Banking

Older clients are advised to take extra steps to protect their finances as the current crisis may leave them prone to making poor financial decisions.

“[By extending the tax deadline], they automatically extended the deadline to make an IRA contribution last year,” an expert says.

Job listings for roles that don’t need to be filled immediately will be pulled.

Clients are advised to minimize spending and tap possible sources of cash and credit, including their tax refund.

“Having retirement assets in both traditional and Roth accounts can help clients hedge their tax bets for retirement,” an expert says.

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.

Many wealth management trends never caught on. This one is no passing fad, however.

The wirehouse shifted and added roles in its private wealth business to capture opportunities in the ultrahigh-net-worth client space.

Older clients who have lost a job prior to retirement are advised to first consider filing for unemployment insurance and begin making revisions to their budget.

The expansion is likely to come at the end of 2020 or early next year, and will focus initially on higher-net-worth customers.

Seniors choosing between traditional and Roth IRAs must account for their current and future tax rates.