confidence in the banking system.

After resigning last year under pressure from federal policymakers, the former executive received no severance benefits or annual incentive award.

While younger clients may be putting away more money than Gen Xers and baby boomers, they’re not better prepared for retirement compared with their older counterparts, experts say.

To ensure their investments stretch as long as they live, clients are advised to develop a sustainable withdrawal plan and consider annuities.

“The only reason why I could see them doing that is shame,” one critic says of the move; the board calls it an important shift in the conversation about fiduciary care.

Aside from refinancing, retirees are advised to consider downsizing their homes to reduce overall spending.

RIAs already on the platform can stick with the old pricing model or transition to the new one.

To start, these clients are advised to start saving as early and contribute enough to their 401(k)s to qualify for their employer's matching contribution.

“It is really as important for plans to get people thinking about income rather than just accumulation,” an expert says.

For planners who embrace the potential to provide these services, it can be a natural next-generation service offering.