Insurable Interest Canadian Insurance Blog

What You Need to Know A new analysis by the Cato Institute’s Romina Boccia points out some stark differences between the retirement safety nets in the U.S. and the U.K. Most striking, wealthy people in the U.S. get far more back from Social Security than their European peers. A reduction in benefits for higher earners, while painful, is one of few viable solutions, Boccia argues. The shaky financial position of the U.S. Social Security system is a major problem facing the federal government and workers who expect to rely on the program to avoid poverty in retirement, but near-universal agreement about the importance of Social Security doesn’t mean finding a solution is an easy matter. As Romina Boccia, director of budget and entitlement policy at the libertarian Cato Institute, wrote in a recent analysis posted to her Debt Dispatch blog, U.S. legislators’ procrastination has allowed the Social Security system to run into the red with a $120 billion annual cash-flow deficit and a $23 trillion long-term unfunded obligation. Simply put, tough actions are going to be needed in the years ahead to “stop the bleeding,” Boccia warns, and she makes the case that raising taxes on workers isn’t the best approach...

The judge already held the former president liable for fraud ahead of the trial, and ordered the cancellation of his business certificates, putting at risk his future control of the sprawling real estate empire. In his order Friday, the judge modified his September order, saying he would allow an independent compliance officer to renew the cancellation in consultation with the outside monitor “based on substantial evidence.” The order was temporarily put on hold in October by an appeals court while Trump challenged it. More Details Engoron also ordered that Barbara Jones, a former federal judge he appointed in 2022 to serve as an independent monitor overseeing Trump’s company, continue in her role for at least three more years and directed Jones to submit a report to him about “enhanced monitorship” over the company within 30 days. The Trumps have already complained about Jones, rejecting her post-trial findings of continued financial discrepancies at the Trump Organization. The defense lawyers responded in a Jan. 29 letter to Engoron, disputing Jones’ findings and accusing her of trying to enrich herself by extending her appointment. The monitor has already received more than $2.6 million in fees for her work, the Trumps said in the...

What You Need to Know Financial fraud is often perpetrated by someone the victim knows, like a romantic partner. Watch for recurring signs of cash flow problems, like declined credit cards or asking to borrow money. Ecourage clients to use the “ABCD test” to ensure financial compatibility in a long-term relationship. It feels like every day there’s a new documentary or expose about innocent people falling victim to predators that make off with thousands and sometimes millions of dollars. As these stories often highlight, it’s easier than it may seem to become a victim of financial fraud. Many frauds are perpetrated by someone close to the victim, like a romantic partner. Transferring money to someone you trust, blindly signing documents — these are all ways that average people end up in extraordinary situations and are probably things that everyone has done. Talking about money makes many people uncomfortable, but turning a blind eye to financial discussions can have significant consequences that range from overspending and not saving enough money to more sinister situations with legal involvement. As a financial advisor, I’ve witnessed this behavior on several occasions, and it never gets easier. Fortunately, though, there are patterns to look for. A...

Technology can be a powerful asset, but that isn’t what’s driving organic growth for financial advisors. So suggests Burt White, managing partner and chief strategy officer at Carson Group. “The magic has never been about the machine,” White tells ThinkAdvisor in an interview. “It’s what the machine enables humans to do.” Less than two years after joining the firm from LPL Financial, his job has evolved into running Carson’s day-to-day operations. White, who worked at LPL for 14 years, was managing director and chief investment officer. At Carson, inorganic growth is “supercritical,” White says. There, mergers and acquisitions activity has accelerated the past three years, as it has for its advisor partners. In the interview, White — based in Charlotte, North Carolina — talks about client and advisor trends and what they mean to investing. He also declares that artificial intelligence “is going to change everything” — but that “if we lose the humanity, we’re toast.” Here are highlights of our conversation: THINKADVISOR: What’s your role at Carson Group? BURT WHITE: I joined as the chief strategy officer. But over the last two years, I’ve evolved into running the day-to-day strategy and operations of Carson. Ron Carson is still the CEO, but the...

What You Need to Know LPL had been courting Atria for some time and finally found its opening last year when talks about a sale began, the executive says. The Atria deal gives LPL the chance to expand in the enterprise market, as well as other channels, he says. LPL has improved its integration technology recently and plans to further develop it to support transitioning advisors. LPL Financial’s announcement Tuesday that it is buying Atria Wealth Solutions, which has about $100 billion of assets under management and around 2,400 advisors, marks its second-largest acquisition to date. The deal includes an initial payment of about $805 million and the potential for a second payment of up to $230 million, based on a retention rate of 80% to 100%. Buying Atria and preparing to integrate it in 2025, along with bringing on 2,600 advisors from Prudential Financial this year, will be a big lift. Overall, though, the deal seems to make sense for Atria and its advisors, and the acquisition should help LPL solidify its competitive position at a time of intense consolidation and as BDs’ profit margins are squeezed, according to executives and industry observers. San Diego-based LPL’s head of business development, Rich Steinmeier, told...