2024-04-09 23:15:00 | demographics retirement
... nts believe that extending their working years and postponing retirement could be a solution.The study also revealed a strong inclination among Americans to seek advice from financial professionals on optimizing investment returns (88%), maximizing Social Security benefits (88%), and choosing financial products that assure a lifetime income (88%).Conducted online in February and March of 2024, the survey involved a nationally representative group of 1,000 individuals aged 25 and above, with a household income of at least $50,000 (single) or $75,000 (married/partnered), or investable assets of ...
2024-04-09 09:25:00 | cryptocurrency demographics real estate
... tion towards newer, riskier investment forms and financial strategies is more pronounced among younger generations, with 8% of them turning to social media first for financial advice, compared to a mere 2% of Gen X and baby boomers.Myles Ma, a Certified Personal Finance Counselor at Policygenius, commented on the findings, noting that while younger generations are showing a willingness to take financial risks, perhaps driven by the current housing shortage and other market obstacles, traditional investment avenues might offer more stability in the long run. "Buying a house may be out of reach ...
... transactional category on the J.D. Power advice continuum.2 This group is put at the greatest risk by technology-enabled solutions that can effectively compete on price and efficiency. Delivering truly personalized guidance that addresses a client’s unique goals and challenges, major life changes and investment strategies that transcend returns are keys to insulating the business from future competitive threats.Study RankingU.S. Bank ranks highest in overall investor satisfaction with a score of 761. Edward Jones (749) ranks second and Vanguard (748) ranks third.The U.S. Full-Service Invest...
2024-03-21 | advice retirement
... ed contribution (DC) plan should offer services supporting plan participants’ retirement income needs.1 Additionally, legislation — specifically the SECURE Act of 2019— includes provisions to facilitate the use of guaranteed income options in retirement plans.In survey results, retirement plan participants express a range of concerns about income guarantees as they age. For example, in the latest Empowering America’s Financial Journey™ study, 61% of respondents expect that Social Security will be unavailable to them or will play a diminished role in supplying income in retirement. Ju...
2024-03-20 | investing wealth transfer
... heir values, goals, aspirations and risk, we can provide more comprehensive advice and meet more of their wealth management goals," added Tam....
... future. Survey respondents consisted of financial advisors from independent RIA firms, regional and independent broker/dealers, and major wirehouses. They primarily serve high-net-worth clients....
2024-03-15 23:59:00 | retirement women
... to engage with female customers.Advisors are trying to work with more female clients as the market for solid advice becomes more and more competitive. Over the next 12 months, nine out of ten advisers (90%) aim to work with more women, an increase of 11 percentage points since August 2023. Surprisingly, 96% of advisors believe they are qualified to do so.Nonetheless, only about half of married (51%) and single (47%) women who pay for the services of a financial advisor or expert believe they now understand their financial goals. ...
2024-02-09 | high net worth wealth management
... rket insight to help their clients navigate their financial journey. Bespoke Investment SolutionsHigh net worth individuals require more than generic investment advice. Acknowledging this, firms such as Merrill Lynch and Morgan Stanley craft personalized investment solutions that align with the client's financial status, objectives, and risk appetite. These solutions typically cover a broad spectrum of asset classes, including equities, bonds, real estate, and alternative investments, facilitating a portfolio that balances risk and reward effectively.Exploring Alternative InvestmentsA dis...
2023-06-01 | wealth management hnw
... . Furthermore, 45% said the cost per relationship manager is rising, driven primarily by wealth value chain inefficiencies.The report finds that lagging digital readiness and poor omnichannel platforms increase the relationship managers’ time spent on non-core activities, leaving only a third of their time available for pre-sales efforts and client interaction. The strain is being felt on all sides, with 56% of HNWI respondents saying that value-added services are influencing their selection of a wealth management firm, yet only one-in-two expressed satisfaction with their relationship manag...
2022-08-05 12:00:10 | investing
... optimism and focus on hiring and investing is an encouraging sign given the current market environment. Business planning, portfolio diversification, and exit planning advice will help them navigate the market. Findings: US Short-term investor optimism on the economy and stock market fell to 39% and 37% from 58% in May. If markets decline 10%, younger investors (Millennials and younger) are more likely to increase their market allocation (38%). (18 percent among Boomers and older). The economy (85%), healthcare (74%), taxes (72%), and Social Security are the top issues for hi...
2022-07-28 12:00:00 | consumers debt
... another, with 72% of millennials currently owing non-mortgage debt of $117,000 on average, according to a new report by Real Estate Witch, an online publication that provides expert real estate advice. A survey of 1,000 millennials found that 67% had credit card debt. This makes it the most common type of debt among them. The average credit card debt amount is $5,349. Student loan debt was next, with 48% of millennials reporting they had student loans and owed an average $126,993. 40% of millennials earn less than $50,000 per year, so 24% regret not choosing a higher-paying ...
