This morning's seasonally adjusted 214K new claims, up 18K from the previous week's revised figure, was below the Investing.com forecast of 226K
At Franklin Templeton’s recent Global Investor Forum in New York, our CEO Greg Johnson participated in a panel discussion with three other CEOs in the financial services industry: James Gorman of Morgan Stanley; Jay Hooley of State Street and Barry Stowe of Jackson National Life.
To say activity in Washington is being closely followed would be an understatement, with the consensus view that the Department of Labor’s Fiduciary Rule is all but officially vacated, and a recent proposal from the Securities and Exchange Commission (SEC) is in the middle of a 90-day comment period.
Let's take a close look at Friday's employment report numbers on Full and Part-Time Employment. Buried near the bottom of Table A-9 of the government's Employment Situation Summary are the numbers for Full- and Part-Time Workers, with 35-or-more hours as the arbitrary divide between the two categories. The source is the monthly Current Population Survey (CPS) of households. The focus is on total hours worked regardless of whether the hours are from a single or multiple jobs.
To serve the needs of our evolving consumers, a more comprehensive fiduciary mindset needs to be adopted in order to survive.
Last week, the SEC issued proposed rules governing broker-dealer and investment advisor conduct. The rules serve as a counterpoint to the fiduciary rules issued by the Department of Labor.
Some new developments in Washington and recent court rulings have implications for those saving and investing for retirement. Drew Carrington, head of Institutional Defined Contribution at Franklin Templeton Investments, along with Michael Doshier, head of retirement marketing, examine the status of the Retirement Enhancement and Savings Act (RESA) and what it might mean for both plan sponsors and participants.
The US Department of Labor’s (DOL) Fiduciary Rule has been the subject of much debate, and still remains largely in limbo as it works its way through the court system. The rule, which expands the scope of persons deemed to be a fiduciary, was to go into effect in January 2018, but full implementation was delayed.
The Fifth Circuit Court of Appeals’ decision essentially wipes the Fiduciary Rule off the books. But, that doesn’t mean everything returns to the way it was before the Rule.
The CFP Board set out fiduciary duties for all advice. Its statements are clear and strong. This is an important step. But alone, it falls very short. Why?