Shares of Bank of New York Mellon Corp (NYSE:BK) ended Wednesday session in green amid volatile trading. The shares closed up +0.34 points or 0.85% at $40.52 with 4.39 million shares getting traded. Post opening the session at $40.42, the shares hit an intraday low of $40.17 and an intraday high of $40.66 and the price vacillated in this range throughout the day. The company has a market cap of $43.36 billion and the numbers of outstanding shares have been calculated to be 1.07 billion shares.
On Sept. 20, 2016 Financial advisors are likely to recommend that their clients increase allocations to exchange-traded funds (ETFs) by 65 percent as a result of the recent Department of Labor (DOL) Conflict of Interest Rule, according to a white paper by BNY Mellon, a global leader in investment management and investment services.
The survey results indicated that advisors in the study currently have 23 percent of their assets under management in ETFs, and they plan to boost that allocation to 38 percent over the next two years as assets are transitioned to ETFs from other products. That would increase the percentage of assets allocated to ETFs by 65.2 percent. Approximately 55 percent of the 170 advisors polled by BNY Mellon said they plan to increase their investments to ETFs because of the rule, which becomes effective in April 2017.
The white paper, Accelerating Growth: The Department of Labor Conflict of Interest Rule and its Impact on the ETF Industry, produced by BNY Mellon in association with ETF Trends, was released at etfXchange ’16, BNY Mellon’s annual exchange-traded funds (ETF) symposium.
“The rule requires financial advisers to recommend investments that are in the best interests of their clients when they offer guidance on 401(k) plan assets, individual retirement accounts or other qualified monies saved for retirement,” said Frank La Salla, chief executive officer of BNY Mellon’s Global Structured Products and Alternative Investment Services business. “This includes emphasizing financial services products such as ETFs that tend to have lower fees than other types of investments.”
Shares of Prudential Financial Inc (NYSE:PRU) ended Wednesday session in green amid volatile trading. The shares closed up +0.75 points or 0.94% at $80.70 with 2.61 million shares getting traded. Post opening the session at $80.46, the shares hit an intraday low of $79.52 and an intraday high of $80.89 and the price vacillated in this range throughout the day. The company has a market cap of $35.31 billion and the numbers of outstanding shares have been calculated to be 438.74 million shares.
On September 20, 2016 American households are entering retirement owing far more money on their homes than previous generations and need to be wary of the consequences like the inability to meet mortgage payments, according to a white paper released by Prudential Financial Inc. (PRU)
The added housing debt could create problems down the road for retirees, including the forced sale of their home when the first spouse dies, according to the white paper, “Planning for Retirement: The Implications of Carrying Higher Housing Debt into Retirement,” which is based on research conducted by the Center for Retirement Research at Boston College.
Americans nearing, or in, retirement experienced an extraordinary increase in housing debt between 1989 and 2013, far outpacing the increase in home values, according to the Federal Reserve. For those ages 65 to 74, the median home value increased 76 percent, while housing debt increased by 393 percent.