Latest news with #financialadvisors
Associated Press
20 hours ago
- Business
- Associated Press
Priority Financial Group Celebrates 20 Years of Innovation
PHOENIX--(BUSINESS WIRE)--May 30, 2025-- Priority Financial Group (PFG) proudly celebrates its 20th anniversary—marking two decades of delivering flexible, forward-thinking wealth management solutions to financial advisors and financial institutions nationally. Starting in 2005, Mike Prior, Founder/CEO of PFG, began with a mission to help match quality financial advisors with banks and credit unions who desired better quality advice for their members and customers. That mission has since evolved into a national platform offering an advisor and institution friendly Registered Investment Advisor firm (RIA), PFG Advisors, LLC (PFGA). Supporting a Quality Advice Community PFG's strength lies in its ability to help quality financial advisors and visionary institution execs who truly care about helping their clients reach their financial goals. The firm customizes resources, technology, and operational support to fit their business. Whether an advisor chooses to join a financial institution, run their own practice, or join an internal wealth management team, PFG offers a multi-custodial platform, integrated technology, compliance support, operational efficiencies, and M&A growth strategies to help them succeed. Advisors and institutions are pleased to have 1099 and W2 options available in both the Independent and Financial Institution divisions of the firm. 20 Years of Forward-Thinking Innovation PFG's legacy is built on a consistent track record of delivering client-first solutions, including: A Model That Delivers Results Over the past 20 years, PFG has empowered financial institutions and advisors with tools, support, and custom strategies that deliver measurable results. 'Our 20-year journey is proof that doing the right thing—for advisors, for institutions, and for clients—is not only possible, but scalable,' said Mike Prior, PFG CEO. 'It has been fun seeing our team's boutique, white glove model help the people we serve toward their financial goals.' Looking Ahead As PFG enters its third decade, the firm remains focused on continuous innovation, quality advice, and solutions that align with its core values of Integrity, Compassion, Teamwork, Curiosity, and Leadership. The PFG team is built to help financial advisors and institution executives of all backgrounds have more fun building their businesses for the next 20 years. About Priority Financial Group PFG offers comprehensive wealth management, advisory, compliance, sales and technology services. With headquarters in Phoenix, the PFG team has been helping financial institutions and financial advisors deliver high-quality solutions for more than 20 years. For more information, visit or on source version on CONTACT: Kate Anderson for Priority Financial Group 602-200-5147;[email protected] KEYWORD: ARIZONA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE CONSULTING ASSET MANAGEMENT BANKING PERSONAL FINANCE SOURCE: Priority Financial Group Copyright Business Wire 2025. PUB: 05/30/2025 05:34 PM/DISC: 05/30/2025 05:33 PM
Daily Mail
3 days ago
- Business
- Daily Mail
Warning over pension clawback - could it hit YOU at state pension age?
'Pension clawback' means your final salary pension might be cut when you reach state pension age. The reason for this originates in rather arcane arrangements dating back to the dawn of the welfare state in the 1940s - and many pension schemes have since changed their rules or phased out the practice. But if you are due a final salary pension via a current or old employer it is worth paying close attention to all information on the paperwork you are sent - and any choices you are being asked to make – especially in the run-up to retirement. If you discover your scheme operates 'clawback' it's most important to fully grasp the rules, particularly if you retire before 66 and so will see a drop in your work pension after you start receiving your state pension. Be prepared in advance, and ask questions of your scheme about the impact on you personally, to avoid any nasty shocks to your budget later in retirement. Clawback has become controversial over the years, as we will explain below, because people are understandably exercised by a sudden loss of income when they don't expect it or haven't had an explanation. Here's what you need to know about pension clawback... What is 'pension clawback' and how does it work? Pension schemes use different names for this and it's worth knowing the financial jargon. In addition to clawback, you might hear references to integrated pensions, state pension offsets and bridging pensions. Arrangements for 'integrating' work and state pensions began back when the modern welfare state was created, which led to more people paying National Insurance from 1948. Final salary (also known as defined benefit) pension schemes, both private and public, wanted to take account of more staff now receiving a state pension. They sought to prevent schemes themselves or individual members overpaying contributions or doing so unnecessarily, just to duplicate benefits. The rules for doing this and the calculations involved varied, and changed over time (if you're interested in the history, the House of Commons Library published a briefing on pension clawback in 2020). Nowadays, most private sector final salary pension schemes are no longer linked to state pensions. Public sector pension schemes stopped taking them into account decades ago, except for service before 1980. But some work schemes are still designed around them, and the result is that payments may be cut when a member reaches state pension age, to adjust for lower contributions made earlier by the scheme itself and its members. The size of the reduction depends on the scheme, but it is a fixed amount and usually works out at a few thousands