Headlines you need to know this week

February 19, 2019

Demand rising for financial advice

In a futuristic look at the financial industry, the Wealthmanagment.com blog noted that by 2044, advisors will be more diverse and will market their diversity to build their businesses. Technology will strengthen the ability of advisors to provide services to clients, but will not replace human relationships.

Geography may extend savings in retirement

Taxation and expenses can weigh on retirement savings. When planning for retirement, individuals may want to consider geography and its impact on finances. WalletHub has compared states based on affordability, quality of life, and cost of health care, and determined the best places to retire.

Investors may seek ways to manage caregiving costs

In a recent survey, RBC Wealth Management found that 17% of adults provide regular caregiving for elderly family members. In addition, 5% of caregivers offer financial support. Among those offering financial help, 22% contribute between $500 and $999 a month, and 14% give more than $1,000. Caregivers may need advice for their own retirement planning, as well as financial planning for an elderly family member or child with disabilities.
February 12, 2019

Retirement bill re-introduced in the House

A bill that could expand access to employer-sponsored retirement savings plans was recently re-introduced in the House. The Retirement Enhancement and Savings Act (RESA) would pave the way for small businesses to form multiple employer savings plans (MEPs). First introduced in the last congressional session, the bill has bipartisan support.

Advisors wear many hats

Financial planning can be a key part of just about every life event, which can increase the demands on a financial advisor. Managing money is just part of it. A recent Marketwatch commentary reviews how clients often look to financial advisors for personal guidance through a range of life transitions, from divorce and job changes to navigating medical care for elderly parents. The bottom line for many advisors is recognizing limitations and establishing a network of third-party professionals who are open to referrals.

More advisors at work

The CFP Board recently reported that the number of certified financial planners rose to a record high of 83,106 in 2018, reflecting a 3.8% increase from 2017. One in four financial planners holds the CFP certification, according to Cerulli. While the number of women CFPs also reached a record high, their numbers represented 23% of the total, holding steady from the prior year.
February 5, 2019

Several states propose their own fiduciary rules

The state of Nevada recently introduced legislation to create a fiduciary rule governing the state’s financial advice industry. Nevada is one of several states looking to set fiduciary standards for their states. At the same time, the Securities and Exchange Commission has proposed a “Best Interest Rule,” which is pending.

Tax returns may be delayed

The tax filing season officially opened January 28, 2019, with the Internal Revenue Service accepting paper and electronic returns. But the 35-day partial government shutdown could delay the distribution of tax refunds this year, according to several reports. The tax filing deadline is April 15, 2019, for most taxpayers. Massachusetts and Maine residents have an April 17, 2019, deadline due to state holidays.

Millennials are more optimistic and engaged with financial planning

A recent survey found that Millennials are more optimistic than older generations about their financial future. Nearly 60% of Millennials said they expect their financial situation to improve this year. Higher incomes and better control over debt were cited as reasons behind the positive outlook. A separate study noted that Millennials are more focused on their finances and financial planning than older generations.
Wealth Management Center

Read our views on preserving and enhancing wealth for the future with financial-planning experts Bill Cass and Chris Hennessey

Putnam Perspectives

Explore our thinking about today’s financial markets

Advisor Tech Tips

Stay on top of trends in mobile technology, software, and social media