Monday, December 23, 2024

New York Fed's Latest Survey Reveals Mixed Feelings on Economy and Personal Finances

Tue, 09 April 2024  |  consumers economy 

The Federal Reserve Bank of New York's Center for Microeconomic Data released its March 2024 Survey of Consumer Expectations, offering a nuanced view of the American public's economic outlook. The survey reveals steady short-term inflation expectations but shows variation at medium and long-term horizons, alongside mixed labor market sentiments and concerns over household finances.

Inflation expectations for the coming year remained static at 3.0% for the third month in a row, indicating a stable outlook among consumers. However, expectations for three years ahead saw a slight increas... Read More

Inflation Straining Retirement Savings

Fri, 05 April 2024  |  debt inflation retirement 

Ongoing inflation has set back Americans’ ability to prepare for their financial future by causing them to reduce savings, take on debt and withdraw from retirement accounts, according to the 2024 Q1 Quarterly Market Perceptions Study from Allianz Life Insurance Company of North America.

Americans are more focused on their present finances than setting themselves up for the future. About two in three (67%) say they are more concerned about paying bills than about their financial future. Millennials (76%) are more likely than Gen Xers (64%) or boomers (50%) to feel this way. More His... Read More

Satisfaction Rises among Clients Using Financial Advisors

Thu, 21 March 2024  |  advice brokerage 

A rising tide lifts all boats, and a strong stock market makes investors feel good about their financial advisors, but what happens when the tide recedes? That’s the central question explored in the J.D. Power 2024 U.S. Full-Service Investor Satisfaction Study,SM which finds a significant 8-point (on a 1,000-point scale) year-over-year increase in investor satisfaction. However, the study also finds pockets of weakness, notably among the rising ranks of affluent Millennial investors,  with 36% of them saying they “probably will” or “definitely will” switch firms in the next y... Read More

Empower Launches Comprehensive Suite of New Retirement Income Solutions

Thu, 21 March 2024  |  advice retirement 

Empower today announced a comprehensive suite of new partnerships with asset management and insurance providers to offer a market-leading range of in-plan and out-of-plan guaranteed retirement income solutions for investors saving through workplace plans.

The new offerings, to be launched in the coming weeks, will offer retirement plans multiple options designed to convert participant retirement savings into an income stream customized to their individual needs to support them in their post-working years. The offering will include managed accounts with a guaranteed lifetime withdrawal... Read More

BoA Creates One App to Rule Them All

Thu, 21 March 2024  |  banking brokerage retirement technology 

Bank of America has launched a massive update to its mobile app, reimagining how clients interact with their finances. As digital engagement continues to soar, 57 million digital clients can now view and manage their full financial lives through a new, unified digital platform that consolidates five apps – Bank of America, Merrill Edge, MyMerrill, Bank of America Private Bank and Benefits OnLine – into one personalized experience.

"Our mission is to continuously innovate and evolve our digital capabilities to provide best-in-class solutions for all of our clients," ... Read More

Families Engaged in Wealth Transfer Planning

Wed, 20 March 2024  |  investing wealth transfer 

A majority of financial advisors surveyed (89%) report clients have a wealth transfer plan in place and many financial advisors say clients are engaging their families in these discussions, according to new research from Edward Jones and Morning Consult. In fact, nearly two-thirds (65%) of financial advisors say clients are bringing their children or parents to meetings to discuss their wealth transfer plans.

"It's refreshing to see clients engaging their families in these conversations, as earlier involvement creates a better sense of trust and intentionality before the transfer take... Read More