One of the biggest variables — the best? — Is the cost of health care in a project, which is determined by any factors beyond the consumer’s control. However, a new study by Fidelity estimates the average cost of a 65-year-old couple retiring today is $ 315,000. In this week’s Baron’s Advisor Big Q feature, we asked some advisers how they can help clients with healthcare costs. His responses include setting a minimum annual allocation, managing the transition to Medicare, and treating healthcare as another cash flow requirement along with travel, education and other anticipated costs.
Other wealth management articles read more this week:
Top executive leaving Alex. Brown. Haig Arian, top executive
‘Alex. Brown Unit is going to help private-equity firm Redbird Capital Partners build a new asset and wealth management platform. Redbird, founded by former Goldman Sachs partners, has more than $ 6 billion in assets in sports businesses, financial-services apparel and consumer companies.
A big buy for a group of consultants. Advisor Group is snapping up a smaller competitor, the network of independent financial firms announcing plans to buy American Portfolio Financial Services, an independent broker-dealer with over $ 40 billion in client assets. Deal, Advisor Group’s second acquisition of the year, is another sign of consolidation in the broker-dealer sector and adds approximately 9,700 financial professionals and $ 515 billion in assets to Advisor Group.
The latest to buy at BofA iCapital. Bank of America is the latest wealth management business to invest in iCapital, which helps advisors to position customers in alternative investments for technology providers. The terms of the deal have not been disclosed, but it follows multiple funding rounds for iCapital from 2014 and extends the previous partnership between the two firms.
The SEC considers the expansion of advisor terms. The Securities and Exchange Commission is asking for comment on the potential significant expansion of advisory regulations to include sample portfolio manufacturers, index providers and pricing services. These services, which the agency broadly calls information providers, are playing an increasingly important role in determining the makeup of retail investor portfolios. The Investment Advisers Act of 1940 raises the prospect of those businesses being registered with the Commission, just as advisers do.
What women (consumers) want. Although forward-looking wealth management firms seek to reduce gender inequality in the advisory workforce, progress is slow, which is detrimental to firms’ ability to attract and retain female clients. Expanding the range of women consultants is critical, our columnists write, but in the meantime, companies can take several other steps to make their services more attractive to women customers, including establishing a dedicated sub-practice within the catering company for women, or conducting self-evaluation of firm performance in attracting female clients.
Speaking of female consultants, she was the focus of the ranking that appeared in the latest issue Baron’s. You can find our list of Top 100 Women Advisors in our 2022 US.
Lastly, don’t miss the latest Baron’s Advisor Questionnaire. We sat down with Shelley Saraniti, who serves as a performance executive at Merrill Lynch’s National Financial Advisor Development Program. The company’s memo prompted her colleagues to come out as lesbian and explain why the wealth management industry needs more LGBTQ + financial advisers.
Have a good weekend.
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