2022-07-28 | financial advice
... estnet's response to the anxiety and confusion investors experience over their finances, and it connects every aspect of their financial lives through an ecosystem of data-driven solutions, advice, intelligence, and technology. In this paper, the major issues affecting the sector were analyzed from a fresh angle. The survey aimed to comprehend how investors regard each path, where they positively converge, and what that means for the industry, rather than comparing sentiments about technology-only solutions versus engaging with a human advisor. According to Jason Dorsey, a generations an...
2022-07-27 12:00:00 | financial planning
... year. These numbers have remained stable over 2022 and are not expected to drop back to pre-pandemic levels." The data also shows that younger adults value professional advice. Three quarters of Gen Z and Millennials believe their financial planning needs to be improved. They are also the most likely generation to say that they did not work with an advisor prior to the pandemic, but have now started to do so or plan on doing so. All US Adults Age 18+ Gen Z Millennials Improvements are ...
2022-07-27 | consumers economy
... Falzon, Prudential Vice Chair, says that the world is changing at an unprecedented pace and complexity. With it comes shifts in financial circumstances and the challenges Americans face. "Prudential's Pulse research helps us better understand Americans' diverse views and needs and supports our mission to become a global leader in increasing access to investment, insurance, and retirement security. Prudential has a long tradition of monitoring Americans' financial health to better understand their needs. The survey, which surveyed 4,000 adults, explores the unique perspectives and goals o...
2022-05-04 12:00:01 | advice demographics
... tance of having an emergency savings account (53%), keeping their spending in check (51%) and having a will and estate plan (38%). Source: Natixis ...
2022-05-03 12:00:00 | affluent demographics
... s economic environment makes it more important than ever to have meaningful financial discussions among family members while there’s ample time to plan for what’s ahead.” Source: Wells Fargo...
2022-04-26 13:00:00 | investing pandemic
... l tools and problem-free experiences they need to grow with their firms.” Study Rankings T. Rowe Price (768) ranks highest in self-directed investor satisfaction among investors seeking guidance. Vanguard (721) ranks second and Charles Schwab (719) ranks third. Vanguard (736) ranks highest in self-directed investor satisfaction among do-it-yourself investors. Charles Schwab (735) ranks second and Fidelity (730) ranks third. The U.S. Self-Directed Investor Satisfaction Study, now in its 20th year, evaluates key satisfaction drivers and firm performance among both investors seeking...
2022-04-25 14:00:00 | demographics financial planning retirement
... t an investment strategy. Investing is about growing your money over time so it can help you live the way you desire—not about speculating or chasing the latest investment trend. Take ownership of your portfolio and be willing to try new ways to invest your money, but don’t let trends disrupt your foundation or detract from your future. Think long term but re-visit your plan regularly. Strong results take patience and time. Don’t forget the clear, simple steps you can take to invest now and start accumulating for the future. Start with a plan to help you save and invest toward you...
2022-01-10 12:00:00 | consumers economy
... cally linked to overall health and wellness,” says Personal Capital’s Chief Marketing Officer, James Burton. “Americans are seeking financial advice, and we don’t see this boom in financial planning changing anytime soon. In the past year, we’ve seen an 88% increase in net new client assets, excluding market gains, and we are fully prepared to meet the growing demand this year.” Source: Empower/Personal Capital...
2021-12-08 09:08:19 | advice consumers finances
... o included consumers from the silent generation (those 76 and older), the sample size was too small to include findings related to that group in the generational breakdowns. Source: LendingTree.com...
2021-12-06 09:22:18 | advice demographics
... aid they feel they have "screwed up" their retirement; over 16% of those respondents believe they have screwed up their retirement by listening to unqualified financial advice. One in 5 do not have a retirement plan and have no idea when they will be able to retire. Over half of Millennials (57%) considered starting a side gig to boost their contributions to their retirement savings. Source: NAPFA...
2021-10-20 12:10:10 | demographics
... ...
2021-10-13 | advice financial planning
... ...
2021-06-24 09:08:19 | advice banking
... States who received any advice/guidance from their primary bank regarding relevant products and services or other financial needs in the past 12 months. The study was fielded in March 2021. Source: J.D. Power...
2021-05-12 12:00:01 | advice financial planning
... ...
2021-04-29 12:00:00 | consumers
... ...
