Wealth management

Federal Reserve Chairman Alan Greenspan sounded the death knell, again, for the Baby Boom generation's hopes for some external help during their retirement.

For most taxpayers, bonus first-year depreciation ends Dec. 31, 2004.

The College for Financial Planning has unveiled a new planning designation that it says is aimed at advisors working with high-net-worth clients, bringing the number of planning designations that it offers to six.

In an effort to strengthen its wealth management practice, Wachovia Corp., the nation's fifth-largest bank, agreed to acquire wealth advisory firm Tanager Financial Services Inc.

While half of them will need it at some point in their lifetime, when it comes to long-term care, most Americans get a failing grade, according to a survey conducted by MetLife.

Fund research provider Morningstar Inc. said it is under investigation by the Securities and Exchange Commission related to incorrect total return data that Morningstar published earlier this year for a single mutual fund.

The Certified Financial Planner Board of Standards Inc. has named Sarah Ball Teslik, executive director of the Council of Institutional Investors, as its new chief executive.

PORTFOLIOS FEELING FED CHANGES: A recent CFA Institute study found that interest rate changes enacted by the Federal Reserve could affect clients’ investment portfolios.

The Internal Revenue Service has issued final regulations on the exclusion allowed for gain on the sale of a principal residence. The final regs modify the rules contained in temporary regulations with respect to partial home-sale exclusions. They also provide special rules for military and foreign-service personnel.

by Lance Wallach

NEWKIRK INTRODUCES NEW RETIREMENT PAYOUT ESTIMATORS: Financial services application services provider Newkirk has rolled out two new retirement payout estimators for retirement plan providers.

by Bob Rywick

by Lance Wallach

Genworth Completes Hochman & Baker Integration: Genworth Financial, a global insurance and financial services concern, said that it has completed the integration of Hochman & Baker Securities into Terra Securities Corp., its broker/dealer unit.

Washington — The House approved separate bills in late July that would extend a tax break for small businesses and would expand eligibility for the Form 1040 EZ tax form.

by Bob Rywick

by Jay N. Nisberg and Tony Wood

STUDY SAYS TECH FIRMS SLASH OPTION GRANTS: The high-tech industry has decreased its use of broad-based stock option grants by approximately 15 percent to 20 percent, according to two studies by Mellon Financial Corp.’s Human Resources & Investor Solutions business.

by Bob Rywick

Florham Park, N.J. and New York — With the 2004 election just three months away and campaign promises popping up more frequently than summer barbecues, chief financial officers polled by Financial Executives International indicated that incumbent George W. Bush ranked ahead of Democratic challenger John Kerry in critical areas such as the economy and homeland security.