Securities and Exchange Commission Chair Jay Clayton made comments in defense of the Share Class Selection Disclosure Initiative at a Senate hearing, while Sen. Tom Cotton, R-Ark., said the issue is the lack of "clarity in advance of any enforcement decision." The Financial Services Institute has criticized the disclosure initiative for leaving investors "at the mercy" of "extralegal guidance" from independent agencies.
Eighty-six percent of financial advisors were able to seamlessly transition to working from home during the coronavirus pandemic thanks to having the right technology in place, according to a Redtail Technology survey. The survey results indicate "advisors will continue to work remotely in some capacity or another for the foreseeable future," said Redtail Technology CEO Brian McLaughlin.
The coronavirus pandemic may change how Americans view aging and retirement -- in good ways and bad -- for years to come, experts say. Among the possible changes are declining lifespans, more end-of-life-care planning and a trend toward aging at home.
Two federal government contractors will pay $57.75 million under a settlement of a False Claims Act lawsuit regarding work they performed at a nuclear power plant site in Washington state. The lawsuit accuses the contractors of overcharging the Energy Department for workers' idle time and continuing to do so after being notified that such charges were improper.
The coronavirus pandemic has changed the financial planning business, and advisors' strategic planning needs to change as well, Erin Botsford writes. Botsford offers tips for putting together a strategic plan for 2021, including anticipating potential surprises and relaying the plan and expectations to your team.
A construction industry group says its backlog indicator for October improved to 7.7 months, an uptick from September. Staffing levels also rose, as did sales and profit margins.
The owners of a building in downtown Texarkana, Ark., that was accidentally destroyed during the demolition of a neighboring building are suing the city as well as the demolition company and its surety. The company's bond has a $310,000 face amount, and the lawsuit says the demolition and removal cost for the accidentally destroyed building is $300,000 while the replacement cost would be $1.5 million.
The coronavirus pandemic continues to create major changes in the commercial construction industry, and contracts need to reflect that, according to this opinion piece. Crucial factors to account for include additional costs stemming from the pandemic and the shutdowns that have occurred as a result.
The unemployment rate in construction fell to 6.8% in October from 7.1% in September as the industry saw 84,000 net new jobs, an analysis of Bureau of Labor Statistics data shows. South Dakota had the sharpest year-over-year percentage gain in construction employment, at 10.8%, while Utah was second, with a 6% increase.
Household finances are in better shape than they have been for many years, thanks partly to a strong economy pre-pandemic and government aid during the crisis. "The consumer here in the US is relatively stable and, honestly, somewhat relatively better than we might have feared back in the height of the pandemic in the second quarter of 2020," said Marianne Lake, CEO for consumer lending at JPMorgan Chase.