2021-04-27 09:18:23 | investing
... rs say their firm provides useful guidance or advice. Meeting clients’ holistic financial needs: Overall customer satisfaction is highest when investors use four or more products with a wealth management firm, which can include services such as investment accounts, banking relationships and mortgages. Among do-it-yourself investors, satisfaction scores are 103 points higher when investors use four or more products than when they use just one. Among investors seeking guidance, that customer satisfaction differential is 76 points. Besides increasing satisfaction, deepening the client re...
2021-04-19 12:00:10 | millennials retirement
... s were focused on the emotional impact while their older counterparts were more focused on the financial impact. Millennials with an advisor were more likely to say that helping them stay calm and avoid emotional reactions (19%) was the number-one benefit. Meanwhile, Gen-Xers (20%) and Boomers (26%) with an advisor agreed that protecting assets against market risk was the number-one benefit. Source: Nationwide Retirement Institute® ...
2021-04-15 12:00:01 | pandemic retirement
... andemic has taken a particularly hard hit on mid- and late-career Americans," said Snezana Zlatar, senior managing director and head of financial wellness advice and innovation at TIAA. "As we emerge from the crisis, stakeholders must work together to help improve financial wellness for all Americans by helping them create emergency funds and plan for a secure retirement." Those earning less than $50,000 per year are most uncertain about their financial futures Key findings from the survey also exposed the financial uncertainty among Americans who are making less than $50,000 per year. When ...
2021-04-08 12:00:59 | investing
... ...
2021-04-06 12:00:00 | pandemic affluent
... e a combination of self-directed and a financial advisor for guidance; and 9% only consult a robo advisor. When it comes to choosing a financial advisor or online brokerage, Americans take into consideration credible reputation (63%) and fees (53%), as well as personal recommendations (42%) and accessibility (41%). One out of five (20%) respondents prioritize socially responsible investing, with top considerations including environmental impact/conservation (50%), personal interest/use of the company’s products (43%), and equity for racial minorities (41%). Additionally, 40% o...
2021-04-05 12:00:05 | consumers
... ...
2021-04-01 16:00:00 | demographics investing
... turning to YouTube (38%), TikTok (33%) and Instagram (25%) for personal finance and investing information. Gender gap emerges as young as 13Financial confidence and experience are not equal for all teens with distinct gaps between male and female respondents. 33% of boys say they are confident in their personal finance knowledge compared to 21% of girls. 55% of boys are extremely or very interested in investing versus 47% of girls. 46% of girls haven't invested because they don't feel confident, while only 37% of boys said confidence held them back. Girls are more likely to learn ...
2021-04-01 15:00:00 | retirement investing
... For additional information and the full report, click here. Source: Capital Group...
2021-03-31 16:00:00 | pandemic investing
... d to postpone. Seeking financial guidance As investors take concrete steps to shore up their finances, many value advice from a professional. A vast majority (83%) of respondents with a financial advisor said the pandemic confirmed the importance of working with one while nearly four in ten (39%) investors who do not have an advisor believe working with one could help them withstand unexpected changes. To that end, 30% of survey participants who did not have an advisor prior to the pandemic started working with one or intend to do so soon due to COVID-19. “A financial professional c...
2021-03-31 15:00:00 | pandemic retirement
... fessional advice on how to use annuities and life insurance products that may be less impacted by any increases in capital gains taxes. "The survey shows consumers aren't receiving the tax planning help they need for retirement, and as a result, they may be paying thousands of dollars more than needed," said Henderson. "Financial professionals have a major gap to fill in educating clients on the best strategies to reduce unexpected taxes on combined income resources. By taking a holistic approach to financial planning, professionals can help more Americans save and achieve the ...
2021-03-25 09:08:19 | pandemic saving
... nd say the financial advice they would impart on younger generations is to save as early as possible for retirement. Other key findings: Two-thirds of Boomers pay their bills on time (vs. only 52% Gen X and 49% Gen Z/Millennials). Half (50%) have eliminated spending on non-essential things (vs. 43% Gen X and 39% Gen Z/Millennials). More than a quarter (27%) have built a larger emergency fund in case of severe downturns and nearly half (46%) are currently saving for an emergency fund. Pocketbooks reopening? The majority (68%) of respondents reported that they did not ...
... ation as we move past the pandemic.” The survey revealed, however, that relatively few women seek advice from financial advisors. In fact, more women have received advice from their parents (36%) than a financial advisor (27%). Source: Edelman Financial Engines...
2021-03-16 | retirement
... ult investment alternatives, annuities) that would be attractive to their workforce. To manage fiduciary risk, they should also consider offering investment advice to help their workers make informed choices about their retirement income needs. Emphasis should be put on products and services that are consistent with observed retiree behavior. Spending needs in retirement are complex and evolve throughout retirement. Many retirees would benefit from ongoing assistance of financial professionals to consider the tradeoffs between their personal preferences and financial flexibility when formula...
