Social Security, a problem deeper than numbers and data security for advisors

Just in time, TWIWM is back with more than a half dozen wealth management news items and views from your team at Financial Planning.

Ask an advisor: I have terminal cancer. What does that mean for my Social Security? "This week's entry addresses an upsetting but important topic: how to plan for retirement when you have a terminal illness. A New York woman has recently retired and wants to collect Social Security at the right time, but a cancer diagnosis complicates the question."?

Why wealth management's diversity issues go deeper than demographics By FP Wealthtech Reporter Justin L. Mack: "Knowing if your organization is becoming more diverse by counting the number of women or people of color in the room is easy. But understanding if a wealth management firm is fostering an environment where traditionally underrepresented talent can truly feel comfortable, supported and valued is a bit harder to pin down."

A financial advisor's guide to privacy and data security laws By Morrison Foerster Associate Lisa Zivkovic: "Complying with the patchwork of privacy and information security laws is an often daunting task for financial advisors. But beware: Doing so hastily or haphazardly can subject you to broad privacy obligations, regulatory scrutiny and, in some cases, hefty fines."??

JPMorgan Chase's wealth chief touts new advisory channel, talent strategies By FP Reporter Victoria Zhuang: "The largest bank in the country will launch a hybrid advisory channel on Halloween and plans to aggressively recruit as well as retain talent for its fast-growing wealth management unit."?

Going beyond virtue signaling to boost diversity in wealth management By FP Chief Correspondent Tobias Salinger: "Disrupting the wealth management industry's legacy of excluding women, Black Americans and other minorities takes the recognition that change is a 'two-way street,' according to two experts."

7 wealth management takeaways from Arizent's latest DEI research By FP Wealthtech Reporter Justin L. Mack: "When discussing diversity in wealth management, Barbara Bilello said she speaks as plainly as possible about the progress being made by the industry that she loves and has dedicated nearly three decades of her life to."?

Asset management firms face harsh wakeup call in McKinsey report By FP Managing Editor Lynnley Browning: "Global market volatility unleashed this year amid surging inflation, geopolitical tensions and pandemic-snarled supply chains has wreaked havoc on investors' portfolios. But it has also fundamentally impacted asset managers by shaking up core assumptions that have driven the industry's record growth."

SEC aims to simplify, shorten fund reports for advisors and investors By FP Reporter Dan Shaw: "The Securities and Exchange Commission wants to give advisors and investors a little more time for quality reading."