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.

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.

The firm, run by Big Short protagonist Greg Lippmann, may make sustainability the linchpin of its CLO business after completing its first deal that complies.

A Roth conversion “not only to minimize heirs’ tax burden but also to sustain the growth of [their] retirement savings."

Taking advantage of catch-up contributions is one of several methods that can help them get back on track.

Phone apps are being embraced by wealth managers as one of the quickest ways to communicate with end clients, leading to recent upgrades in look, feel and capability.

Retirees can reverse their claiming decision, but not without considering one important caveat.