Search

A recent press release headline was an attention-grabber for anyone in the business of creating financial security for their clients. It read, “Americans Ignore Need for Long-Term Care Planning Despite Knowing More about the Risks.” The most startling item was this: “Although most respondents said they thought LTC insurance would be the best way to cover long-term care needs (61 percent), only 11 percent reported having purchased it.”

Annuities have become big business. Baby boomers are retiring in record numbers. Having experienced the market turmoil and uncertainty of the past five years, many of them want investments that offer an element of stability and security.

It’s common knowledge these days that the right and left never agree on anything. So why is Barney Frank writing letters to the SEC cautioning them on overreach in their extension of the fiduciary standard? Why are House Republicans and some Security and Exchange Commission (SEC) commissioners expressing concerns?

Financial planners are not in the business of predicting the future. They practice in a world of uncertainty, often avoiding the word guarantee. The fact is in the financial planning world the only guarantee seems to be change. That is, markets ebb and flow, interest rates vacillate.