Clients who do not take their RMD from an Individual Retirement Account (IRA) or a non-spousal inherited IRA by the given deadline, might be fined a penalty of 50% by the Internal Revenue Service.
In addition to helping their clients avoid this charge, the investment professionals will be able to boost their business by assisting these clients in reinvesting their RMD assets.
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RMDs represent a tremendous opportunity for investment professionals, since every year, billions of dollars in RMD funds are withdrawn, Pershingstated.
Katie Swain, director of product management and development for Pershing said, "Retirees are always looking for simple, efficient ways to manage their financial needs. And investment professionals are always seeking turnkey solutions to solve their client’s challenges."
"An Asset Management Account is a great place for RMD assets because it enables clients to hold their cash and investments in one easy-to-access place," Swain added.
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