Welcome to Retirement Scan, our daily roundup of retirement news your clients may be talking about. Gen X is less prepared for retirement than they were 2 years agoAmericans’ retirement readiness has improved, with the percentage of the income they need to retire increasing to 83% from 62% in 2006, according to a survey by […]
Archives for January 2020
Spirit AeroSystems CFO resigns amid accounting probe | Article – Compliance Week
Jose Garcia, senior vice president and chief financial officer, and John Gilson, vice president, controller and principal accounting officer, each tendered their resignations, the company announced Thursday. The company has appointed Mark Suchinski as senior vice president and chief financial officer and Damon Ward as interim controller and principal accounting officer, effective Jan. 29. The […]
LPL rolls out more affiliation options after record recruiting
After adding nearly 400 new advisors this year to reach nearly 16,500, LPL Financial is aiming even higher. A multi-pronged approach of attracting and accommodating advisors will drive LPL Financial’s strategy in 2020, according to Dan Arnold, CEO of the nation’s largest independent broker-dealer. After announcing record recruiting and organic asset growth for 2019 in […]
Electronic filing mandated for Sec. 501(c)(3) applications
The IRS announced Friday that, effective Jan. 31, 2020, applications for tax-exempt status under Sec. 501(c)(3) must only be submitted electronically (Rev. Proc. 2020-8). Taxpayers will no longer be able to file Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, on paper, but must complete and submit the […]
Weekend Reading for Financial Planners (Feb 1-2)
Executive Summary Enjoy the current installment of “weekend reading for financial planners” – this week’s edition kicks off with the industry news that TD Ameritrade anticipates most advisory accounts will not need to be re-papered in its prospective merger with Schwab… even as the merger itself is now potentially delayed while the Department of Justice begins an […]
SEC proposes simplifying disclosure requirements
The SEC voted to propose amendments designed to simplify and enhance certain company financial disclosures and issued guidance on key performance indicators and metrics in management’s discussion and analysis (MD&A). Item 301 (selected financial data) and Item 302 (supplementary financial data) would be eliminated from Regulation S-K under the proposal. Meanwhile, Item 303 would be […]
WisdomTree looks to sell stake in AdvisorEngine
As many financial services firms are looking for deeper inroads into digital wealth management, one fund provider is looking to sell. The ETF giant WisdomTree has decided to sell its interest in advisor technology provider AdvisorEngine, according to its latest quarterly earnings report. Founded in 2014, AdvisorEngine offers an integrated client relationship management system and […]
Woodford fund set to re-open on 13 February
The LF Woodford Income Focus Fund is to re-open on 13 February under the Aberdeen Standard Investments brand. Link Asset Services, the company handling fund administration after the Woodford debacle, has written to investors about the re-opening of the fund, now called the LF ASI Income Focus Fund. The fund is a sub-fund of LF […]
Ola plans to launch operations in London
Homegrown ride-hailing app Ola plans to launch operations in London on 10th February, a key market for the firm outside India. In July last year, Ola was granted a one-year Private Hire Vehicle (PHV) license from the Transport of London, the government body that oversees the cities’ transportation, to operate its services in the city, […]
Tax experts warn of HMRC Marriage Allowance error
The Chartered Institute of Taxation has warned that a HMRC glitch could mean Marriage Allowance claims have been wrongly calculated. The error means some taxpayers may have overpaid tax. The body says HMRC has confirmed that a glitch in the self assessment system omitted Marriage Allowance claims from people’s Self Assessment tax calculations. This has […]