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Articles / Resources

Intellectual Takeout logo

Is New York City Entering a Pension Death Spiral like Chicago?

17:04 14 December in Articles Written by Jon Henschen by rafferty

December 11, 2018 By Jon Henschen, Intellectual Takeout As bad as the situation in Chicago is, with a public pension system $42 billion in the red, New York has even worse exposure. Its standings include $65 billion in unfunded pension liabilities, $100 billion in unfunded retiree health care, and a city debt of approximately 50 billion – for a grand total of $215 billion. These problems are likely driven by unsustainable policies, such as the one where city workers with 10+ years of service get free health care for life. Thus, while the private sector has long used 401K plans funded by the employee with small contributions from the employer, the public sector still enjoys generous benefit plans constitutionally guaranteed and funded by New York’s taxpayers. According to Eric Boehm of Reason, New York City has been spending...

Wealth Management logo

LPL Lowers Pricing on Small 401(k) Platform

18:40 04 December in In the News by rafferty

December 3, 2018 By Diana Britton, Wealthmanagement.com Effective in January, platform fees for advisors serving small retirement plans will be lowered from 20 to 10 basis points. In its latest move to improve pricing for advisors, LPL Financial is lowering the platform fees on its small retirement plan platform from 20 to 10 basis points, effective in January. The firm also added two new recordkeepers to the platform this year and will add more next year. In April, the firm reduced pricing on its Strategic Asset Management advisory platform. The firm also lowered the asset size required to join a hybrid advisory firm from $50 million to $25 million. The firm has also been improving its services to retirement plan advisors. In July, LPL revised the qualifications for its Retirement Plan Consulting Program, allowing more...

ThinkAdvisor logo

What Advisors, BDs Should Do About Ohio National’s End of Trailing Commissions

19:19 01 December in Articles Written by Jon Henschen by rafferty

November 20, 2018 By Jon Henschen, ThinkAdvisor The insurance company's decision to stop trails on variable annuities is now the target of numerous lawsuits, which could spread like wildfire through the industry.   Ohio National’s decision to stop trail payments has started a wave of legal actions — and this is before the change is set to take effect on Dec. 12, 2018. Here’s a list of some of the legal actions being taken against Ohio National: LPL Financial representative Lance Browning filed a lawsuit in federal district court; Veritas Independent Partners filed a lawsuit in federal district court; Commonwealth Financial Network has filed a lawsuit as well as an arbitration claim; Cetera Advisor Networks and First Allied filed suit, claiming breach of contractual obligations for Ohio National’s failure to pay millions of dollars in compensation;...

Financial Planning logo

Kestra CEO James Poer wants to set the record straight on private equity

19:13 01 December in In the News by rafferty

November 19, 2018 By Tobias Salinger, Financial Planning The wealth management industry has a misunderstanding about private equity, according to Kestra Financial CEO James Poer. “Private equity’s not evil. Private equity’s just an investor,” he said in an hour-long interview at the Stone Point Capital-backed independent broker-dealer’s headquarters in Austin, Texas. “It’s that simple.” Poer bristles at suggestions that PE ownership acts as a downside for the 2,300 advisors at Kestra and subsidiaries Kestra Private Wealth Services and H. Beck. He also takes exception with the notion that the firm has not been active in acquisitions this year or that it should be recruiting new advisors en masse. However, some of the firm’s rivals have been boosting their advisory ranks through recruiting and acquisitions. In one of its recent recruiting campaigns, LPL Financial called PE owners...