“The banks shouldn’t be running casinos on the side,” said former Fed chairman Paul Volcker at the Hyman P. Minsky Conference in New York last week.
'Many of the decisions presented here are beyond the skills of most pre-retirees and retirees,' writes the author, a research scholar at the Stanford Center on Longevity. 'They’re going to need help.'
Bond mavens, check this out. A new SEC report describes how most of the $54-trillion dollar U.S. credit market survived last spring's financial crisis. It covers securitized 'leveraged loans,' which provide high-octane fuel for fixed indexed annuity issuers.
'Insurers can't remain wedded to product sales, which are becoming commoditized in a future that trends toward financial advice,' says industry veteran Michelle Richter, who just launched Fiduciary Insurance Services, LLC.
"It should be noncontroversial that we can’t afford any more innovation on Wall Street," says the author of several books on the financial system.
Depending on the rate one uses to discount future obligations, state and local government pension plans face a funding shortfall in the wide range from $1 trillion to $3 trillion.
In the Offering Circular for the CDO at the heart of the SEC lawsuit against Goldman Sachs, the investment bank disclaims any fiduciary responsibility toward other parties in the transaction.
Operating revenue reached a new high and the firm expanded its surplus by $2 billion, to $15 billion.
The new tool gives financial professionals access to a comprehensive library of education plans and materials, the company said.
Almost three out of four affluent baby boomers ages 51-64 are concerned about whether their assets will last throughout their lifetime.
Lifetime income options should be offered by all defined contribution plans, but they shouldn't be mandated elections for all participants, RIIA says.