Happy Friday, PLANADVISER readers. Today’s announcement that Merrill Lynch is underscores the tremendous pressures bearing down on advisory and brokerage businesses, stemming from deep regulatory change and a shift in client expectations. Collected below you will find articles and analysis identifying the top challenges and opportunities advisers face.
Enterprise-level adviser technology providers are just fine with winning new business behind the scenes; two industry executives explain why “traditional advisory firms” should embrace them.
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Internal investment product wholesalers are pursuing advanced degrees and designations to improve their image as “knowledge partners” in the eyes of advisers, according to new Cerulli Associates research.
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More than half of broker/dealers surveyed by the LIMRA Secure Retirement Institute believe some of their advisers will retire rather than sell under the new.
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A confluence of generational, technological and consumer preference trends is driving a sea change in the traditional investment advisory business, according to J.D. Power researchers.
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Advisers polled said their top three concerns are, first, a lack of focus on driving firm value, followed by the inability to grow client AUM/revenue and the inability to change client demographics.
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MassMutual says a married couple that lives into their 90s but decides to begin their Social Security benefits at age 62 as opposed to age 70 could be leaving as much as half a million dollars on the table, or forfeiting $2,000 to $4,000 a month for life.
With the passage of the SECURE Act by the House of Representatives, experts tell PLANADVISER they are optimistic that agreement will be reached with the Senate during this Congress, but the many supporters of retirement reform will have to wait and see how compromise might be reached.
One retirement industry executive says she believes the Senate could act quite quickly in taking up the SECURE Act, which just passed the House of Representatives with a practically unanimous yea vote.
Besides a lengthy Finance Committee hearing discussing the popular RESA legislation, the day on Capitol Hill also brought news of the introduction of the new Retirement Security and Savings Act.
