Wealth Management


The Biden admin is tackling some of the changes made during Trump's administration, particularly to environmental social governance, fair lending, and consumer protection rules. The administration will not allow a set of measures that disincentivize ESG factors by shareholder voting restrictions. They have also reinstated the Consumer Financial Protection Bureau’s ability to seek monetary penalties for abusive practices and expanded the Equal Credit Opportunity Act to gender and sexual orientation protection. Finally, the administration reinforced the SEC’s ability to investigate and subpoena companies and individuals for investigation. These measures are just some of the ways the new administration is changing the regulatory landscape.

FINSUM: These regulations could have a profound impact on companies in the near and long term. One result is more definite, that this is just one more of many ways that the Biden Admin is incentivizing ESG.

(New York)

Retirement has never been so insecure. Part of the appeal of annuities has been as a strategy to offset the decline in pensions. Yet, if you dig deeper there is another good utility for annuities that some retirees and pre-retirees are using: as a bridge to getting social security. Many lower income retirees hit a wall where they only have tens of thousands to low hundreds of thousands of dollars when they turn 60. The issue is that if the claim Social Security early, they can grossly lower their income versus waiting a few years. Given that the average 60 year-old male right now is expected to live to 88, the difference of $500 a month really adds up. Accordingly, in this situation an annuity—such as an immediate annuity—can work very well, as it buys time for retirees to defer taking Social Security.

FINSUM: This strategy can make a ton of sense, but it takes some convincing as most retirees don’t want to part with their money even if they know it will give them more security.


One of Biden’s most important campaign promises was that he would not raise taxes on the middle class…see the full story on our partner Magnifi’s site

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