of pounds a year. This has a bigger impact on someone with a small pension than a larger one. Clawback is sometimes embedded in a scheme's rules and will kick in automatically. However, some schemes offer workers the option of taking a higher 'bridging' pension - just until they reach state pension age - or a lower 'level' one. They work out the cost to end up being the same either way, but people who get the choice can find it convenient to have a temporarily higher income while they wait to get a state pension. This is why you should read pension documents carefully in the run-up to retirement, so you know where you stand if you are affected by clawback (or a myriad other important matters). If you are not sure, or don't understand the information you are sent, ring up or email your scheme and ask if it is has clawback arrangements. Staff should be prepared to take the time to answer and explain any impact on you individually - better now than when you reach state pension age and are surprised by a sudden cut in your work pension. Controversy over pension clawback If you do not know beforehand that clawback is going to reduce your work pension when you reach state pension age, you will understandably feel aggrieved - and it causes hardship in some cases. Clawback was condemned by some MPs as outdated and punitive during an adjournment debate in the House of Commons in April. Several cited constituents who had seen cuts of several thousand pounds, amounting in some cases to 13 per cent or 16 per cent of a pension, and there were calls for abolition of clawback. Criticism was aimed in particular at a Midland Bank pension scheme, now run by HSBC, which is opposed by the Midland Clawback Campaign and the union Unite. See the box below for HSBC's stance on clawback. Those against clawback often point out that it is regressive, in that fixed reductions disproportionately affect people with smaller pensions, who are often women. What does HSBC say about clawback? HSBC's position on [an amendment to] the state deduction has been consistent; it would constitute a retrospective change to the scheme that would benefit a particular group of members and would be unfair to other scheme members. It would increase the risk of grievances being raised by other pension scheme members both in the UK and globally and would set a precedent for further challenges to pre-existing valid terms and conditions that could lead to significant unplanned and unintended costs. Pension firm PensionBee says: 'As pension clawback is a fixed cash amount deducted from your pension - unlike other charges which usually deduct a percentage of the pot - its impact on your pension can vary. 'Those with larger pensions will be less affected, whilst smaller pots can see a substantial loss.' It offers the following example: 'If you received £50,000 a year from your workplace pension scheme, then a fixed pension clawback of £2,500 a year would equal a 5 per cent deduction every year. 'However, if you received £10,000 a year from your workplace pension scheme, then that same fixed £2,500 clawback would equal a 25 per cent cut to your annual pension income.' On its website, PensionBee says: 'Whilst most schemes have capped or withdrawn clawback, it's worth checking if you could lose out on a chunk of your pension. 'Those most affected are the lowest income workers, often women, and those seeking to retire early. 'If you're enrolled in a pension clawback scheme, it's likely you aren't even aware yet. One of the issues is poor communication, with few people affected aware of its importance.' PensionBee suggests asking your workplace pension scheme directly or checking your company handbook, and considering making additional contributions to offset the future loss from pension clawback. Will the Government abolish clawback? Successive governments have declined to force pension schemes to end clawback arrangements. The Conservative former Pensions Minister Guy Opperman said in 2017: 'These schemes were designed to avoid additional contributions from sponsors and members by taking account of some or all of the state pension when calculating the amount of occupational pension payable. 'The arrangement is set out in scheme rules which would have been available to members when they joined the scheme. 'Such arrangements are not a requirement of Department for Work and Pensions legislation. It would not be right to compel schemes to withdraw this integration arrangement. 'That would amount to a retrospective change imposing significant additional unplanned costs. Pension scheme rules on the calculation of benefits are many and varied, and must remain a matter for employers and scheme trustees to decide.' At the House of Commons debate on clawback in April, the current Labour Pensions Minister Torsten Bell gave a lengthy response which you can read here. He said: 'I appreciate that that type of scheme can be controversial, thanks to the change in the private pension income involved. 'All of us sympathise with anyone who expected a straightforward income increase when their state pension kicked in, only to find that things were much more complicated than that. I have read and listened to representations on this issue myself.' He went on: 'Integrating an occupational pension scheme with the state pension was a core design of some schemes, and that has pros and cons. 'It used to be a common feature of final salary schemes, covering almost half of schemes, according to one survey from the early 2000s, although it is far less common today.' Bell said all pension schemes are required by law to provide every member with basic information, either before they join or very shortly afterwards. If someone has not received clear communication they can complain via an internal dispute procedure, and after that to the Pensions Ombudsman. He added: 'I owe it to this House to be clear that we cannot retrospectively change the benefits schemes offered to their members. Any legislative change would affect all integrated schemes, risking the future of some that are less well funded.' What do other pension experts say about clawback? Rosie Hooper, chartered financial planner at Quilter Cheviot, has dealt with clients whose pensions are reduced by clawback. She says: 'Pension clawback often trips people up simply because they don't understand it, and they haven't factored it into their budget. 