Financial Planning

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