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John Sullivan
By John Sullivan | 1/26/2024
A new retirement readiness report initially appeared to find good news—two-thirds of Americans (67%) have at least some money invested in retirement accounts, even if 1 in 4 doesn't know how much they’ve saved.
Yet a deeper dive into the numbers revealed the racial savings gap’s extent—and...
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By John Sullivan | 1/25/2024
Despite a reputation for being unsophisticated with their use of technology, 92% of advisors would “jump ship” over bad technology and 44% say they already have.
The findings demonstrate that the next generation of wealth managers expects more from their tech stack, wealth management tech firm...
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By John Sullivan | 1/23/2024
One provision in particular in SECURE 2.0 is receiving the lion’s share of attention from retirement plan sponsors and participants. Section 110 allows student loan payments to be treated as elective deferrals for purposes of matching contributions.
Yet guidance on how it will happen is needed...
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By John Sullivan | 1/22/2024
Increasing participant engagement in retirement plans is an ongoing and evergreen challenge, one that SECURE 2.0 provisions going into effect in 2024 may help mitigate, according to a new report from Cerulli Associates.
The two generating the most interest are offering financial incentives to...
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By John Sullivan | 1/22/2024
A financial services trade group opposed to implementing the latest iteration of the Department of Labor’s (DOL) fiduciary rule released the results of a survey it recently conducted on potential costs.
The Financial Services Institute (FSI), an independent broker-dealer advocacy organization, and...
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By John Sullivan | 1/18/2024
The government should limit contributions or accumulations in tax-advantaged retirement plans—or tax the earnings each year—to address Social Security’s shortfall, a trio of high-profile industry academics argue in a new paper. It’s the latest in a string of controversial ideas that 401(k)...
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By John Sullivan | 1/18/2024
Retirement plan advisors are busy helping their plan sponsor clients (and participants) sift through the 92 mandatory and optional provisions in SECURE 2.0, especially highlighting those most pressing in 2024.
One generating interest (if not the most interest) is the student loan matching program...
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By John Sullivan | 1/18/2024
In another win for helping advisors deal with assets that are “held away,” Pontera, the fintech company helping retirement plan participants receive professional 401(k) management from their financial advisor, announced that it has signed an agreement with major independent broker-dealer...
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By John Sullivan | 1/18/2024
The Department of Labor (DOL) announced Thursday that its Employee Benefits Security Administration (EBSA) released a proposed regulation on automatic portability transactions under SECURE 2.0.
The DOL said automatic portability transactions aim to help workers keep track of their retirement...
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By John Sullivan | 1/16/2024
We are pleased to officially announce the opening of applications for NAPA’s Top DC Advisor Teams (with AUA $100 Million) and Top DC Advisor Multi-Office Firms! There are two separate applications, and both are due by COB Feb. 16, 2024.
Since their inception, NAPA’s various industry lists have...
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By John Sullivan | 1/16/2024
The math doesn’t figure.
Cerulli reported Tuesday that the number of advisors grew by just 2,706 in 2022, barely offsetting trainee failures and retirements.
Yet over the next decade, almost 110,000 advisors plan to retire, comprising 37.5% of industry headcount and 41.5% of total assets. The...
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By John Sullivan | 1/12/2024
Without a doubt, fintech firms are using AI and innovative technology in new and exciting ways, but using predictive analytics in retirement plan design, specifically in the area of 401(k) tax planning optimization?
Fintech firm Bidmoni is doing just that, and announced its Predictive Plan...
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By John Sullivan | 1/10/2024
The Department of Labor (DOL) filed two lawsuits against two defunct Maryland companies for failure to remit employer and employee contributions to their 401(k)s.
Acting Labor Secretary Julie Su filed a lawsuit on Jan. 8 after an investigation by the Employee Benefits Security Administration (EBSA...
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By John Sullivan | 1/10/2024
It’s a big year for the implementation of certain SECURE 2.0 provisions. While many of the items are optional, it represents an excellent opportunity for advisors to get in front of plan sponsors to explain what they mean and their potential impact.
“There are two that are the big standouts,”...
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By John Sullivan | 1/9/2024
Innovation in the retirement plan space is revolutionizing saving and investing, leading to better outcomes and better participant behavior. Target-date funds are no exception, making it easy(ier) for workers to stay the course through market shocks, in particular.
But are some fund companies—and...
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By John Sullivan | 1/9/2024
A bipartisan roster of 50 congressional representatives sent a letter to Acting Labor Secretary Julie Su and Assistant Secretary for EBSA Lisa Gomez on Monday, bluntly stating their opposition to the latest iteration of the fiduciary rule, officially referred to as the Retirement Security Rule....
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By John Sullivan | 1/9/2024
“I think 2023 was more about the activity in the pending cases and less about new cases filed,” Daniel Aronowitz said when asked about last year's excess fee and performance cases.
On Monday, the president of fiduciary liability insurance firm Euclid Fiduciary released his annual analysis of...
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By John Sullivan | 1/9/2024
The Department of Labor (DOL) announced a final rule on Tuesday that it says will help employers and workers better understand when a worker qualifies as an employee and when they may be considered independent contractors. It will take effect on March 11, 2024.
The rule provides guidance under the...
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By John Sullivan | 1/8/2024
The benefits of delaying Social Security benefits are by now generally accepted. While not appropriate for everyone, waiting to age 70 (the maximum age allowed) means a 24% increase in benefits versus claiming at age 67 (full retirement age).
Add in the fact that benefits are inflation-linked and...
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By John Sullivan | 1/8/2024
While many financial services firms and related trade groups have expressed their opposition, several high-profile firms have come out in support of the latest iteration of the Department of Labor’s (DOL) proposed fiduciary rule, officially known as the "Retirement Security Rule: Definition of an...
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