Products June 15, 2012

KPMG and AxiomSL Partner to Offer PF Form Help

The tax firm KPMG LLP formed an alliance with Axiom Software Laboratories Inc. to address new regulatory requirements facing investment advisers, such as Form PF.
Reported by

In January, the Securities and Exchange Commission (SEC) issued a final rule under the Investment Advisers Act of 1940 requiring certain investment advisers, who work with one or more private funds and have at least $150 million in private fund assets under management, to file Form PF.

The SEC final rule became effective March 31 and advisers will need to begin filing Form PF quarterly or annually beginning as early as July. Filing requirements will vary based on the size of an adviser’s assets under management as well as the types of private funds it manages.

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According to a KPMG principal for information strategy and performance, the two firms have created software to help advisers reduce manual work, which can be costly, and more rapidly convert the efforts for use in controlled, high-quality Form PF data to regulators.

AxiomSL’s experience with regulatory reporting and data management technologies and building interfaces to regulatory filing systems combines well with KPMG’s expertise in developing the Form PF data model and aggregation rules, said Alex Tsigutkin, AxiomSL’s chief executive. The two skill sets will be useful in helping advisers who file Form PF mid-year to file electronically using the e-filing AxiomSL solution.

Data & Research June 14, 2012

Women Feel More Behind on Retirement Savings

Women’s confidence in their retirement preparedness has slipped, and they are still behind men in terms of how much they are saving for retirement.

Reported by

However, the gender gap in retirement planning is smaller than most other areas, with virtually no gap between men and women who participate in employer-sponsored plans or IRAs, according to research from Financial Finesse.  

Ninety-one percent of women reported they participate in their employer-sponsored retirement plan, compared with 92% of men, and 26% of women said they contribute to a traditional or Roth IRA, vs. 27% of men. In addition, 87% of men and 79% of women indicated they are capturing the maximum employer match offered by their employer plans.  

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However, only 12% of women said they are on target to replace 80% of their income in retirement, compared to 22% of men.   

While nine in ten (89%) men reported they had general investment knowledge, two-thirds (66%) of women said the same. Only 29% of women feel their investments are allocated appropriately, vs. 45% of men.  

Financial Finesse’s research is primarily based on tracking employees’ most pressing financial concerns through their usage of its financial education services.     

The complete research report is here.

 

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