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Investment Service and Product Launches
FiComm and ProudMouth team up on adviser podcasting; 21Shares launches crypto index; Caplight launches platform to monitor private company valuations; and more.
Financial Education Gap Remains Even as Provider Offerings Improve
Financial illiteracy may be costing the average American $1,819 per year, even as educational guidance and tools are advancing.
ERISA Suit Against Deloitte Dismissed
The lawsuit alleged that Deloitte’s 401(k) plan fees were excessive compared to similar plans.
Retirement Industry People Moves
Securian Financial announces promotions, new head of asset management subsidiary; Alerus Financial names new retirement specialist; MassMutual CIO to retire; and more.
529s and ABLE Accounts Both Get a Boost from SECURE 2.0
The changes make it possible to roll over 529s into Roth IRAs and easier to qualify for an ABLE account.
Age-Specific Changes Found in SECURE 2.0
SECURE increases the RMD age and expands the amount of catch-up contributions certain participants can make.
DOL to Consult Industry on How To “Facilitate” PEP Uptake
Among items on DOL/EBSA's agenda: speaking with retirement plan service providers, employers and employees on what regulators can do to help increase PEP growth.
IRS: Remote Notarization, a Pandemic Development, May Stay
The rule would codify relief from ‘physical presence’ rules for retirement plan elections that was first granted during the height of the COVID-19 pandemic.
Advisory M&A
Alera buys Ascent Group, adds $2.8B in AUM; Heffernan snags Utah-based insurer; Marsh McLennan acquires HMS Insurance Associates; and more.
FTC’s Noncompete Ban Would Hit Retirement, RIA Consolidation
A proposed ban on noncompete contracts by the FTC would likely have implications for the RIA firms some retirement advisories are acquiring to broaden wealth management capabilities.
Retirement Industry People Moves
Empower names Waddell head of new individual investor division that includes Personal Capital; Pentegra names new CEO as Pinto retires; Wiener to take over management of TIAA’s general...
Adviser Product Partnerships
Lincoln Financial expands employer wellness offers to student debt management; Docupace brings new productivity toolkit for advisers; digital bank Green Dot adds cash account from Wealthfront; and more.
SECURE 2.0 Changes Backloading Test for Cash Balance Plans
The retirement reform legislation requires interest credits to be “reasonable” and no higher than 6%.
Biden Signs SECURE 2.0 Into Law
The retirement reform legislation is now officially passed, with widespread industry support.
Advisers, Lobbyists, and Service Providers Respond to SEC Outsourcing Proposal
Some call for the SEC to drop the proposal; others want clarity on which outsourcing duties should be vetted; and some are in favor, with changes.
Swing Pricing Proposal Comment Period Remains Open Until Early February
The proposal has been met with criticism from those in the retirement industry.
Xerox Has Preliminary Settlement In Excessive Fee Lawsuit
The $4.1 million settlement is pending court approval.
SECURE 2.0 Passes Senate as Industry Overwhelmingly Hopes for House Passage
The bill, which is awaiting House vote, contains the most popular provisions while also giving time for actors to come into compliance.
Practice Management / Cover Story
Built to Last
Fundamentals for crafting—and retaining—a solid advisory team.
Retirement Industry People Moves
Northern Trust makes key fund hires; Edelman Financial Engine buys California-based retirement advisory; Prime Capital Partners with PFS to enter Sioux Falls and South Dakota markets; and more.