PLANADVISER Weekend Newsdash
Week ending May 24th, 2019
Surveys show a majority of advisers believe they will continue to manage their clients’ money for multiple generations, even if they don’t know the heirs. Experts warn intergenerational advisory relationships are actually quite uncommon, however, in large part because advisers often make very little effort to build rapport with clients’ kids. As the articles collected below demonstrate, the most successful advisers use the topics of college savings, family caregiving and estate planning to deepen ties to their clients, leading to better retention and improved outcomes for all parties.   
Client Service
Intergenerational Advice Is Far From a Given
Surveys show a majority of advisers believe they will continue to manage their clients’ money for multiple generations, even if they don’t know the heirs.  Read more >
Parents and Kids Both Influence the Flow of ‘Modern Money’
Shifting attitudes about supporting adult children financially have helped reshape Americans’ thinking about wealth and retirement readiness. Read more >
Families With Special Needs Children Not Prepared for Future
Most caregivers of special needs children don’t work with financial advisers; however there is strong interest in working with financial advisers who specialize in special needs planning. Read more >
Retirement Savings Takes a Back Seat to College Savings for Parents
Seventy-three percent of parents agree with the statement, “I’d be willing to delay my retirement to pay for my kids’ college education.” Read more >
How To Make 529 Plan Service Pay Off
Offering advice about 529 college savings plans can deepen client relationships, though such services are not usually big revenue drivers on their own. Read more >
Many Parents Draining Savings to Help Children
The Bank of Mom and Dad is playing a major role in the U.S. housing market, according to Legal & General Group, putting some parents’ retirements at risk. Read more >
MOST POPULAR STORIES
Inheritance Pathways Exist to Replace Stretch IRAs
The SECURE Act is stalled in the U.S. Senate due in part to several lawmakers’ concerns that it does away with so-called “stretch IRAs,” but tax and inheritance experts say other effective tax mitigation strategies are available.
SECURE Act Update: Revisions to Model Rollover Notices

Although the landmark legislation will take years before it is fully implemented, many of the provisions are already in effect—including two that require immediate changes to the 402(f) notice given to participants to help them understand their rollover options.

Washington Update: Industry Turns Attention to Portman-Cardin Bill
The president’s budget proposal may be short on retirement reforms, but members of Congress are already looking beyond the SECURE Act.
‘Stretch IRAs,’ Multigenerational Inheritance and the SECURE Act
Low and middle-income Americans struggling to save for retirement are depending on the U.S. Senate to pass the SECURE Act, advocates say. At present, one roadblock seems to the law’s treatment of “stretch IRAs.”
FINRA Wants to Help You With Reg BI Compliance

As the enforcement date approaches for the sweeping Regulation Best Interest rulemaking package, FINRA is working hand-in-hand with the SEC to ensure effective coordination—and to support advisers working on associated compliance challenges.

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