Alabama Moves Forward With ABLE Accounts
Alabama has become the latest state to implement a new savings and investment account for individuals with disabilities.
Alabama residents will be able to participate in Nebraska’s Enable Savings Plan, part of the federal ABLE account program, in a partnership between the two states.
“Enable will encourage and assist individuals and families to save private funds to support individuals with disabilities in order to maintain health, independence and quality of life,” said Alabama State Treasurer Young Boozer in a statement.
ABLE accounts are modeled after 529 college savings programs, allowing families to save for special needs individuals in a tax-free account without jeopardizing that individual’s ability to qualify for Medicaid and federal disability benefits.
Families can save up to $14,000 annually, to a maximum of $100,000, before the special needs individual’s federal benefits are affected. Previously, special needs individuals could not have more than $2,000 without impacting their benefits.
ABLE accounts came about in 2014 after Congress passed the Achieving a Better Life Experience (ABLE) Act. As with educational 529s, the implementation of the accounts was left to individual states.
According to the ARC of the United States, a nonprofit advocate for people with intellectual and developmental disabilities, as of December 1, 2016, five states are already offering their own ABLE account programs: Florida, Nebraska, Michigan, Ohio and Tennessee. At least 25 more plan to roll out their own programs before the end of 2017.
Vestmark Launches A Hybrid-Oriented Robo
Vestmark has introduced a robo-advisor, the VestmarkONE Robo Solution.
VestmarkONE is designed as hybrid advice blending human and automated wealth management.
The new tool will help firms determine how much of an account life cycle to automate and when to move beyond funds and introduce the human advisor presence.
Firms using the solution can move beyond ETFs; the automated recommendations include other investment offerings such as SMAs, UMAs and mutual funds.
The new digital advice tool is available as a turnkey offering for broker/dealers, RIAs and other types of firms.
SEI, Redtail Partner to Offer DOL Work Flows
SEI and Redtail are partnering to help advisors prepare for the enforcement the Department of Labor’s fiduciary rule.
At the core of their efforts is the DOL Workflow Toolkit, which is implemented through CRM software to help advisors drive their strategic visions while navigating compliance requirements.
The tool kit’s DOL Action Plan is a process by which advisors can define compliance strategies, audit accounts for possible rule violations and execute plans to bring each account into compliance by the rule’s April 1, 2017, enforcement date.
After completing the tool kit’s work flows, advisors will have created an auditable business that tracks client interactions in compliance with the DOL’s expectations.
Envestnet Rolls Out DOL Rule Suite
Envestnet has introduced tools to help advisors more easily comply with the DOL fiduciary rule.
The company’s comprehensive compliance offerings include best interest assessments, product shelf development, account documents and disclosures and enterprise business intelligent solutions targeted toward satisfying the regulation’s requirements.
These tools are designed to help advisors better understand their clients’ needs, to keep up with the DOL’s expectations for documentation and disclosure and to help bring all of a firm’s assets under management into compliance.
The new fiduciary rule solutions are designed to integrate easily with the leading financial planning providers.
Advicent Prepares For DOL Enforcement
Advicent has rolled out the Compliance Blueprint, an offering to help advisors prepare for the onset of the DOL fiduciary rule.
As part of the Compliance Blueprint, the company is offering a DOL Education Center as part of its Advisor Briefcase marketing communications tool.
In addition to its already-existing software tools, Advicent has partnered with North Highland to offer consulting services to its clients.
The company is also accelerating the development and release of enhancements to its existing software, including collaborative fact finding, account aggregation and synopsis reporting tools, to help advisors comply with the DOL’s requirements.
Securian Adds To Annuity Offerings
Securian recently added annuity options to its suite of retirement products.
The first, Multioption Advantage, is a variable annuity developed for fee-based platforms.
SecureLink Future is a fixed indexed annuity that offers clients four account options linked to S&P and Barclays indices.
Achiever Lifetime Income is a new optional guaranteed lifetime withdrawal benefit that can be attached to Securian products that will offer account holders annual income of 3% to 7% of their benefit base.
Finally, Premier Protector is an optional death benefit available at contract issue.