The Financial Services Institute has announced its 2025 board of directors and executive committee, electing five prior directors to leadership positions. This includes Tim Stinson of Cetera Advisor Networks, who will serve as board chair, and Christine Byrne of Black Cove Financial, who will be vice chair.

The Treasury Department and IRS have proposed changes to SECURE 2.0 provisions regarding Roth catch-up contributions and automatic enrollment. Under the new proposal, employers would no longer be required to mandate Roth catch-up contributions for employees earning $145,000 or more. This change aims to simplify plan administration and address cost concerns raised by plan sponsors.

House Ways and Means Committee Chair Jason Smith, R-Mo., and Social Security Subcommittee Chair Ron Estes, R-Kan., are calling on the Social Security Administration to provide guidance on implementing the Social Security Fairness Act, which repeals the Windfall Elimination Provision and the Government Pension Offset. The lawmakers have asked the agency to explain how it will adjust benefits and notify affected beneficiaries, requesting feedback by Jan. 17.

Financial advisors who are Million Dollar Round Table members discuss ways to reinvigorate client service in 2025. Among their ideas are setting new goals, partnering with retiring advisors to transition their firms and clients, and increasing the use of artificial intelligence.

Advisor confidence has fallen to pre-election levels as Donald Trump prepares to return to the White House, according to the Financial Advisor Confidence Outlook. The overall confidence score dropped 16 points from a record 24 in December to 8 in January, with concerns about market volatility, tariffs and policy changes contributing to the decline.

A little bit of planning can help ensure that inherited money supports long-term financial goals, writes attorney Kelsey Simasko, who reviews steps for safeguarding an inheritance. "Receiving an inheritance from your loved one can be life changing, but it can also severely damage your financial situation if you don't know how to manage it," Simasko writes.

The repeal of the Windfall Elimination Provision and Government Pension Offset under the Social Security Fairness Act may lead to some beneficiaries falling into higher tax brackets and being subject to increased Medicare Part B and D surcharges. "In some cases, you're looking at over a half-million dollars in additional income over a projected lifetime," says Ron Mastrogiovanni of HealthView Services. Financial planner Joe Elsasser also notes that there could be an uptick in claiming activity and stresses the need for financial professionals to get the word out.