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John Sullivan
By John Sullivan | 6/25/2023
“How you explain your services can have an impact on a person’s hiring decision. And if you focus only on the cold, hard facts, you may be deterring some investors.”
New research from Morningstar seeks to answer the all-important question, “Why do people hire financial advisors?”
While help with...
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By John Sullivan | 6/23/2023
“Small market startups, that’s where the growth and opportunity are,” Stephen Daigle said. “It really comes down to how efficiently you can set them up. The reality is that small businesses and plans are very complex, different, and unique.”
Daigle, Co-Founder and CEO at retirement plan...
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By John Sullivan | 6/23/2023
StoneStreet Equity has been acquired by OneDigital, M&A advisory firm Wise Rhino Group (WRG) announced Thursday.
WSG, who acted as advisor to StoneStreet Equity, said the terms of the transaction were not disclosed.
Founded by Robert Goldstein, StoneStreet Equity was one of the few firms with...
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By John Sullivan | 6/22/2023
Political risk as a pecuniary factor is one the rise, at least according to one large public pension fund. The New York State Common Retirement Fund announced on Thursday that it will require “enhanced disclosure” on political spending from seven companies in its portfolio.
After reaching the...
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By John Sullivan | 6/21/2023
Congresswoman Barbara Lee, D-Calif., and Senator Bernie Sanders, I-Vt., re-upped the Tax on Wall Street Speculation Act of 2023 last week, their financial transaction tax (FTT) bill routinely introduced in recent years by the octogenarian senator from Vermont.
While the duo said it targets...
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By John Sullivan | 6/21/2023
The Senate Banking Committee passed the Recovering Executive Compensation Obtained from Unaccountable Practices (RECOUP) Act on Wednesday.
Spearheaded by Senators Sherrod Brown, D-Ohio, and Tim Scott, R-S.C., the bill would “hold senior executives of failed banks accountable by clawing back their...
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By John Sullivan | 6/20/2023
The Republican Study Committee, a group of 175 House Republicans, released its plan last week to slash fiscal spending in what it says is an effort to reduce the $31 trillion national debt.
Among the suggestions is raising the age at which individuals can begin claiming their full Social Security...
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By John Sullivan | 6/16/2023
Small business tax credits contained in SECURE 2.0 make starting a 401(k) plan “essentially free,” a powerful incentive that offsets costs for employers who traditionally might have balked at the burden.
And if business owner prospects still need to be convinced, new tools from Mobile, Ala.-...
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By John Sullivan | 6/16/2023
Hyper-consolidation in the retirement plan space continued with the announcement in late May that Franklin Resources, better known as Franklin Templeton, would buy Putnam Investments from Great West.
Like The Standard-Securian Financial deal late last year, it attracted a lot of attention, mainly...
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By John Sullivan | 6/14/2023
Rep. Jim Banks, R-Ind., introduced a bill on Monday to block private pension plans under the Employee Retirement Income Security Act (ERISA) from making new investments in companies controlled by or based in foreign adversaries.
The Protecting Americans’ Retirement Savings Act (PARSA) would also...
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By John Sullivan | 6/13/2023
The Department of Labor said Tuesday that Consumer Price Index (CPI) data reflected easing inflation, falling to 4% in May, or roughly half of what it was in 2022.
For that reason, the Senior Citizens League (TSCL) predicted a lower cost of living (COLA) adjustment for 2024.
TSCL, a fundraising...
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By John Sullivan | 6/13/2023
[Update: The House Ways and Means Committee passed the Tax Cuts for Working Families Act on Tuesday.]
On Friday, Republicans on the House Ways and Means Committee proposed a comprehensive package of tax cuts targeting “workers, families, farmers, and small businesses.”
As part of a new...
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By John Sullivan | 6/9/2023
Digital retirement plan platform Vestwell has teamed up with Gusto, a payroll provider with 300,000+ business clients, to implement what the companies call a “360-degree” API-based integration.
Vestwell says it currently supports over 30,000 small businesses and one million savers and added the...
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By John Sullivan | 6/9/2023
Digital platform 401(k) provider Human Interest announced it will offer a 3% cash back reward to participants who start saving for retirement.
Essentially acting as a match, the San Francisco-based company said the incentive is available to all eligible participants on its platform “making at or...
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By John Sullivan | 6/5/2023
Nevada is the latest to pass a state-run retirement savings program for private-sector employees. The Nevada Assembly passed the bill, SB305, on Sunday by a vote of 35-7. It’s now up to Nevada Governor Joe Lombardo to sign the bill.
Introduced by Senate Chief Majority Whip Dallas Harris (D-Las...
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By John Sullivan | 6/2/2023
The Senate Committee on Health, Education, Labor, and Pensions (HELP) sent a letter to the Labor Department (DOL) on Tuesday urging it to “effectively and expeditiously” implement SECURE 2.0. It also urged the DOL to prioritize six provisions related to the committee’s mission.
More specifically,...
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By John Sullivan | 5/31/2023
Evan Greebel, pharma bro Martin Shkreli’s lawyer and co-conspirator, lost his bid to protect his 401(k) from garnishment to pay restitution to his victims.
The Supreme Court declined to hear the case, effectively ending Greebel’s quest to keep his retirement plan free from a $10.4 million judgment...
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By John Sullivan | 5/30/2023
A surprising finding in a comprehensive report from earlier this year is that there is no gender gap between men and women in access to employer-based retirement plans, and participation rates are also consistent between the genders.
Unfortunately, the same cannot be said for savings, with women...
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By John Sullivan | 5/29/2023
Racing against a looming June 5 deadline, negotiators for President Joe Biden and House Speaker Kevin McCarthy worked late into Friday night in order to announce an agreement in principle on Saturday morning to raise the debt ceiling.
The news came just over one week before the earliest so-...
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By John Sullivan | 5/25/2023
On Thursday, the Internal Revenue Service (IRS) released highly-anticipated guidance in the form of questions and answers involving expanding the Employee Plans Compliance Resolution System (EPCRS) included in Section 305 of SECURE 2.0.
While billed as interim guidance not meant to be...
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