Financial advisors can use the coronavirus pandemic as an opportunity to work with their clients on financial wellness, writes Steve Gresham of Whealthcare Solutions. He offers eight areas to focus on, including estate planning, health care spending and living transitions.
The IRS has postponed some deadlines for retirement plans, including defined-benefit plans and 403(b) plans, until July 15. The agency said the action is a response to difficulties brought by the coronavirus pandemic.
Advisors must have the right mindset and be willing to evolve their business models if they wish to be successful, writes business strategist and coach Stephanie Bogan. She looks at industry trends that have accelerated because of the pandemic and the importance of mindset in adapting to these changes.
A responsible and effective trustee is key to a trust's longevity and success, writes Lynn Halpern of Bessemer Trust. Among the factors to consider when selecting a trustee are knowledge of investments and assets, the difficult decisions that come with distributing assets and administrative responsibilities, she writes.
The Coronavirus Aid, Relief and Economic Security Act and Setting Every Community Up for Retirement Enhancement Act could cause unexpected tax issues when an IRA owner or beneficiary dies in 2020, writes IRA expert Ed Slott. He runs through four scenarios and how they differ this year compared with previous years.
From eliminating face-to-face meetings to forcing advisers to adapt to remote work technology, the pandemic has made an immediate and indelible impact on the financial planning profession, said FPA President Martin Seay, Ph.D., CFP®. In a wide-ranging interview with CNBC, Seay discussed the steps FPA has taken to help its 21,000-plus members, how advisory firms have pivoted to a new normal and what changes are likely to remain once the pandemic abates.
The consistent evolution of reverse mortgages over the years has resulted in products that are easy for financial advisers to navigate and recommend to their clients, said FPA Chair Evelyn Zohlen, CFP® and founder of Inspired Financial. Zohlen discussed reverse mortgages and FPA's new educational partnership with Finance of America Reverse during a new edition of the Reverse Mortgage Daily podcast released this week.
Citigroup's investment banking co-head Manolo Falco says financial markets are running "way ahead of reality" by pricing in a v-shaped recovery that he believes is unlikely to happen. "As the second quarter comes along and we start seeing the pain, and the collateral effects of that, we think this is going to be much tougher than it looks," he said.
Family offices deployed stakes in private equity as collateral for borrowing, to shore up their portfolios and to cash in on falling asset prices during Q1, figures from UBS show. The borrowing, which was typically in the range of $50 million to $250 million, reflects increasingly professional standards among family offices since the 2008 financial crisis, said Chris Baxter, UBS head of fund financing and investment in the US.
Market volatility has prompted a decline in
emerging-market strategy hedge fund assets, from a record $248.3 billion at the start of the year to around $232 billion at the end of April, new data from Hedge Fund Research reveals. "Coronavirus-driven pandemic volatility, which began in early 2020, accelerated and expanded through April to encompass not only regional emerging market equity and fixed income markets, but also commodity and currency markets, including volatile cryptocurrency markets," said HFR president Ken Heinz.
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