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Ted Godbout
By Ted Godbout | 7/31/2023
Managed account assets are expected to grow to nearly $16 trillion by 2026, exceeding 13% annual growth over the next four years, but a new report suggests that, as sponsors balance growth in fee-based programs with portfolio oversight, the question of maintaining rep-as-portfolio-manager (RPM)...
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By Ted Godbout | 7/30/2023
Schwab Retirement Plan Services (SRPS) announced that it plans to work with two industry leaders to launch an expanded set of capabilities to serve defined benefit (DB) and nonqualified deferred compensation plans.
Through the support agreements, SRPS will work with New Jersey-based Conduent Inc....
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By Ted Godbout | 7/28/2023
A markup by the House Financial Services Committee that started with numerous delaying tactics and accusations from each party that the other wasn’t acting in good faith ended more than 12 hours later with the approval of several bills—mostly along partisan lines.
“Today, this Committee is being...
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By Ted Godbout | 7/27/2023
Building off the SECURE 2.0 Act and taking a page out of the “behavioral finance playbook,” two influential senators introduced bipartisan legislation to establish an automatic reenrollment safe harbor.
The Auto Reenroll Act of 2023 (S. 2517) was introduced July 26 by Sens. Tim Kaine (D-VA) and...
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By Ted Godbout | 7/26/2023
Speaking July 25 at the 2023 NAPA D.C. Fly-In Forum, the Principal Deputy Assistant Secretary for the DOL’s Employee Benefits Security Administration (EBSA) shared with delegates the key priorities of the department, including new guidance on SECURE 2.0, an update to the fiduciary rule, and...
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By Ted Godbout | 7/26/2023
Speaking July 25 at the NAPA D.C. Fly-In Forum, Securities and Exchange Commissioner Hester Peirce said she is hopeful a controversial new swing pricing requirement for open-end mutual funds that could have a detrimental impact on retirement savers will be tabled.
The proposal, first released in...
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By Ted Godbout | 7/26/2023
The Securities and Exchange Commission on July 25 proposed new rules to address what it describes as risks to investors from conflicts of interest associated with the use of predictive data analytics by broker-dealers (BDs) and investment advisers (IAs).
The Commission voted 3-2, along party lines...
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By Ted Godbout | 7/24/2023
Americans say that financial advisors are the most trusted source of financial advice and those who work with one are much more confident, yet a surprisingly few do so, new survey data shows.
According to findings from Northwestern Mutual’s Planning & Progress Study, people who work with an...
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By Ted Godbout | 7/21/2023
Despite 2022 being a challenging year, the registered investment advisor (RIA) industry continues to be strong, with organic growth and client retention helping to lead the way, according to Schwab Advisor Services’ 2023 RIA Benchmarking Study.
While assets under management (AUM) decreased 7.1%...
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By Ted Godbout | 7/21/2023
New regulatory guidance that would permit bankruptcy trustees to use the Department of Labor’s (DOL) Abandoned Plan Program has been submitted to the White House’s Office of Management and Budget (OMB) for review.
The new guidance, which was submitted to the agency on July 19, apparently will be...
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By Ted Godbout | 7/19/2023
Unpaid caregivers serve a vital function in taking care of a family member or close relative, but new research published by the Employee Benefit Research Institute (EBRI) finds that it can take a toll on retirement preparedness.
Based on findings from the 33rd annual Retirement Confidence Survey...
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By Ted Godbout | 7/19/2023
While inherited wealth may provide a financial lift for some, the results of a new survey reveal that a surprising number of Americans lack confidence in their ability to manage the funds.
In the next 10 years, 15% of adults anticipate receiving an inheritance from a parent, spouse, family member...
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By Ted Godbout | 7/18/2023
To better support advisors and plan sponsors in helping participants achieve financial security, the Capital Group and Financial Finesse announced that they are expanding a financial wellness benefits program to a broader segment of clients at no additional cost.
The initial program brought...
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By Ted Godbout | 7/17/2023
For the third year in a row, implementing the Securities and Exchange Commission’s marketing rule for investment advisers remains the No. 1 worry for investment adviser compliance officers, but that concern seems to be easing a bit.
According to the 18th annual Investment Management Compliance...
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By Ted Godbout | 7/17/2023
New research by the Society of Actuaries (SOA) looks at the challenges that families face—particularly the impact on their retirement plans—when saving for both their retirement and a family member’s college education.
Serving as the research arm of the SOA, the SOA Research Institute conducted a...
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By Ted Godbout | 7/14/2023
With student loan payments set to resume later this year, Schwab Retirement Plan Services (SRPS) has announced new student loan resources available to 401(k) plan participants to help better manage student loan debt.
Through an agreement with student loan and education benefits platform Vault,...
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By Ted Godbout | 7/14/2023
The nomination of Julie Su to officially serve as U.S. Secretary of Labor is one step closer to being blocked, but at the end of the day it may not necessarily matter.
Su had already faced an extremely narrow path to be confirmed as Labor Secretary by the U.S. Senate, but Sen. Joe Manchin’s (D-...
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By Ted Godbout | 7/13/2023
As Generation X becomes the country’s next generation on deck to retire, a new report finds that many of those born between 1965 and 1980 are woefully unprepared for retirement.
When looking at median retirement savings levels for Gen X, the bottom half of earners has only a few thousand dollars...
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By Ted Godbout | 7/12/2023
Talk about what a difference a year makes. This time last year, estimates showed that the 2023 cost-of-living-adjustment (COLA) for Social Security could exceed 10%. But after more than a year’s worth of interest rate increases and cooling inflation, the 2024 estimates have been cut dramatically...
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By Ted Godbout | 7/11/2023
As a result of the use of an improper reporting threshold, Merrill Lynch has agreed to pay a cumulative $12 million fine to settle charges of failing to report hundreds of Suspicious Activity Reports from 2009 to late 2019.
The Securities and Exchange Commission on July 11 announced settlement of...
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