Greetings loyal PLANADVISER readers! Coming on the third Friday of the month, this weekend’s mailing is dedicated to the timely and evolving topic of financial wellness. While the topic has been an important focal point for several years now in the retirement plan advisory space, the coronavirus pandemic has cast an entirely new light on the concept of financial wellness. Simply put, the virus has exposed financial fractures and weak points impacting individuals across the income spectrum, putting the onus on advisers to help people create a sense of stability and confidence about their short-term finances.
It took a catastrophic global event to demonstrate how ill-prepared many Americans are for even a brief interruption of income—including many people high up on the income scale.
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Mark Waterstraat, president of consumer solutions at Alegeus, offers simple steps to coach clients through managing their health care finances after a layoff. For example, did you know that individuals can use HSA funds to pay COBRA premiums tax-free?
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The way in which companies structure their remotely distributed workforces will depend on the financial consequences of the pandemic, the impact on corporate culture and other factors, such as the prevalence of gig work.
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With the acquisition of Cammack’s $154 billion book of business, CAPTRUST now reports assets in excess of $600 billion; one leader at the firm says the growth is nowhere near finished.
Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties.
Much of the text of the complaint is dedicated to detailing the reduction in the average fees paid by large U.S. retirement plans for both investments and administrative services.
