President Biden wants the wealthy to “pay their fair share.” Ex-President Trump calls for “the biggest tax cuts.” But labeling people as rich creates massive policy challenges.
Brits taken £70bn from pensions in decade since ‘freedom’
A decade on from George Osborne’s ‘pension freedoms’ Budget bombshell announcement in 2014, the latest HMRC data showed that £70bn of retirement cash has since been accessed flexibly by Brits. The reforms were implemented in April 2015 and ditched restrictions that previously applied to ‘drawdown’ and ushered in a new era of freedom and choice […]
NI cut puts state pension funding in doubt
There are urgent questions about where the cash to fund the state pension will come from following the government’s decision to cut the employees’ National Insurance from 10% to 8% from April. Steven Cameron, pensions director at Aegon, has urged the government to explain where future state pension funding will come from. He said: “While […]
A ‘kinder, gentler’ FINRA — despite collecting $89M in fines
Industry lawyers think the watchdog agency may be handling low-level missteps through informal means and saving the big fines for violations that harm clients or undermine markets.
2 in 10 accessing pension savings without understanding rules
Almost 2 in 10 (16%) of Britons had accessed funds from their pension savings without understanding the rules before doing so, according to a new report. A worrying 15% of over-55s surveyed by Standard Life said they felt overwhelmed at the options for accessing their pension, with 7% delaying taking from their pension because they […]
Edward Jones caps years-long turnaround with big pay day
Industry recruiters still wonder if the regional firm’s new recruits bring the experience needed to replace the experienced teams that have been leaving.
Putting the human element in financial advice with Zach Conway of Seeds Investor
The fintech CEO says advisors can build better trust and stronger client relationships simply by being better at listening.
Huddersfield firm fined £900k over BSPS failings
The FCA has fined Huddersfield-based Inspirational Financial Management Ltd (FRN 223511) £897,840 saying it poorly advised people to transfer out of DB pension schemes, including the British Steel Pension Scheme (BSPS). Meanwhile Arthur Cobill, an adviser at IFM, which is in administration, and William Hofstetter, one of its directors, have been banned by the FCA. […]
Single woman seeks wealth management: How to advise independent female clients
Single women are poised to gain trillions of dollars in wealth by the end of the decade. Here’s what financial advisors need to know about working with them.
Ex-Wells advisors’ suit describes pressure to ‘cross-sell’ bank products
A pair of former wealth managers contend they were yelled at and suffered other retribution after raising concerns about sharing clients’ information without their knowledge.