Steve Wittenberg, director of legacy planning at SEI, highlights 10 tax issues financial advisors should cover with their clients. They include itemized deductions, charitable donations and changes to estate planning laws.

While 84% of plan sponsors say they offer retirement income solutions, just 2% offer workers guaranteed income through an insurance product such as an annuity to hedge longevity risk, according to the NEPC 2022 DC Plan Trends and Fees Survey. "We think five years from now, you may see target-date funds plus an annuity window as probably the more common way to address this problem," said Bill Ryan, partner and head of DC solutions at NEPC.

Wealthy women lag behind men in estate planning, according to a UBS survey, with 55% of those who plan to leave an inheritance having no plan in place, compared with 41% of men. Financial advisors can help close the gap by making sure women have wills, assigned executors and power of attorney documents, the report says.

While bank failures are highly unusual, recent developments may be concerning for business owners. One way to mitigate the risk is to be aware of how Federal Deposit Insurance Corp. coverage works and to open accounts with multiple institutions, writes Kelsey Sheehy.

Many groups of people can benefit from insurance, making them good prospects for insurance agents, writes Bryce Sanders of Perceptive Business Solutions. Sanders highlights 10 potential types of prospects, including young couples, families with young children and people with aging parents.

Prospecting for clients is like fishing, writes author and consultant Ari Galper, in that financial advisors have better luck in a small pond stocked with the kind of fish they want than in an ocean where they attempt to pull in any and every kind of fish available. Galper encourages advisors to focus on a niche area and adjust their marketing messages and sales process to best target those potential clients.

President Joe Biden has vetoed a bill that would have blocked a Labor Department rule that permits consideration of environmental, social and governance factors in retirement investments. "Retirement plan fiduciaries should be able to consider any factor that maximizes financial returns for retirees across the country," Biden says. The veto is Biden's first.

The Securities and Exchange Commission's 430-page marketing rule requires that advisors have a reasonable basis for the factual statements they make in their marketing, said Thoreau Bartmann, co-chief counsel in the SEC's Division of Investment Management. "It doesn't require literally a bible or book of every single claim made in any ad ever to be retained forever," Bartmann said. "What it requires is substantiation about material statements of fact."

President Joe Biden's proposed new budget contains a provision that aims to close a retirement savings loophole known as a "mega backdoor Roth" that allows after-tax 401(k) contributions to be converted to a Roth IRA. Experts say the budget is not likely to pass without major changes.

Some long-term-care trends have emerged and could persist once the coronavirus pandemic winds down, Fred Anderson of the Minnesota Department of Commerce told the National Association of Insurance Commissioners' Long Term Care Insurance Task Force. They include a rise in home-based care and an increase in the incidence and length of claims.