FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
A third of Americans have $0 saved for retirement (GOBankingRates.com)
A new survey from GOBankingRates.com found that 33% of Americans don’t have any retirement savings. Moreover, 56% of Americans have less than $10,000, and approximately 75% of Americans over 40 have less saved up than they should.
“The survey shows that the closer savers get to retirement, the further behind important savings benchmarks they fall,” Elyssa Kirkham, lead reporter on the survey for GOBankingRates, wrote. “This means young people won’t be as far behind on retirement savings and will also have more time to save. But for older savers nearing retirement, this is an urgent problem they need to proactively address so they can get their retirement savings back on track.”
Hester Peirce, the Republican nominee for SEC commissioner, spoke out against the Labour Department’s proposed fiduciary rule on Tuesday, reports Ted Knutson.
“It would cut a whole segment of people from getting financial advice,” she said at a Senate Banking Committee confirmation hearing for her and Lisa Fairfax, a Democratic SEC commissioner nominee. Fairfax was hesitant to express a strong opinion, saying “I don’t have clear understanding of the implications,” and adding that she believes it’s important to protect access to financial advice for low- and moderate-income families.
“The US Securities and Exchange Commission for the first time acted to enforce new rules placed on state and local government financial advisers, alleging that a Kansas firm breached its fiduciary duty by reaping undisclosed fees from the underwriter of its client’s bond offerings,” reports Darrell Preston.
The Brexit vote could have huge implications worldwide (Advisor Perspectives)
“The implications of a revolutionary ‘out’ vote by British voters should not be underestimated. It may influence even the US election. Clearly, a Brexit would represent a precedent for other nations, such as Greece, Portugal and even Italy, which already may wish covertly to leave the Germanic strictures of the Eurozone,” wrote John Browne of Euro Pacific Capital
“Any major threat to the euro, the world’s second fiat currency, could impact an international monetary order built on an unprecedented mountain of credit-based debt. The uncertainty of the political future of the EU combined with the costly effects of deeply negative rates in European banks could increase interest in alternative stores of value.”
Cetera is pumping up its retirement platforms (ThinkAdvisor)
Cetera Financial Group announced it has updated its platforms and hired more executives to prepare for the new Department of Labour fiduciary standard, reports Janet Levaux.
“Cetera is very, very much on top of the DOL game,” Brett Harrison, executive vice president for advisor growth for Cetera Financial and CEO of Cetera Advisors, told ThinkAdvisor. “This is one component of that work in the retirement plan space.”
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