In New York last week for InVest, a fin-tech conference, I learned that advisors of the future won't be robots. They will be less sexy: Phone reps who help Millennials "navigate the site and provide some advice along the way."
At their software start-up, Income Lab, three former Jackson National Life executives want to help advisers help clients optimize retirement income. They enter a financial planning field dominated by MoneyGuidePro and eMoney Advisor.
Joe Wittrock, CIO at Security Benefit Life, explains how the firm's investments outperform. Eldridge Industries, run by ex-Guggenheim president Todd Boehly, owns SBL, Billboard magazine (right, with Billie Eilish on the cover) and lots else.
Here's new research on tax avoidance among the very rich, the logic that millionaires use when buying equities, considerations for plan sponsors when estimating income from 401(k) balances, and a worst-case scenario for future tax rates.
Having purchased GE Capital and Honest Dollar, Goldman Sachs is poised to go down-market with retail banking, lending and retirement account services. Look out below!
'A quiet quarter is not a bad thing,' writes Morningstar's Senior Product Manager in his quarterly report on VA product updates. 'It gives advisors a chance to focus their attention on activities far more valuable.'
The terms of the settlement include a provision that MassMutual will not charge its plan participants more than $35 each for standard recordkeeping services for the next four years, and will no longer charge an asset-based fee for such services.
Brief or late-breaking items from Ernst & Young, Nationwide (2), Social Security Administration, Capital One, Retirement Clearinghouse, and the Bipartisan Policy Center.