Becoming "suddenly single" is a major issue for high-net-worth female clients, a study by Key Private Bank found. The study, which polled 140 advisors on their experiences working with these clients, found that 82 percent reported "hardly any of their married female clients have a contingency plan in place to navigate the emotional and financial impacts of finding themselves on their own.” In addition, 40 percent of advisors believe women are better prepared to navigate short-term financial changes than a long-term financial plan. That being said, over half of advisors say that the biggest challenge, but most important step, in such a process is identifying and conquering financial decisions that must be made immediately, versus those that can be postponed.
The College for Financial Planning has revised its Chartered Retirement Plans Specialist designation program to include the Department of Labor’s fiduciary rule. The program will now cover the DOL’s fiduciary requirements, as well as content on small-business owners using defined-benefit plans, new plan design and plan selection guidelines for plan sponsors. “For all intents and purposes, being held to the fiduciary standard when providing advice to retirement investors became the law on June 9, 2017,” said Jim Pasztor, vice president of academic affairs at CFFP.
Green Bay–based Associated Banc-Corp has announced plans to acquire Illinois-based Whitnell & Co. for an undisclosed price. Whitnell & Co., with about $1 billion in assets under management, primarily serves affluent families. Associated predicts the transaction will increase its AUM, as well as its run-rate revenue, by more than 10 percent. William Thonn will continue to lead as Whitnell’s CEO and president, as well as as a member of its board of directors. Philip Flynn, president and CEO of Associated, explained his outlook in a statement: “The addition of this respected company adds a strong team to our Chicago-area private client group and positions us to offer unique investment, asset management and related services to high-net-worth clients across our markets.”
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