2021-03-09 | technology
... 94% of those who seek financial advice track portfolio performance and risk profile 89% of those who seek financial advice do so to set financial goals for retirement, put a loved one through college, estate considerations, etc. "Clients are looking for a financial advisor to be a guide, someone who can understand them and help them achieve their financial goals," LaQuinta said. "As clients' and investors' expectations change, technology will play an important role in supporting the evolving health, family, purpose and financial needs – helping them feel informed, understood, sec...
2021-02-23 15:00:00 | advice banking
... ne retail purchases 37% share geo location details 36% share airline programs information 36% share credit card information Source: NTT DATA...
2021-02-05 | investing
... rsonal research, and New Investors more frequently relied on the advice of friends and family. Investment knowledge was low for all groups, though particularly low for New Investors. On average, New Investors could only answer 1.4 out of 5 investment knowledge questions correctly. FINRA offers an array of resources, including mini-modules on Smart Investing, to help investors build essential investment knowledge and skills. Differences also emerged among new investors by age and race/ethnicity when survey respondents were asked what prompted them to open a new account in 2020. And across a...
2021-02-01 12:00:00 | financial advice
... ffectively provide employees with access to financial planning and coaching as a benefit. The new offering is part of a new wave of app-based financial advice offerings, with similar services offered by Albert Genius for a minimum fee of $4 per month, and Savology Plus, a soon-to-be-introduced service from Savology.com at an estimated fee of $8 per month. Source: Status Money, Staff Reporting ...
2021-01-27 14:00:00 | pandemic retirement saving
... ople are determined to save more and be prepared for the future, no matter what happens, and they are looking for advice on how to move forward financially in the new year. “COVID-19 impacted every person in different and often exhaustive ways,” said Craig Birk, CFP, Chief Investment Officer at Personal Capital. “So many families suffered loss, hundreds of thousands of small businesses closed and millions of jobs vanished. For others, working remotely has had positive aspects. “The good news is, for many, it’s not too late to turn things around. Working and retired Americans ar...
2021-01-26 14:00:00 | insurance
... te balance, offering simple, self-service digital options as well as the human touch for more complex issues that require empathy or nuanced advice. In order to embrace long-term change, it's critical for insurers to empower their people with the right insights and technologies to better serve customers and increase trust." Read the full report at: https://www.accenture.com/us-en/insights/insurance/guide-insurance-customers-safety-well-being Source: Accenture...
2021-01-25 12:00:30 | pandemic investing
... ther it be job loss, retirement considerations, caregiving, or providing financial support to adult children, it is important to seek advice," Okwuraiwe said. "These dynamics can be difficult to navigate. Investing in your financial education, consulting with a financial advisor, developing a financial strategy, and adjusting that strategy as situations arise are helpful strategies to increase financial resilience and stability." Source: Edward Jones...
2021-01-15 | financial planning apps advice
... hird (32%) of respondents said that not being able to find reliable and sound financial advice, as well as a lack of understanding or financial education were their biggest barriers to achieving financial wellness, which underscores the need for a resource like Incentive to help individuals take control of their financial health and wellness. Source: eMoney...
2021-01-12 12:05:00 | women retirement
... believe good advice from a financial professional is very important to satisfactory portfolio performance, more so than men who feel the same way. Guaranteed income is also a major concern: seventy percent of women emphasize the value of guaranteed income sources, a total that is even higher among eight in ten (80%) Black women and Hispanic women (77%). Yet despite this perceived importance, women rate their own knowledge as low when it comes to the sources to build a guaranteed lifetime income: Only two in ten (20%) women feel highly knowledgeable about Social Security. Only one ...
2021-01-04 | pandemic retirement consumer confidence
... ancial security are their two top priorities this year. They also expressed a need for advice as they navigate their financial plans. And despite citing uncertain feelings about what 2021 may bring, workers and retirees reported high overall happiness during the fourth quarter of 2020 (85%) that’s consistent with 2020 pre-pandemic findings (86%). In addition, 71% of workers and 87% of retirees said they’re confident they’ll remain in a positive state of mind for the next few months. Anticipating impacts from market volatility, consumers plan to improve their financial health Nearly...
2020-12-28 09:17:32 | pandemic financial planning
... hat sentiment now is important to give their heirs peace of mind — and the financial tools and knowledge — in making these decisions when the time comes.” Source: Wells Fargo/Businessswire ...
2020-06-25 09:26:29 | advice
... e initiatives. However, we believe firms of all types can play a role in expanding diversity in the industry through activities that are tailored and scaled to each practice.” Source: FlexShares...
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