A recent Hearts & Wallets survey found that retail advisers--more often than workplace advisers--consider individualized financial and wellness goals with their clients, plus they are more apt to have expertise on taxable brokerage accounts, contributory individual retirement accounts (IRAs) and rollover IRAs
. Workplace advisers, on the other hand, will typically focus on maximizing the use of defined contribution (DC) plan accounts, though some can and will give participants broader guidance.
* Qualified charitable distributions can come from most types of IRAs, including rollover IRAs
and inherited IRAs, other than "ongoing" simplified employee pension (SEP) IRAs or savings incentive match for employees (SIMPLE) IRAs.
17 August 2018 - US-based retirement and institutional custody services provider Millennium Trust Company, LLC has inked agreement with The Bancorp Bank (Bancorp) to acquire approximately 160,000 automatic rollover IRAs
, the company said.
Target: Approximately 160,000 automatic rollover IRAs
But advisors need to be careful about advising plan participants on rollover IRAs
, said Schweiss.
In this case, the Supreme Court unanimously held that the rollover IRAs
in question were totally exempt from the reach of the bankruptcy creditors of the IRA participant.
They have defined contribution (DC) accounts and rollover IRAs
, and that money has to last a lifetime, regardless of whether that is 10, 20, 30 or more years.
* While regular IRAs account for the largest percentage of IRA ownership, rollover IRAs
had a slightly larger share of assets than regular IRAs in 2013.
CHRIS KARAM, CIMA, AIFA, chief investment officer with Sheridan Road Financial in Northbrook, Ill., says that rollover IRAs
are important for his firm because about two-thirds of clients are in their 50s or older.
We also help retirees with investment management services for their rollover IRAs
and other investment assets, to make sure their funds work for them during retirement.
The GAO report, he continues, would also have benefited from an assessment of combined DC and rollover IRA
amounts, since "so much of what is in rollover IRAs
at all income and asset levels came out of DC plans."
"Because the net cash flows into rollover IRAs
are more than 20 times the net cash flows into 401(k) plans, we think rollover IRAs
are already the vehicle of choice for consumers consolidating retirement account balances and converting them into income.