ThinkAdvisor

NEW IRS 640 x 640 Taxpayers with a history of filing and paying on time can soon expect automatic penalty relief if they fail to file, pay or make a deposit, the Internal Revenue Service announced this week. The agency's new Automatic Exemption from Penalty, which will replace the First Time Abate administrative relief, is designed to simplify the process and reduce the burden for those with a timely compliance history.

In "National Treasure: Book of Secrets," Nicolas Cage's character, Ben Gates, lures the president of the United States into a hidden tunnel beneath Mount Vernon, seals the entrance behind them and essentially kidnaps him.

Fiduciary Exchange is preparing for what it's hoping will be a contingent deferred annuity boom. The annuity exchange firm is working with Prudential Financial to launch major sales efforts for the CDA contracts — which the companies are calling "insurance overlay" products — in the next few months, and it's talking to big distributors to help them set up their own insurance overlay programs within the next 18 months.

Investors who tap artificial intelligence for portfolio recommendations tend to see worse returns when they add their own two cents, recent academic research suggests. Greater investor input during portfolio creation can diminish performance, according to the working paper, "AI meets DIY: The Impact of Human Intervention on AI-Assisted Investing," from University of Colorado Boulder and University of Southern California researchers.

Carlo di Florio. Courtesy photo The emergence of generative artificial intelligence tools has been one of the most significant developments in financial services in recent years, providing new opportunities for efficiency and growth. For wealth managers, the adoption of AI tools has happened at an exceptionally rapid pace over the past year, with 78% now formally using AI, up from just 32% in 2025.

The labor market shifted in massive ways in the wake of the COVID-19 pandemic. By this point, many pre-pandemic common-law employees have no plans to return to more traditional employment settings, as they've succeeded in careers that operate fully under their own control. Many self-employed and contract workers are at the point where they're amassing significant wealth — and are looking for ways to shelter larger portions of their income from taxation.

Wealth tech firm Envestnet announced on Thursday an expanded relationship with Vanguard intended to help transform tax-aware investing from a complex, manual process into a scalable advisor offering to clients. The collaboration deepens how the firms jointly serve advisors while expanding access to tax-efficient, personalized investment capabilities through model portfolios, Envestnet said.

A former vice president at Northern Trust who was accused of stealing from an elderly client for more than a decade has pleaded not guilty, according to published reports. Christopher Walters, 49, pleaded not guilty Monday to eight counts of bank fraud and one count of aggravated identity theft, according to The Miami Herald.

award, trophy NEW 640 Over the past year, active use of artificial intelligence tools increased to 73% among employee advisors, up from 44% in 2025, JD Power reported Thursday. Adoption among independents, though rising, still lags at 42%, up from 19%.

Musk image, 640, New by Trevor Cokley/U.S. Air Force via Wikimedia Commons For every investor who wants more Elon Musk, Wall Street increasingly has an ETF. Now it's planning some for investors who want less. Upstart issuer Subversive ETFs submitted paperwork to launch a pair of exchange-traded funds that would track the Nasdaq 100 and S&P 500 while excluding companies founded, controlled or led by the world's richest person.