Ted Godbout

GAO Gives Its Seal of Approval to Acting Labor Secretary’s Status

By Ted Godbout | 9/22/2023

Congress’ watchdog agency has provided Acting Labor Secretary Julie Su the green light to continue serving in an acting capacity—news that is not likely to please congressional Republicans. In a memo dated Sept. 21, the Government Accountability Office—responding to a congressional request... READ MORE

Inflation Eases, but Workplace Benefit Costs Loom

By Ted Godbout | 9/21/2023

Even though inflation has eased a bit in recent months, that hasn’t stopped American workers from worrying about the impact it will have on the cost on their workplace benefits as open enrollment season approaches. New findings from Voya Financial’s consumer research survey reveal that, even as... READ MORE

New SEC Rules Crack Down on Greenwashing, Misleading Fund Names

By Ted Godbout | 9/20/2023

Labeled as an effort to “enhance and modernize” the Investment Company Act “Names Rule” (35d-1), the Securities and Exchange Commission (SEC) on Sept. 20 voted to amend the rule to prevent what it suggests are the use of deceptive names that are likely to mislead investors. Noting that it has been... READ MORE

How the Ongoing ‘Financial Vortex’ Threatens Retirement Readiness

By Ted Godbout | 9/19/2023

There’s some good new and some bad news in Goldman Sachs Asset Management’s (GSAM) just-released retirement report, which examines how plan participants are preparing for, transitioning to, and managing their finances in retirement. On a positive note, more U.S. workers over the last year have... READ MORE

What’s Prompting Many Retirees Back to the Office?

By Ted Godbout | 9/19/2023

While the pandemic may have induced a large wave of retirees to leave and later return to the workforce, a new report finds the trend of “working in retirement” is continuing to grow. According to T. Rowe Price’s recent Retirement Saving & Spending Study, around 20% of retirees are working... READ MORE

M&A Activity Regains Footing in the Third Quarter

By Ted Godbout | 9/19/2023

After experiencing a slower pace for the first nine months of 2023, RIA merger and acquisition (M&A) activity apparently regained its footing in the third quarter. According to an update by DeVoe & Company, the firm expects the third quarter to be the first quarter that is higher than the... READ MORE

How Spending ‘Spikes,’ Credit Card Debt and Plan Loans Impact Retirement Readiness

By Ted Godbout | 9/15/2023

New research by the Employee Benefit Research Institute (EBRI), conducted in partnership with J.P. Morgan Asset Management, reveals that households with spending “spikes” are more likely to increase their credit card debt or take a 401(k)-plan loan. Leveraging data across 29 million Chase... READ MORE

Even Millionaires Worry About Outliving Their Savings

By Ted Godbout | 9/15/2023

While it may come as a surprise to many, a new study finds that even those at the top of the income and wealth scale are among those who worry they might outlive their savings. According to findings from the high-net-worth section of Northwestern Mutual's 2023 Planning & Progress Study, nearly... READ MORE

Mobile Apps Emerge as a Critical Tool for Retirement Plan Providers

By Ted Godbout | 9/14/2023

Amid ongoing market volatility, it’s little wonder that plan participants are keeping a close eye on their retirement account balances, and they increasingly are doing so via mobile apps. As a result, mobile apps have taken center stage as critical tool for retirement investors, according to J.D.... READ MORE

U.S. Slips Two Notches in Latest Global Retirement Index

By Ted Godbout | 9/13/2023

For the first time in 10 years, nearly all developed countries, including the United States, received a higher overall score for retirement security over the previous year, but most Americans apparently aren’t feeling it, as other factors pushed the U.S. down in the rankings. This is according... READ MORE

2024 Social Security COLA Comes into Sharper Focus

By Ted Godbout | 9/13/2023

With one month of consumer price data left to go before a final determination, it appears there will be a Social Security cost-of-living adjustment (COLA) for 2024, but it won’t be nearly as high as the massive, inflation-fueled adjustment in 2023. According to just-released estimates by The... READ MORE

Why It’s Critical for Employees to Understand Their Benefits Packages

By Ted Godbout | 9/12/2023

Benefits play a major role in the employee experience, as most can attest to on a personal and professional level, but new research suggests that it’s simply not enough to make benefits available to employees. Instead, employers must go out of their way to educate employees about their benefit... READ MORE

Cetera Scoops up Avantax in $1.2 Billion Cash Deal

By Ted Godbout | 9/11/2023

In further consolidation of the wealth management space, Dallas-based financial planning and wealth management firm Avantax has entered into a definitive agreement to be acquired by Cetera Holdings, expanding the firm’s wealth management ecosystem, as well as establishing a new strategic... READ MORE

Lawmakers Press SEC to Withdraw Controversial Swing-Pricing Proposal

By Ted Godbout | 9/7/2023

A bipartisan group of House members has called on the Securities and Exchange Commission (SEC) to withdraw its open-end fund liquidity risk management and swing pricing proposal, citing the potential harm it could do to the millions of retirement savers who invest in mutual funds. In a letter to... READ MORE

Americans Across Generations Lack Critical Social Security Knowledge

By Ted Godbout | 9/6/2023

The findings in a new survey suggest a need for financial advisers to discuss optimizing Social Security benefits with their clients, as large percentages of respondents across generations do not have a firm grasp of how the program works. Nearly half (49%) of U.S. adults aged 18 or older believe... READ MORE

Plan Advisors Support Greater Diversification and Customization of TDF Strategies

By Ted Godbout | 9/6/2023

Fee pressures continue to be a dominant force in shaping the future of target date (TD) solutions as evidenced by the top two most supported developments identified by T. Rowe Price’s just-released defined contribution consultant research study. When asked to indicate the extent to which they... READ MORE

GOP Moves to Permanently Block Acting Labor Secretary Su

By Ted Godbout | 9/6/2023

The top Republican member of the Senate Health, Education, Labor and Pensions (HELP) Committee has introduced legislation taking aim at the pending nomination of Acting Labor Secretary Julie Su to serve as Labor Secretary. More specifically, Sen. Bill Cassidy (R-LA), who serves as the ranking... READ MORE

Moving Prospects from ‘Advice Seeker’ to ‘Advisor Reliant’: Factors to Consider

By Ted Godbout | 8/31/2023

Firms and practitioners hoping to gain share in the retiree advice market must consistently highlight both the support resources at their disposal and their commitment to prioritizing clients’ best interests, new research from Cerulli Associates suggests. This is particularly true for advice... READ MORE

Key Lawmakers Call on DOL to Ditch Further Fiduciary Rulemaking

By Ted Godbout | 8/31/2023

The two top Republican lawmakers serving on the House and Senate committees with jurisdiction over ERISA have called on the Department of Labor (DOL) to halt any further changes to the definition of fiduciary. The Aug. 31 letter from Rep. Virginia Foxx (R-NC), who is chair of the House Education... READ MORE

Amid Rising Complexities, Plan Sponsors Rely on Advisors More Than Ever

By Ted Godbout | 8/28/2023

Retirement plan advisors take note—2023 should be thought of as a year of opportunity, as an increasingly complex retirement landscape is expanding the pathways for greater advisor impact. This is according to findings from Fidelity Investments’ 14th Plan Sponsor Attitudes Study, which found that... READ MORE

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