Inspira, a $20 million IRA recordkeeper, and GuidedChoice, say they can turn small, unprofitable rollover IRAs into revenue generators for a wide range of big recordkeepers and others. "This industry is begging for reinvention," says Inspira's Pete Littlejohn.
Two robo-advisors, Betterment.com and SigFig.com, have retirement income generating functionalities. But are they robust enough to put an advisor with retirement income training out of work? Read and judge for yourself.
By creating the new brand, “Empower,” for its US retirement business, Great-West Financial resolves the identity crisis that followed acquisitions of Putnam and JPMorgan Retirement Plan Services.
Mark Fortier, Prudential's Srinivas Reddy, ERISA lawyer Fred Reish, Steve Shepherd of Aon EnnisKnupp and Jody Strakosch shared their views with RIJ about recent statements by Treasury official Mark Iwry (above) on in-plan annuities in target date funds.
Many owners of variable annuities with lifetime income riders are not using their benefits as efficiently as they could, Ruark found. They often draw down too much or too little of their money, thus degrading or not taking full advantage of the insurance features.
The oft-cited “four percent rule” for a safe withdrawal rate in retirement is unfamiliar to seven in ten Americans (69%), according to a survey by The American College. Sixteen percent think it's safe to withdraw 6% or even 8% per year.
“At the beginning of this year we started giving our wholesalers iPads instead of laptops,” said Jackson vice president Luis Gomez. “As they visited advisors and went through their stories on the iPads, the advisors started asking, ‘Is that available for me?’"