FDR himself stressed the notion of limits as the flip side of largess with Social Security. “This act does not offer anyone an easy life,” he said in a 1938 fireside chat. It would “furnish that minimum necessary to keep a foothold; and that is the kind of protection Americans want.” Indeed, Phillip Longman, in a provocative new book, The Return of Thrift, argues that Social Security was enacted largely to beat back costlier demands for universal old-age assistance championed by Francis Townsend, whose 10 million followers made him the one-man aarp of his day. Confining Social Security’s benefits to those who had first contributed payroll taxes was the ingenious way to limit government’s exposure, while giving Roosevelt the illusion of insurance he famously needed so that “no damn politician” could ever scrap his plan. In both senses, this “contributory”…
awirbsCORPORATE FAILURES may be increasing globally and the fortunes of dotcom entrepreneurs may be vanishing faster than it takes to utter the words “initial public offering” on Nasdaq, but neither economic recession nor the bursting of the technology bubble is going to halt the rising tide of affluent and newly wealthy individuals in Europe, the US and elsewhere, according to business forecasters. Obituaries of the so-called mass affluent are simply fanciful, along with the reported demise of the wealth management industry that is springing up to serve this expanding segment of the population. True, the industry has seen some casualties among the specialist financial firms and bank subsidiaries that have struggled to find the right mix of services for this potentially lucrative segment. None are yet delivering a complete wealth management service that caters for all needs — that may…
“We wanted a good, competitive offering to put in the salesperson’s bag,” says McGuire. “This levels the playing field at a reasonable cost, and allows us to compete head-on with the wirehouses.” wfabbOther vendors, including SEI and EnvestnetPMC, offer soup-to-nuts solutions similar to FundQuest’s. The goal is to help smaller banks compete in an area that is expected to register sharp gains in both volumes and fee generation over the next few years. “We’re seeing a tremendous migration by smaller institutions into the fee-based wealth-management business,” says FundQuest CEO Bob Del Col. “But in order to be successful, they need to offer the same choices the big guys offer. We help them do that.” Fee-based products aren’t for everyone. Many banks lack the sales culture, customer base and organizational and compensation structure to accommodate such offerings. Others may be uncomfortable…
Forget all those doom-and-gloom articles about BC being a have-not province. BC leads Canada in the only number that counts – we have the most millionaires per capita! bcIt’s time to banish once and for all Toronto’s CN-tower-as-centre-of-the-financial-universe condescending image of BCers as backwater hewer-of-wood hicks and Birkenstocked green-peaced-out hippies. Wake up and smell the stock options, you Yorkdale yokels – BC’s millionaires control 30 percent more provincial wealth than Ontario’s! And no jokes about BC’s top-rating in the bottom-line department being due entirely to our well-cached crop of BC Bud (or too much toking thereof). BC millionaires are an incredibly diverse bunch: hi-tech gameboys (Don “E=MyCash2 Arts” Mattrick), old-money sugar daddies (Stephen “Life is Sweet” Rogers), transplanted real-estate tycoons (Terry “Lil’ Ka-ching” Hui), ex-Olympian ski-hill moguls (Nancy “Gold-Grubber” Greene), media mini-magnates (David “No-Not-That” Black), conglomerated captains of industry (Jimmy…
When investment choices start to splinter too heavily, banks all too often take an either-or route: drop the business line altogether or move it in-house, despite the costs. cbPort, the holding company for Cambridgeport Bank, took a different path, one that a handful of other community banks are taking. It hired its own sales team and took on a new partner, LPL Financial Services, to provide research and execute customer transactions. The reorganization raised costs, since Port was now paying the salaries of the four customer reps it brought on, but the company spared itself the compliance and licensing expenses it would have incurred had it chosen to offer investment and brokerage on its own. Under the new arrangement, Port’s sales representatives work with customers to develop a financial plan, using LPL, which has headquarters in Boston and San Diego,…
The central political fact about abortion in America is that there’s a lot of it. While America’s annual abortion count has fallen to 1.3 million in the late ’90s, it averaged 1.5 million a year between 1973 and 1996, according to the Alan Guttmacher Institute, the research arm of Planned Parenthood. That’s more than 34 million abortions. It’s worth noting that the National Right to Life Organization does not contest these figures. Because, if we cast the net as widely as we can–from women who were pushing 40 in the early ’70s to girls who are still teenagers today–only about 90 million women have passed through any part of childbearing age since Roe v. Wade. Even accounting for those who have had multiple abortions, that means close to half of American young women are using abortion–43 percent by age 45,…
afthAlthough it is not necessary to get an attorney when seeking for IRS tax help, it is still recommended to seek the advice of this expert individual. Basically, resolving tax woes is not an easy process and it takes a lot of time. That is why, getting an attorney can help alleviate the stress of facing this difficult circumstance. The attorney will defend you in front of the government authorities and he/she will help you with the tax filing, IRS dealing and tax preparation. However, you also have to take part by asking several pointers or tips in avoiding this problem in the future. IRS tax help provided by the government agents can let you identify your lapses but you have to properly deal with this person so that you will avoid any aggressive encounters. Your attorney can help you…
Security is in the eye of the beholder – the eye of a closed circuit television camera, that is. Yet contrary to popular belief, CCTV does not combat crime. “People equate CCTV cameras with security, but cameras don’t protect people,” said Dick Hudak, director of security for ITT Sheraton Corp. “[Surveillance cameras] are really an [identification] and document tool for establishing the time a crime occurred to help the authorities with an investigation.” depressinghotelHudak said in addition to installing CCTV, hotels need to hire on-premise security officers whenever possible; provide high-quality lighting in remote areas, such as parking lots and garages; install peripheral access controls, such as electronic door locks; post proper signage; and provide escorts for better security. “We support CCTV in certain designs, yet we don’t buy systems with all the bells and whistles” Hudak said. “We take…
bhdsHelp desk software has many benefits. Some of these benefits include user’s benefits and help desk staff’s benefits. The end-user benefits of help desk software include a sole reference point to report issues. A single, common reference for call is advantageous for saving time and fostering confidence to the customers. The customers will be assured that their calls are being tracked, logged and resolutions will be done in the process. In this scenario, the calls will help in the development of history in help desk software for the easier identification of and smooth resolution of problems and issues of end users. Users can also utilize the knowledge base online to help themselves familiarize with the system. The automatic alert system will keep them updated of their complaints. On the other hand, the staff also benefits from help desk software for…
Anticipating little more than spending a few hours on his ladder stand, 63-year-old Don Hill probably really didn’t count on weighing-in an eight-point buck on the afternoon of November 19, 1993. Aloft and overlooking the acres of palmetto and scrub brush of northern Florida, listening to the wind whisper through the pines and feeling the autumn nip in the late-afternoon air, Hill could have watched a pair of jays on the wing, fox squirrels darting across a moss-laden limb or maybe a woodpecker rotating around the nearby tree tapping the bark for a meal. The forest rewards you one way or another, Hill would have thought. His new .30/30 Winchester rifle resting across his upper legs, the retired Navy Chief Petty Officer from Orange Park, Fla., would likely have scanned the vast green-brown landscape of vegetation that surrounded him, perhaps…