Financial advice coming from employers is becoming more personalized, according to this article in Money. Not only are companies offering 401(k) plans, but they're stepping into the role of retirement planner and educator. While their involvement brings up questions regarding fiduciary duty and liabilities, studies also show that financially fit workers are better workers.
Thomas Gilbert Jr., the man accused of killing his multi-millionaire hedge-fund father, was named in his father's will, according to The New York Post. Gilbert Jr is one of three beneficiaries listed in Thomas Gilbert Sr.'s will, along with the older Gilbert's wife and daughter. The alleged murderer is slated to receive quarterly payments of his third of the $1.6 million inheritance, that is if he isn't found guilty of killing his dad. The younger Gilbert has been indicted in the shooting of his father, allegedly over a $200 cut in his monthly allowance.
At last year's State of the Union address, President Barack Obama announced an initiative to help and encourage all Americans to save for retirement. Called MyRA for My Retirement Account, the program would create accounts using safe, reliable investments that would travel with workers as they move from job to job. The goal was to have it up and running by the end of 2014, and a pilot program did launch in late December.
A Canadian financial advisor is accused of blowing up a client with a homemade pipe bomb rather than come clean about losing all of her money. Alberta-based Brian Mallay, an advisor with Assante Wealth Management, pled not guilty to charges he sent a homemade explosive device wrapped as a Christmas present to a wheelchair-bound client to whom he was paying C$44,000 a month out of his own pocket. The client had asked him to invest the proceeds of a settlement from a car crash. Mallay allegedly convinced her to borrow more and then lost it all. Mallay also faces an C$80 million lawsuit after being accused of losing C$50 million from dozens of other clients, according to the CBC.