Wealth Management
Top stories summarized by our editors
10/18/2017

Research sponsored by Pershing Advisor Solutions shows 20% of advisory firms said they are over capacity, and more than a third of those firms have at least one position remaining unfilled. More than half of the firms surveyed made a new hire in the past year, with many of them focusing mainly on younger, less experienced candidates.

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Pershing Advisor Solutions
10/18/2017

People with sufficient assets and reasonable expectations of a secure retirement can help their children and grandchildren by preparing them financially for their own senior years, writes planner Seth Meisler. He lists ways to help them attain long-term financial well-being and explores the details and tax ramifications of giving gifts to descendants.

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MarketWatch
10/18/2017

A California school district attorney alleged that side deals would have given two remodeling contracts to the second-lowest bidder for $2.4 million more. The low bidder on both projects ultimately handled work at a middle school after asking to withdraw its bids, although the county did let the company drop one contract without forfeiting its bid bond.

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district attorney
10/18/2017

Companies and public officials are considering the implications of President Donald Trump's statements indicating doubt about the use of public-private partnerships to improve infrastructure. Trump has said he is disinclined toward P3s because they are not always successful.

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Donald Trump
10/18/2017

In a study conducted for the Insured Retirement Institute, 90% of investors surveyed said they liked the idea of having guaranteed lifetime income in retirement, even if it meant losing control of principal and paying higher costs for products that provide it. Among advisors surveyed, 84% said that in the past year at least one client has asked about annuities, which the study authors note are the only product that can offer guaranteed lifetime income.

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PlanSponsor online
10/18/2017

A survey from TIAA found that 56% of Americans who aren't yet retired place a high priority on guaranteed income in retirement, but only 32% have plans that offer that protection. Only 49% surveyed understand annuities and just 13% have purchased one.

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TIAA
10/18/2017

Overcoming an industrywide decline in bond trading, Goldman Sachs Group and Morgan Stanley reported third-quarter earnings that exceeded analysts' forecasts. Goldman's earnings got a big boost from private equity investing, while Morgan Stanley's wealth-management business generated record revenue.

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Reuters
10/18/2017

One unanticipated impact of the broad shift from commission-compensated to fee-compensated financial products, spurred by the Labor Department's fiduciary rule, is an increase in the value buyers place on agencies when they acquire them. "Firms that have recurring fee revenue sell for a much higher multiple than commission-based products," said Lawrence Rybka, president and CEO of ValMark Financial Group.

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Labor Department
10/18/2017

Research from property and casualty insurer Chubb shows the way advisors word their conversations can make a difference in their clients' reactions. Among the findings, the research indicates that conversations with affluent clients are better received when they focus on the clients' achievements rather than their wealth.

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Chubb
10/18/2017

People planning for retirement should be prepared for an eventual end to the current bull market. One way to weather a downturn is to divide retirement savings into three accounts: one for cash and short-term investments and the other two for longer-term investments.

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Next Avenue
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stock market