Retail brokers migrated to larger pension accounts and brought with them their compensation preferences.
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This may be because much of America's new equity wealth is held in personal-pension accounts that cannot be touched without severe penalties.
Now, you probably thought there were only two kinds of individual pension accounts, IRAs and 401(k)s, but in fact there are far more.
Instead of shrinking from the thorny subject of reforming Social Security (as Mr Kerry has done), Mr Bush will tout the virtues of private-pension accounts.
If retirement incomes depend to a much greater extent on personal savings in pension accounts, then most of the current incentives to retire early will disappear.
Unlike conventional mutual-fund investors, who often seek dramatic returns, people making monthly contributions to private pension accounts, such as the 401(k)s offered by many American companies, will rely on diversification and compounding for long-run returns.
Both Solo 401k accounts and Simplified Employee Pension (SEP) accounts are potential options for self-employed individuals.
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Trustees of pension funds and charitable accounts be interested in the chapter on the prudent investor rule.
Azteca has an 18% stake in a credit bureau with credit histories on 26 million low-income people, and it now offers auto loans, savings accounts, pension funds and insurance.
FRS17 means employers will have to be more transparent about pension fund liabilities within company accounts.
In the cities, workers are obliged to supplement the state pension with contributions to individual accounts.
Many more countries have created prefunded pension systems based on individual accounts.
Reed, 72, had been a deft stock picker for years. (Many of his colleagues asked him to manage their pension and profit-sharing accounts.) His prime targets are large companies with predictable businesses, little debt, decent returns on equity and capable management.
But it may be that outside forces are more important: for example, a European Union that forbids cosy cartels, American pension funds that demand open accounts for their investments in France, or even the influence of the euro in promoting competition and cross-border mergers.
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As in 1996, he wants to replace health and pension entitlement programmes with individual savings accounts.
Pension plans and 401(k) accounts have been devastated by a 50% plunge in global equities.
It said since 1 April 2011, councils and their pension funds have had to operate separate bank accounts.
The government's own forecasts, which take likely interruptions into account by assuming continuous saving from age 30, suggest that the new accounts will give median earners a pension worth around 45% of their pay before retirement.
Over at Ameriprise, the financial services group recently spun off from American Express, pension changes are improving closing rates for new accounts by as much as 50%, according to Rusty Field, the company's vice-president of financial education and planning services.
Over at Ameriprise, the financial services group recently spun off from American Express (nyse: AXP - news - people ), pension changes are improving closing rates for new accounts by as much as 50%, according to Rusty Field, the company's vice-president of financial education and planning services.
If governments' accounts included future liabilities such as unfunded pension obligations, most budgets would still be in deficit.
But the biggest time-bomb hidden in Japanese accounts is the horrifying amount of unfunded pension obligations that have been piling up and now threaten to topple many firms.
Pension funds, insurance companies, 401 (k) accounts and their like across the world.
One board member at a statewide pension fund told me that many fellow directors maintained private accounts with the fund's consultant.
There are already tax breaks for individuals who open health accounts akin to the individual retirement accounts that have transformed the country's pension system.
To boost its primary budget surplus (excluding interest payments), the government now includes in its accounts revenue from the Central Bank and the pension system.
In Britain, listed companies have until 2005 to adopt FRS17, a new accounting standard that forces firms to show in their accounts any movements in the value of their pension funds.
Your money is then invested like other pension plans, in stocks and shares, bonds and cash savings accounts.
The idea is to enrol in these new accounts most employees who are not already members of a pension plan in which the employer contributes at least 3% of a worker's pay.
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