'The reality is that the reduction isn't usually huge, but it's the surprise element that causes issues.' Hooper says she always explains clearly what a client who is affected should expect. 'It's not that the whole state pension gets deducted which is a common misconception. It's about how some schemes reduce the income they pay once the state pension kicks in. It's not a hidden charge, but it needs to be properly understood.' She says starting to receive the state pension allows people to reduce the income they need to take from other sources, but the step-down in cash flow has to be planned for and built into a retirement plan. 'It's also worth remembering that the state pension used to make up a much bigger share of someone's retirement income,' she adds: 'Today, it's a smaller piece of the puzzle, which makes planning around it even more important.' Simon Taylor, head of defined benefit at pension consultancy Barnett Waddingham, says clawback was typically part of the design of defined benefit (final salary) pensions that remained 'contracted in' to paying second state pensions (Serps or S2P). 'The design meant that both the company and the members paid higher National Insurance, and members generally built up full state pensions,' he explains. People in pension schemes which 'contracted out' of paying more NI usually get lower state pensions. 'Clawback' is essentially a way to integrate the scheme benefit with the state benefit - if it didn't exist, pensions would have cost the company and member more,' says Taylor 'As a result, members would have had lower take-home pay over the course of a career.' He says there are lots of ways for clawback to happen, but obviously if it comes as a surprise it can be poorly received - and communications to scheme members weren't always as thorough as they are today. 'For people hitting state pension age now, it is all likely long-forgotten, and so can feel like a harsh practice,' he says. 'In reality though, the process has its roots in a sensible cost/benefit balance - and the alternative is being in a contracted-out scheme and paying lower National Insurance so getting a lower state pension, or being in a defined contribution scheme and likely receiving far less in the long run. 'Defined benefit pensions remain impressively generous - however, the responsibility sits with the scheme to ensure members understand the realities of their benefits and if and when any deductions will be made.'
Forbes
3 days ago
- Business
- Forbes
Peaceful Retirement Starts With Rethinking Women's Retirement Planning
Senior women friends playing cards Retirement planning isn't one-size-fits-all—and for women's retirement planning. Many women face longer retirements, more career breaks, and bigger financial gaps than men. Yet most retirement advice still assumes equal experiences for all genders. If you're a woman—or advising one—you need a plan that considers these real-life differences. Here's how to build a retirement strategy that fits. On average, women outlive men by about five years. But that's just the average. Take my aunt, for example, she lived 29 years after her husband passed away. That's almost three extra decades of bills, healthcare, and rising living costs. My 96-year-old mother has lived 20 years past my dad. There was a nearly 8-year age gap between them which also adds to the potential challenges for married women. Many advisors use calculators based on the average lifespan. But if you're a woman, that could leave you seriously underfunded. The earlier you start planning, the better prepared you'll be to enjoy those extra years. These issues are multiplied in lesbian couples where both are expected to live long lives. Reassess your retirement expectations every few years to determine what changes in savings, investment target and expected retirement date. Retirement planning is also tricky when you're Single or widowed. Without a spouse's income or survivor benefits, your personal savings do all the heavy lifting. Lifetime income options like Social Security, workplace pensions and personal pensions (lifetime annuities) are critical pieces to manage. You can create a personal pension by funding them with 401(k), IRA, Roth accounts or from savings and brokerage accounts. For single women, it's crucial to get serious about estate planning—things like financial powers of attorney, healthcare directives, and living wills. The financial powers of attorney and healthcare directives are about your retirement years and not your death. Who will make decisions for you when you can't make them like you used to? Think of 'living' estate planning as self-care for your future self. Many women take time off to care for children or aging parents. These gaps often mean lower lifetime earnings, reduced Social Security checks, and missed personal and matching retirement contributions. But you can increase your contributions if your income allows through work. In 2025, if you're fifty or older, you can contribute: Note that the workplace plans over age 50 catch-up contribution is almost the total of IRA limit including the $1000 catch-up contribution. Complicating retirement savings further is the fact that there are income limits for the IRA and Roth IRA. 2025 IRA Phase-Out Limits In addition, these tax-advantaged savings, you can save money into simple savings, brokerage accounts and tax deferred annuities. How much you need to save will depend on