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| Sponsors Must Actively Manage the Aging Workforce | |
| A new report penned by Catherin Collinson, CEO and president of Transamerica Institute and its Transamerica Center for Retirement Studies, delves into the sensitive topic of managing the average age of a workforce. The data shows 72% of employers agree with the statement, “Many employees at my company expect to work past age 65 or do not plan to retire.” While four out of five employers say they support employees working past age 65, they also understand that an aging workforce has its drawbacks.Read more > | |
| Products, Deals and People | |
| Retirement Industry People Moves | |
| Marsh & McLennan Agency Expands Leadership; Zenith American Solutions Acquires Insurance Programmers; Hirtle Callaghan Hires Head of Client Engagement; and more.Read more > | |
| David L. Musto to Lead Ascensus | |
| David Musto has been named the next president of Ascensus. Musto comes to Ascensus from Great-West Investments, where he served as president.Read more > | |
| Sponsored message from Natixis | |
| What Do Millennials Want in Their Investments? 84% surveyed say they would like their investments to reflect their personal values. It’s an inspiring opportunity – by educating younger investors about potential opportunities in the ESG space that may correspond with their values, financial advisors could help inspire them to put some more of the dollars they earn today toward a better future.Read more > | |
| Economic Events | |
Total nonfarm payroll employment increased by 209,000 in July, and the unemployment rate was little changed at 4.3%, according to the Bureau of Labor Statistics. Employment increased in food services and drinking places, professional and business services, and health care. THE ECONOMIC WEEK AHEAD: Wednesday, the Census Bureau will report about wholesale trade for June. Thursday, the Labor Department will issue its initial claims report, and the Bureau of Labor Statistics will reveal the producer price index for July. Friday, the Bureau of Labor Statistics will reveal the consumer price index for July. | |
| Market Mirror | |
Friday, the Dow climbed 66.71 points (0.305) to 22,092.81, the NASDAQ closed 11.22 points (0.18%) higher at 6,351.56, and the S&P 500 was up 4.67 points (0.19%) at 2,476.83. The Russell 2000 increased 7.10 points (0.51%) to 1,412.32, and the Wilshire 5000 gained 57.28 points (0.22%) to finish at 25,710.11. The price of the 10-year Treasury note decreased 12/32, bringing its yield up to 2.264%. The price of the 30-year Treasury bond fell 28/32, increasing its yield to 2.842%. WEEK’S WORTH: For the week ending August 4, the Dow gained 1.20%, the NASDAQ decreased 0.36%, and the S&P 500 was up 0.19%. The Russell 2000 lost 1.18%, and the Wilshire 5000 was down 0.01%. | |
| Compliance | |
| DOL Fiduciary Rule FAQ Further Clarifies Compliance Demands | |
| The U.S. Department of Labor (DOL) released a second frequently asked questions document explaining how advisers and plan providers can maintain compliance during the fiduciary rule’s lengthy implementation process.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1789, the U.S. War Department was established by Congress. In 1782, George Washington created the Order of the Purple Heart. In 1888, Theophilus Van Kannel received a patent for the revolving door. In 1942, U.S. forces landed at Guadalcanal, marking the start of the first major allied offensive in the Pacific during World War II. In 1959, the U.S. launched Explorer 6, which sent back a picture of the Earth. In 1964, Congress passed the Gulf of Tonkin resolution, which gave President Lyndon Johnson broad powers in dealing with reported North Vietnamese attacks on U.S. forces. In 1990, President George H.W. Bush ordered U.S. troops and warplanes to Saudi Arabia to guard against a possible invasion by Iraq. In 2003, in California, bodybuilder and actor Arnold Schwarzenegger announced that he would run for the office of governor. | |
| SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “Would you leave your company if it was experiencing negative press, and how important is your firm’s reputation to your job satisfaction?” Only 3.4% of respondents said they would leave their company if it was experiencing negative press, while 17.2% said they would not and 79.3% said it depends on how bad the situation is. Half indicated their company’s reputation is somewhat important to their job satisfaction, and 40% reported it is very important. Only 6.7% said their company’s reputation is not very important to their job satisfaction, and 3.3% indicated it is not at all important. In verbatim comments, the major theme was that not all press can be believed. Some folks placed conditions on what kind of press would give them second thoughts about their jobs. Editor’s Choice goes to the reader who said: “Often, what the press says isn’t the full story.” A big thank you to all who participated in the survey!Read more > | |
| Share the news with a friend! Pass the NewsDash along and tell your friend/associates they can sign up for their own copy.Read more > |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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