The New Jersey Department of Banking and Insurance is mandating that student loan servicers obtain an electronic surety bond as part of a licensing regime. The minimum surety bond amount is $30,000, with an additional $30,000 required per branch office the servicer has in the state.

Advisors say the news has anxious clients increasingly considering leaving the market and sitting in cash until next year. Getting investors to refocus on long-term goals may help them remain calm, some advisors say.

Financial advisors need to work on a succession plan sooner rather than later, writes Rob Francais, CEO of Aspiriant. Among the issues to focus on are the potential selling price, client and employee alignment, and management succession, he writes.

Research shows retirees often underspend, a phenomenon called the "retirement consumption gap." David Blanchett, head of retirement research for Morningstar Investment Management, notes that the gap may be due in large part to retirees seeking to match saving to available spending, or "right-sizing" their consumption.

The US Chamber of Commerce Commercial Construction Index saw an uptick from 56 in the second quarter to 57 in Q3. Drivers of the increase were confidence about new business, which rose by six points, and revenue expectations, which gained four points.

The construction industry increased nonresidential building starts and saw its backlog improve in August, and the sector by late July had recouped 59% of jobs lost amid the coronavirus pandemic, according to data. The industry is outpacing other sectors in terms of recovery from the impact of the pandemic, an economist said.

The Paycheck Protection Program loan forgiveness portal was introduced by the Small Business Administration more than a month ago, but many lenders have refrained from accepting the forgiveness applications. Many institutions say they are looking for additional guidance or legislation regarding PPP loan forgiveness.

Construction contractors face a greater likelihood of catastrophic data breaches because of their greater dependence on remote access, cloud data storage and email during the coronavirus pandemic, an attorney writes. General contractors and project owners should mitigate risk by using encryption in file sharing and making sure their cyberinsurance coverage properly indemnifies other parties.

To become a high-margin contractor that stands out among the competition, a firm has to focus on making money rather than saving money, a construction coach writes. That requires a focus on factors such as pursuing profitable contracts, building customer loyalty, having strong management and investing in business development, he writes.

There is value in acknowledging how 2020 changed the way advisors do business, writes Empyrion Wealth Management's Kimberly Foss. Advisors should implement the difficult lessons learned this year to help clients and will need to remain nimble, adapt and innovate, she writes.