the future life you want to live, your risk tolerance or risk need, and your current resources. Many women also invest more cautiously than men. While caution has its place, being too conservative means your money won't grow as much over long, time horizons. This may leave a woman with not enough to support her desired retirement lifestyle. Woman should search for resources to learn more about investing. A behavioral smart and empathetic investment adviser can go along way in helping you stay invested if your risk need is beyond your risk comfort. Social Security is often a major piece of a woman's retirement income. But the rules are complex—especially if you're divorced or widowed. Also, Medicare can also add to the complexity, especially with its potential Income Related Medicare Adjustment Amount. That is essentially an additional tax on Medicare for those that trigger it. Spousal benefits, survivor benefits, and delayed retirement credits can all impact what you receive. Knowledgeable advisers must take the time to explain these options clearly, so you can make choices that fit your unique situation. Many investment advisers are not truly knowledgeable about this area, as usually they are not compensated for it. Ask questions to find out if the one you are working with today is knowledgeable. If not, you can find one that helps you in this area only, so that you don't have to disrupt your primary invest adviser relationship. Many women have financial worries tied to emotions—fear, guilt, or uncertainty. Planning for retirement is as much about peace of mind as it is about math. That's why finding the right advisor matters. A good financial planner and or investment adviser should create a space where you can ask any question without judgment and get clear, personalized answers. Moreover, you deserve a financial plan that understands your values—not just your numbers. Retirement planning can feel overwhelming. But you don't have to figure it all out yourself. I am partial to those financial and investment advisers that have the Certified Financial Planner™ (CFP®) designation. Among those, look for those who understands the challenges women face. They can help you: If you already have an advisor and still feel confused or unheard—it may be time to get a second opinion. Women face distinct challenges from longer life expectancies to career interruptions and income disparities making women's retirement planning unique. By acknowledging these factors and working with advisors who understand them, women can take proactive steps toward a secure financial future. Starting early, staying informed, and seeking personalized advice are key strategies for overcoming these challenges.
Travel Weekly
3 days ago
- Business
- Travel Weekly
Revisiting the advisor class of 2024
At the one- to two-year mark in an advisor's career, they're often busy fielding inquiries. That is the fruit of their labors paying off, said Kindred. 'Occasionally, they get so busy that they don't have that opportunity to keep working on their business,' she said. It's important to focus on marketing, lead generation, balancing communication and staying in touch with their existing client list, she added. Working on time management can be key to keeping advisors afloat. 'I try to teach our advisors the concept of discipline, because that's really going to help you be successful and also stay focused,' Kindred said. That often means saying no to things that don't fit in with a business model, are unrealistic or that an advisor doesn't have time for. Kindred has seen some advisors have success with implementing budget parameters, like only working with clients whose budgets are $5,000, $10,000 or more. That can help protect the advisor's time. Charging a fee can also help with time management, as it often weeds out tire-kickers. 'If you haven't already done it, convert into a fee-based model,' Adriano said. 'A lot of people get into the industry doing things for free, selling to friends and family, and they just don't know how to showcase their value.' He said he believes charging fees is key to growing and scaling a business, especially one that's been operating for a few years. It helps agents showcase a higher level of advising while also providing another revenue stream. Also key, he said, is ensuring advisors understand their responsibilities as business owners, something that ASTA's educational offerings focus on. That encompasses accounting, financial stability and legal duties. 'Once you get to that two-, three-year [point] where you know that you've got some momentum going behind you, this is where advisors should start looking at ways to solidify their business and making sure that it's future-proof,' Adriano said. Petras agreed that understanding the financial model of owning an agency is important to success. Advisors should capitalize on the bookings they're making, whether it's by selling add-ons like pre- and post-cruise trips or insurance, or specializing. 'They need to focus on consistent revenue,' she said. 'Where do I have a greater opportunity?' Another part of that is repeat business. Advisors should do everything to keep their existing client base in place, Petras said. Focusing on client communication, being there for them and keeping them loyal will equate to a regularly recurring revenue stream.
Bloomberg
4 days ago
- Business
- Bloomberg
TV-Shopping Network QVC Seeks Advice on $5 Billion Debt Pile
Television shopping network QVC Group Inc. is huddling with advisers from Evercore Inc. and Kirkland & Ellis to evaluate options to manage some of its more-than-$5 billion of debt, according to people with knowledge of the matter. Holders to a unit of the company are consulting with financial and legal advisers from PJT Partners Inc. and Davis Polk & Wardwell, said some of the people, who asked not to be identified discussing the confidential and early-stage talks.
